To ask Her Majesty's Government whether they have conducted an impact assessment on the implications for the British pensions industry and British pensioners of the European Commission's proposed Directive on Alternative Investment Fund Managers. [HL5448]

The Financial Services Authority has commissioned research on the proposed directive from an external consultancy. Their aim is to quantify the impact, the implications for markets and investors, and the potential costs and benefits across the EU. This report should be published later this year.

However, the actual costs will depend on the final legislation, which is likely to differ substantially from the Commission's draft. The Government will take into account this and other information on the potential impact of the directive in our negotiations.