Hedge fund body attacks drafting of EC directive

Date: Thursday, April 23, 2009
Author: Laurence Fletcher, Reuters

The drafting of the European Commission's directive on the hedge fund industry has been "rushed through" without adequate consultation, industry body the Alternative Investment Management Association (AIMA) said.

"We are also concerned that the process of drafting the directive has been subjected to undue political pressure," AIMA's executive director Florence Lombard said in a statement published on Thursday.

AIMA said it was "very concerned" about the way the directive, which has been postponed from this week to next week, has been drafted. It said a flawed directive "could have major negative consequences for several key European financial industries".