Eleven European countries have criticised the European Commission for its “opaque” approach to the implementation of the Alternative Investment Fund Managers Directive.

The highly unusual move by the members of the Council of the European Union underlines rising tensions between Europe's policy-making institutions as they attempt to implement a slew of controversial new reforms. The European Commission is the European Union's executive body responsible for proposing legislation. The Council represents Europe's member states and is a co-legislator, along with the European Parliament, of all European regulation.