Europe's Draft Directive: Dead as Written

Most of Europe now seems to understand that the Draft Directive on Alternative Investment Fund managers issued back in April needs more work.

I'll just do some quick link farming on the subject today. I covered the basics in July.

Paul Myners, the UK Financial Services Secretary to the Treasury, discussed some of the troubles with the plan here.

More recently, the International Swaps and Derivatives Association (ISDA) explained some of these problems in a Comment dated October 21, and available through its website.

And perhaps a bit less predictably, the European Central Bank has joined the chorus.

And here, finally, is a summary of Sweden's position in an issues note set out in September.