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The AIFM Directive and the Cayman Islands. Friend or foe?

The Alternative Investment Management Association Limited. The AIFM Directive and the Cayman Islands. Friend or foe? . Matthew Jones Associate Director, AIMA . A Global Organisation for a Global Industry. Where did it come from?. Hedge funds are such lovable creatures….

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The AIFM Directive and the Cayman Islands. Friend or foe?

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  1. The Alternative Investment Management Association Limited The AIFM Directive and the Cayman Islands. Friend or foe? Matthew Jones Associate Director, AIMA A Global Organisation for a Global Industry

  2. Where did it come from? • Hedge funds are such lovable creatures…

  3. Where did it come from? • German Presidency of the EU and G8 • Rasmussen and Lehne Reports • Financial crisis • José Manuel Barroso’s re-election • 30 April 2009 – the draft AIFM Directive is born!

  4. Not everybody liked it… • "This is a very dodgy directive that's been poorly constructed. It was produced in a hurry. It's a process that makes those who support the European Union embarrassed." Treasury Minister Lord Myners (9 November 2009) • “Almost all” of the Directive’s original provisions need to be redrafted to make them appropriate, proportionate and adequate. Patrice Bergé-Vincent of French financial regulator AMF (9 October 2009) • "I hope they will come forward with something more balanced. It really doesn't work." Eddy Wymeersch, chairman of the Committee of European Securities Regulators (8 October 2009) • “The problem in amending this draft is to decide where to start." Lindsay Tomlinson, incoming Chairman of the UK’s National Association of Pension Funds (12 July 2009) • “I have some doubts on the wisdom of some aspects of this proposal.” Jacques de Larosière, Chairman, High Level Group on Financial Supervision in the EU (24 June 2009).

  5. Where are we now? Consultation Period European Commission Draft European Council European Parliament Council Working Groups JURI COREPER ECON ECOFIN PLENARY Trilogues

  6. Where are we now? AIFMD – draft timeline for 2010:European Parliament and European Council European Parliament Council of the European Union International bodies 3 & 25 Mar: Informal trilogue mtgs between Council, Parliament and Commission 18 May: ECOFIN Council mtg (anticipated AIFMD debate) 8-9 Feb: Council WG mtgs (attaches only) 1 Jan: Spanish Presidency commences 22-23 Apr: G20 Finance Ministers’ mtg 1 Jul: Belgian Presidency commences 18-19 Feb: Council WG mtgs (attaches only) 11 Jan: Presidency produces Issues Note 15 Apr: Informal trilogue mtg 4 & 10 Mar: COREPER II mtgs 26 Apr: Council WG mtg (attaches) 14-15 Jan: Council WG mtgs 8 June: ECOFIN Council mtg 25-26 Feb: Council WG mtgs (attaches only) Jan Feb Mar Apr May Jun Jul 28 Apr: Vote in JURI on draft Opinion 21 Jan: Deadline to present amendments to Gauzès report in ECON 22-23 Feb: First discussion of amendments in ECON Committee 17 Mar: Second discussion of amendments in ECON Committee 10 May: Vote in ECON on final report 23 Feb: Deadline to submit amendments to JURI draft Opinion 27-28 Jan: Presentation of draft Opinion in JURI Committee 6 July: Vote on final AIFMD text in Plenary

  7. Where it’s going? • Depositaries • Third country issues • Commission • Council • Gauzès and other groupings • Level 2 (and Level 3) • Implementation

  8. What lies ahead? What does it mean for Cayman?

  9. What does it mean for Europe? Paradise? or… Fortress Europe?

  10. Contact Alternative Investment Management Association Enhancing understanding, sound practices and industry growth Tel: +44 (0)20 7822 8380 Fax: +44 (0)20 7822 8381 Email: info@aima.org Web: www.aima.org A Global Organisation for a Global Industry

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