OWEN KELLY COMMENTS ON DRAFT EU LEGISLATION
March 2, 2010
Commenting on the latest stage of the draft EU directive on alternative investment fund managers, Owen Kelly, chief executive of Scottish Financial Enterprise, said:
" It is interesting to see that a blocking minority has been formed at the EU Council of Ministers, preventing sign off for the current draft of the Alternative Investment Fund Managers Directive. This is welcome, as the draft still contains numerous anomalies and too many uncertainties for our fund management industry. My main concern is the increase in costs to the end investor that are implied by the additional risks likely to accrue to custodian banks.
" We have maintained our involvement with the Directive, with strong support from politicians, both here and in Brussels. The next deadline is 22/23 March, when the European Parliament seems likely to debate the Directive and, of particular Scottish interest, the provisions relating to investment trusts."
