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Econ “should not wait” for Ecofin Council decision on AIFM directive

Monday 29 March 2010 - by Judith Becker

AIFMD rapporteur Jean-Paul Gauzès (EPP) says the Economic and Financial Affairs Council’s decision to postpone discussion on the draft proposals for the Alternative Investment Fund Managers directive should not delay the Economic and Monetary Affairs Committee’s timetable for the legislation.

The Ecofin Council decided to postpone its deliberations on the draft proposal for the Alternative Investment Fund Managers directive on 16 March after UK Prime Minister Gordon Brown intervened.

Brown phoned Spanish Prime Minister Jose Luis Rodriguez Zapatero before the Ecofin meeting to call for more time to discuss the rules. The Council will now debate the proposal in either May or June.

The European Parliament’s Econ Committee considered and debated amendments to AIFMD on 17 March and was supposed to vote on the proposal on 12 April but this was also postponed until 27 April.

Speaking at the Econ Committee on 17 March, Gauzès said the postponement should not alter the schedule and the European Parliament should not wait on the Council to decide on its position.



Gauzès said: “When I heard about this I did not think it was particularly dramatic. I realised that there was a political problem about third countries vis-a-vis the EU and I knew that the proximity of general elections in the UK meant that the British Prime Minister might not want this decision to be taken in Ecofin because, as far as I know, the UK did not have a blocking minority.

“This will then allow for an interlude in which the Spanish Presidency can work on this and come forward with a compromise, which may this time round get everybody’s agreement.”


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