On Monday 26 February, the Council of the European Union adopted new European rules aimed at improving European capital markets and strengthening investor protection in the EU.
Following the favourable position adopted by the European Parliament on Wednesday 7 February (see EUROPE 13346/19), the EU Council has approved the revision of two directives. These are the Alternative Investment Fund Managers Directive (AIFMD) and the ‘UCITS’ directive governing mutual funds intended for retail investors.
“The new rules enhance the integration of asset management markets in Europe and modernise the framework for key regulatory aspects”, said the EU Council in a statement on Monday. The revision of these directives should contribute to the completion of the capital markets union (CMU) (see EUROPE 13357/8).
Once the revision has been published in the Official Journal of the European Union, Member States will have 24 months and 20 days to transpose the new legislative provisions at national level. (Original version in French by Bernard Denuit)