EU Takes Historic Decision to Regulate Hedge Funds

An historic deal to regulate hedge funds and private equity in the EU was struck in Brussels today between Euro MPs and EU ministers.

The S&D Group, which has campaigned for years for regulation of speculators, was represented in the talks by Euro MPs Robert Goebbels, Evelyn Regner and Udo Bullmann.

Said Mr Goebbels: “The talks were long and difficult but in the end we reached a fair compromise. We sought a more ambitious deal but plans for revision of the legislation at the end of 2016 will leave room for improvement in the future.

Said Mrs Regner: “We started from scratch. Until now there have been no rules governing these funds. But from now on, they will have to operate in a more transparent way in the future.”

Said Mr Bullmann: “We need to remember the scornful attitude of opponents who claimed that regulation of private equity and hedge funds was not necessary, not possible and even counter-productive.

“The directive exists and is a comprehensive piece of legislation that covers a wide range of funds. It will also set out a true European framework for this business with serious safeguards for companies and employees.

“The European supervisory market authority, due to be set up next year, will have a significant role. It will have a general power to issue guidelines and will be in charge of a central register for funds and managers.

“To begin with, EU and third country fund managers will have to register with national supervisory authorities and give information on the business they plan in Europe. This European passport will allow them to be active across Europe, provided they abide to the directive.”

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