Here you can browse the report which was ordered by the House of Lords to be printed 2 February 2010.
Summary
Chapter 1: Introduction
Box 1: Private equity and hedge funds
The proposal
Initial reaction
Political context
Box 2: EU regulation that already applies to alternative investment firms
Our inquiry
Emerging conclusions
Scrutiny of the Directive under the Swedish Presidency
Box 3: The Swedish compromise and the Gauzès report
Chapter 2: What are Alternative Investment Funds and what risks do they pose to financial stability?
Hedge funds
Box 4: Hedge fund investment strategies
Private equity funds
Property funds
Risks posed by AIFs
Box 5: What is systemic risk?
Leverage and direct exposure
Box 6: Long-Term Capital Management
Crowded trades
Short selling
Lack of transparency and disclosure
Other concerns raised about Alternative Investment Funds
AIFs, risk and the financial crisis
Chapter 3: Key Aspects of the AIFM Directive
Introducing a new regulatory frameworkauthorisation and registration of AIFMs
Thresholds and scope of the Directive
One size fits all?
Regulating funds or managers?
Retail level of protection
Chapter 4: Supervision of AIFMs
Registration and transparency requirements
Box 7: Disclosure and transparency requirements
Disclosure requirements
Transparency requirements
Supervisory tools
Leverage cap
Capital requirements
Remuneration of fund managers
Role of prime brokers
Chapter 5: Towards an EU Passport regime for AIFMs?
EU passport and third country aspects
Box 8: Overview of the specific rules in relation to third countries
Box 9: Solutions suggested by Swedish Presidency issues note regarding third country issues
Equivalence test
The Swedish compromise
Chapter 6: The AIFM proposal in the global context
The need for coordinated action at global level
The US legislation white paper
Chapter 7: Depositary and valuation
Custody/Depositary
Valuation
Chapter 8: Better regulation
Box 10: The Commission Impact Assessment
Box 11: The FSA Impact Assessment
Box 12: The European Parliament Impact Assessments
Chapter 9: Summary of Conclusions
Appendix 1: EU Sub-Committee A: (Economic and Financial Affairs, and International Trade)
Appendix 2: List of Witnesses
Appendix 3: Call for Evidence
Appendix 4: Glossary
Appendix 5: Note on the Sub-Committee Meeting with Jean-Paul Gauzès MEP, Rapporteur on the AIFM Directive, 4 November 2009
Appendix 6: Letter from Lord Myners, Financial Services Secretary, HM Treasury, to Rt Hon Lord Roper, Chairman of the House of Lords European Union Committee, 8 December 2009
Appendix 7: Letter From Rt Hon Lord Roper, Chairman of the House of Lords European Union Committee, to Lord Myners, Financial Services Secretary, HM Treasury, on the Emerging Conclusions, 10 December 200973
Appendix 8: Letter from Lord Myners, Financial Services Secretary, HM Treasury, to Rt Hon Lord Roper, Chairman of the House of Lords European Union Committee, 17 December 2009
Terms of Reference
Oral and Written Evidence 7 July 2009 14 July 2009 20 October 2009 27 October 2009 3 November 2009 4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
7 July 2009 14 July 2009 20 October 2009 27 October 2009 3 November 2009 4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
14 July 2009 20 October 2009 27 October 2009 3 November 2009 4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
20 October 2009 27 October 2009 3 November 2009 4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
27 October 2009 3 November 2009 4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
3 November 2009 4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
4 November 2009 10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
10 November 2009 24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
24 November 2009 12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
12 December 2009 Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
Written Evidence NOTE: (Q) refers to a question in oral evidence (p) refers to a page of written evidence The Report of the Committee is published in Volume I, HL Paper 48-I. The Evidence of the Committee is published in Volume II, HL Paper 48-II
NOTE:
(Q) refers to a question in oral evidence
(p) refers to a page of written evidence
The Report of the Committee is published in Volume I, HL Paper 48-I.
The Evidence of the Committee is published in Volume II, HL Paper 48-II