On 12 November 2009, the Council of the European Union (“Council”) published a compromise proposal draft of the Directive on Alternative Investment Fund Managers (the “Directive”) (http://register.consilium. europa.eu/pdf/en/09/st15/st15910.en09.pdf). However, the Council is only one of three parties to the co-decision process under which the Directive must be approved. Neither the European Parliament, nor the European Commission has stated the extent to which it accepts the Council’s draft of 12 November 2009.