And in the funds industry there will also be important portfolios, including UCITS V and UCITS VI. We expect the AIFMD to have mostly completed the EU legislative process by the time our Presidency begins, although certain technical standards will remain to be issued. The finalisation of Level II requirements for the sector is imminent and some important issues remain unresolved.
The ball is currently in the Commission’s court. A lot of disappointment has been expressed that some of the issues that were heavily debated in ESMA – and where we believe sensible proposals were reached – have been revisited and changed. I can understand that sense of frustration.