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28 October 2009

EVCA supports the ECB's opinion on AIFM directive, calls for proportionality

EVCA argues that ECB's views suggest that AIFM directive is rushed and misconceived. This should inspire the Parliament and the Council to continue dialogue with international partners to improve the text and adopt a directive respecting proportionality a

ECB said it supported “the intention to provide a harmonised regulatory and supervisory framework” for alternative investment fund managers in the European Union, but urged the Commission “to continue the dialogue with its international partners, in particular the US, to ensure a globally coherent regulatory and supervisory framework”.

Commenting on ECB’s opinion on the AIFM directive, Javier Echarri, Secretary General of EVCA, said:
“There is a growing recognition among major organisations and institutions in Europe that this Directive would have damaging consequences on the provision of venture capital and private equity finance for Europe’s business. The ECB’s comments reinforce the view that the Directive has been rushed and misconceived. We trust that the ECB’s contribution will inspire, among others, both the European Council and Parliament to improve the text and adopt a directive respecting proportionality and appropriateness”.

© EVCA - The European Private Equity & Venture Capital Association

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