Finance ministers agree to AIFM passporting

A proposed passporting system was agreed on despite opposition from France and Germany, which will allow funds to market cross border, a major point of contention since the AIFM was first conceived.

It will also allow non-EU funds to continue marketing their services, though they will have to comply with new regulations, including conditions imposed on pay.

Funds will also be forced to disclose more information, and banks holding investors' assets will face increased liabilities, forcing insurance costs up.

The AIFM still needs to be voted on by the European Parliament, with the next vote scheduled for November.

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