One of the most debated and contentious proposals in the fund management arena has recently moved onto the next stage, for detailed consideration of the Level 2 measures - and so a real topic for debate.
The publication of the Directive in the Official Journal is likely to occur in the Spring. In the meantime the 27 October 2010 Council text is providing a basis for discussion. Unfortunately, although this is much better than some of the initial drafts, it still raises more questions and concerns than perhaps it answers.
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