NEWS

The EU Parliament Economic and Monetary Affairs Committee is poised to pass the Alternative Investment Fund Managers Directive on Monday (May 10) with requirements that third countries meet EU standards on tax policy, money laundering, and regulatory information-sharing to access EU investors.

The European press reports that the draft directive, as proposed recently by Jean Paul Gauzès, will be cleared.

According to the Financial Times ( “Deal Likely on Draft EU Hedge Fund Rules,” May 9), “Drafts of the parliamentary compromise text suggest that four or five conditions would have to be fulfilled before it would be possible to sell a non-EU fund to investors within the bloc.

“These include an information exchange agreement between EU authorities and the supervisor where the fund is based, compliance with anti-money laundering rules, fiscal standards, and reciprocal market access.

“In addition, a non EU-based fund manager would have to pledge compliance with the new EU rules, and a local supervisor would have to agree with EU authorities to oversee that compliance.”