On Wednesday 7 February, with 575 votes in favour, 40 against and no abstentions, MEPs voted in favour of the report by Isabel Benjumea (EPP, Spanish) on European rules for the supervision of alternative investment funds (AIFMD) and undertakings for collective investment in transferable securities (UCITS).
With this vote, the European Parliament ratifies the revision of two directives. On the one hand, the ‘AIFMD’ directive on alternative investment fund managers and, on the other, the ‘UCITSD’ directive governing mutual funds intended for retail investors. A provisional agreement was reached in July 2023 during interinstitutional negotiations (‘trilogue’) between the Parliament and the Council of the EU (see EUROPE 13227/31).
The revision of the directives provides for harmonisation of the rules, greater protection for investors and improved access for companies to finance from sources other than banks.
In addition, the revision aims to provide a better framework for liquidity risks for AIFMs. In this way, it aims to continue the vast Capital Markets Union project (see EUROPE 13324/21).
“Investment funds that grant loans can be an alternative source of investment for the real economy, especially SMEs”, said Ms Benjumea (EPP, Spanish) during a debate at Parliament’s plenary session on Tuesday 6 February.
Link to Ms Benjumea’s report: https://aeur.eu/f/as1 (Original version in French by Bernard Denuit)