You can run but you can’t hide. Policymakers and legislators in the European Union have a long memory and a long reach. They also have a nasty habit of coming back for you if they don’t get you first time. If you see them coming, you might as well give in. It’s a bit like being pulled up by the traffic police — you’ve got flashing blue lights behind you, they think they’ve seen you commit a transgression, they check your documents, issue a fixed penalty notice and always think they’re right.

The Alternative Investment Fund Managers (AIFM) directive proposals that were first put forward by the European Commission in April 2009 were seen by some as a kneejerk reaction to the supposed systemic shortcomings in hedge funds and private equity funds, and the alleged impact of those shortcomings on investors