Brussels, 12/10/2010 (Agence Europe) - Negotiations on the draft directive framing the Alternative Investment Fund Managers (AIFM) have entered into a decisive phase. On Thursday, an inter-institutional trilogue may obtain a political agreement. In a press release on Monday 12 October, Michel Barnier declared: “Discussions are continuing to make significant progress, particularly on the question of third countries, but caution is the watchword. All the different elements of the agreement are not yet there”. The role of the future European Securities Markets Authority (ESMA), created by the “supervision” package, is at the centre of these discussions. France has stated that it could agree to European approval for funds from third countries distributed in the EU on the condition that the ESMA is given a key role (EUROPE 10231). The granting of a European passport to these funds would be accompanied by the phasing out, at the end of the transition period, of national private investment systems. This would give ESMA time to develop increased resources for carrying out its mission. Barnier indicated that “on the question of third countries, points of view for a long time antagonistic have become considerably closer. Consensus is developing on the principle of a passport and an important role for the future ESMA. More work is necessary for defining modalities and the exact timetable for implementing this passport”. (M.B./transl.fl)