Ronald Paterson (pictured), partner at international law firm Eversheds, comments on the latest stage of the countdown to the Alternative Investment Fund Management (AIFM) directive.

British diplomats have this week begun the final stage in attempting to secure concessions to the Alternative Investment Fund Management (AIFM) directive, which critics warn could drive London-based hedge funds and private equity firms out of business.
 
To achieve a blocking minority in the Council where voting is on a qualified majority basis and each Member State's vote is weighted in proportion to its population, the UK needs support from at least three other large countries or quite a few more smaller ones.
 
Furthermore, in certain key areas, there are still Member States which are pressing for the Directive to be tightened up. So it is clear that the UK will not get its way on all the outstanding issues but there still seems to be a drive to finalise the Directive by June or July and that creates an opportunity for the UK to extract concessions.


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