AIFM Directive Announcement
Following the announcement that the Economic and Financial Affairs Council (ECOFIN) has agreed a text for the Alternative Investment Fund Managers (AIFM) Directive to be put before the European Parliament, Simon Walker, chief executive of the BVCA, said:
"It is with a degree of caution that we welcome the news that a text has been agreed. Whilst significant progress has been made since May in keeping the EU market open to non-EU funds and in removing measures that would have hurt European Union investors, there is no doubt this Directive imposes an additional regulatory burden on our industry. As Europe emerges from the recession it can ill-afford to discourage investment and stifle growth.
But the AIFM Directive has come a long way. This is due in to the work of the UK Treasury team, led by Mark Hoban, the Financial Secretary, and Syed Kamall, MEP and shadow rapporteur. Without their sterling efforts, we would no doubt be in a much worse position."
Notes to editor
- The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has approximately 520 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.