On 30th April, 2009, the European Commission published a proposal for a Directive of the European Parliament and Council Directive (the “Directive”) to establish a harmonised EU framework for the authorisation and operation of the managers of non-UCITS collective investment undertakings (“AIF”) (“managers of alternative investment schemes” or “AIFM”) regardless of the domicile of the AIF, and for the marketing of such AIF within the Community.