April 29 marks the one-year anniversary of the European Commission’s publication of its controversial Alternative Investment Fund Managers directive, a proposed piece of far-reaching legislation that could restrict Europe’s access to global alternative asset managers. But instead of allowing their deep ideological rift to show in public, the European Union’s Council of Ministers decided last month to set aside a debate on the proposal.

For their part, U.S. and U.K. politicians are hoping an agreement can be reached with global peers at the ....



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