17/06/2022 (Agence Europe) – The EU Ministers of Economy and Finance, who met on Friday 17 June in the Ecofin Council, adopted their position (general approach) on the revision of the AIFM Directive that governs alternative investment funds (see EUROPE 12970/20). Despite some minor adjustments, including a specific request from Luxembourg, a qualified majority of Member States have voted in favour of the text. It aims to harmonise the rules for the managers of ‘loan-originating funds’, to clarify standards applicable to managers who delegate their functions to third parties, to allow cross-border access to depositary services, and to facilitate the use of liquidity management tools (LMTs) in the EU. The text also provides for a requirement that hedge funds, which only provide their services to professional investors, should be required to have at least two people working full time to combat ‘shell’ companies. (AD)