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Brussels, November 11, 2010

European Commission statement at the occasion of the European Parliament vote on the directive on hedge funds and private equity

The European Parliament has just voted through, with a very large majority, the Directive on Alternative Investment Funds Managers (AIFM).

These were difficult negotiations but the final outcome will result in a sounder, more stable and secure financial system.

The final step is now formal approval by the Council which should happen in the next few weeks. The Directive should come into force in early 2011 and be transposed into national law and applied by Member States by 2013.

President Barroso said:

"The adoption of the directive means that hedge funds and private equity will no longer operate in a regulatory void outside the scope of supervisors. The new regime brings transparency and security to the way these funds are managed and operate, which adds to the overall stability of our financial system. After important decisions on a new European supervisory architecture earlier this autumn, today's directive - which coincides with the G20 Summit meeting in Seoul - is another example of how the EU is leading the way in implementing our G20 commitments."

Commissioner Barnier said:

The landmark agreement on the supervision package provided the foundations for a more stable and secure financial system in Europe. We must now build on these foundations by introducing strong and intelligent regulation for all financial markets, products and actors. Today's agreement on the AIFM Directive is an important step in this direction. The Directive will increase transparency, reinforce investor protection and strengthen the internal market in a responsible and non-discriminatory manner. It will also make full use of the opportunities afforded by the new European supervisory authorities to strengthen supervision and to enhance the macro-prudential oversight of this sector.'

More information on the directive can be found at – MEMO/10/572

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