South East MEP Sharon Bowles updates City on key EU Directive

3.00.00pm GMT Fri 26th Feb 2010

Sharon Bowles MEP chairing ECON

Lib Dem MEP Sharon Bowles delivered a keynote speech in London today in which she discussed amendments to the much anticipated and controversial AIFM Directive.

The Directive, currently being debated by the European Parliament's powerful Economic and Monetary Affairs Committee, of which Sharon is chair, will impact on the way alternative investment funds are managed in the UK and across the EU.

Speaking at the Euromoney Legal Forums AIFM Conference today, Sharon said:

"My committee has worked very hard to make the AIFM Directive workable. 1669 amendments have been tabled, a vast number, and I shall be chairing the upcoming debates on these amendments.

"The difficulty for me, as chair, is to mediate between the political parties in a bid to achieve a consensus view that can then be put to the Commission and Council of Ministers. Given the range and scope of the amendments, this will be a colossal task.

"I have been keeping the City up-to-date on what is going on in Brussels and shall continue to do so. With a lot of hedge funds located in London, and with a new French Internal Market Commissioner, it is understandable why some in the City are nervous.

"But have faith that my committee will do everything it can to make the AIFM Directive workable."

ENDS