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The Proposal for a European Directive on Alternative Investment Fund Managers was published by the European Commission in April 2009. There have been various iterations of the Directive following the initial Commission Proposal. Last year a number of compromise drafts were issued by Sweden during its presidency of the European Council and a report was issued by the Parliamentary Rapporteur, Jean Paul Gauzes. During its presidency, Spain has published four drafts, the most recent dated 1 March 2010.
The positive news is that Spain has built on the basic framework developed by Sweden, which introduced a number of broadly positive changes culminating in a compromise draft of 15 December 2009. However, the Spanish Compromise contains a number of additional or re-opened provisions which are more onerous for the industry. Some of the key points are considered in this article.