EU AIFM - Update No. 7

Yesterday marked the deadline by which all amendments to the Gauzès Report should be tabled by Economic and Monetary Affairs Committee MEPs.  The BVCA has been working with EVCA to push for the tabling of positive amendments, in order to help improve the directive for the industry.  Further committee sessions on the AIFM will take place in February, where amendments will be debated and we will know more about which are taken up.  From that point, the BVCA will  formulate an official view from which we'll take our case further.

In the last few days, Michael Barnier has been formally approved by the European Parliament as Internal Markets Commissioner.  In his hearing in front of the Parliament, M. Barnier signaled an intention to press ahead with further reform and additional regulation of financial markets including private equity, but the new commissioner has agreed to meet and listen to the concerns of London-based private equity firms. The BVCA intends to be actively involved in these meetings and will coordinate carefully with our individual members.

In other news from Brussels, signals from the Spanish Presidency indicate that an agreement on the AIFM Directive by June is unlikely, which means that the Directive will continue to be debated under the Belgian Presidency.