On Tuesday 6 July, the House of Lords debated a report from Lords EU Sub-Committee on Economic and Financial Affairs and International Trade on the Alternative Investment Fund Managers Directive
The Committee reported on the AIFMD in February and argued that the Directive had the potential to damage the EU and UK Economies unless it was in line with wider global regulatory approaches. They recommended the Government do not agree with the proposed Directive unless it were compatible with third country regulation, particularly that in place in the United States.
The Committee expressed concern that the UK was particularly vulnerable to any changes that would make the European financial services industry less competitive as the City of London has a large Alternative Investment Fund market with employs an estimated 40,000 people.
The debate was opened by Baroness Cohen of Pimlico who chaired the inquiry into the AIFM Directive. Lord Sassoon, Commercial Secretary and Treasury Spokesman spoke for the government and Lord Tunnicliffe spoke on behalf of the Opposition.
Members of the public and journalists are able to attend debates.