Raft of AIFM changes put forward

A record number of amendments to the Alternative Investment Fund Management (AIFM) Directive have been made, it has emerged.

MEPs have submitted over 1,000 demands for changes to the draft of regulation for the hedge fund and private equity industries.

Secretary general of the European Venture Capital Association Javier Echarri described the move as ’unprecedented’.

He added that the high volume of requests ’shows clearly that there’s a long way to go to get the directive into an acceptable shape, which will protect rather than damage Europe’s economies and competitiveness’.

Conservative MEP for London Syed Kamall was quoted by the Daily Telegraph as saying that the alterations have been submitted after MEPs sought the opinions of those working in the industry who would be affected by the implementation of the directive.

These included pension funds and investment trusts, he noted.

According to IPE.com, one of the requests that was put forward is for a change to the name of the directive itself, with the title ’Alternative Investment Funds and their Managers’ being suggested.

Speaking at a Kleinwort Benson Forum, Kamall said the City ’needs to engage with Brussels’ to influence the regulations and directives which will shape the way in which the Financial Services industry is structured, and the environment in which it is able to operate. If not, other countries will seek regulations that attract financial institutions away from the City.

’For some it is a perception that their voice will not be heard that holds them back, for others the belief that they need to lobby through intermediaries. Neither could be further from the truth. We need the City to engage with both the European Commission and Parliament, if the financial services industry in London wants a successful long term future.’

The Forum with Syed Kamall is the latest in a series of events to which Kleinwort Benson has invited high profile speakers to address their clients, intermediaries and other interested parties. Some of the speakers are political figures and recently have included Dr Vince Cable MP, Liberal Democrat Shadow Chancellor, Julian Brazier MP, Shadow Minister for Shipping and Aviation, and Ian Taylor MP, Chairman of The Conservative Party’s Policy Task-force on Science and Technology.ADNFCR-2318-ID-19580903-ADNFCR