Haggling Over the Legislation is Far From Over

"The first ever pan-European rules for alternative investment funds have taken two critical steps forward – receiving tentative approval from a European parliament committee on Monday and EU finance ministers on Tuesday, but the fight over the legislation is far from over.

Much of the fight is likely to focus on proposed new disclosure rules for private equity owned companies and whether and how non-EU fund managers can sell to investors inside the 27-nation bloc.

'There are such differences between the two proposals that there is a last window to change it,' explains Lisa Cawley, an attorney with Kirkland & Ellis, an international law firm."

This article appeared in its entirety in the May 18, 2010 edition of Financial Times.