Hedge Funds EU Spain
Hedge Funds to Negotiate with Spain over New EU RulesSpain on new EU regulations. Sweden is about to relinquish presidency of the European Union to Spain, which would give the Spanish finance ministry greater control over financial reforms and regulations. By working with Spain, hedge funds may be able to avoid unfavorable taxes and demands for greater transparency which are included in a proposed Directive on Alternative Fund Managers.
The European Union is currently working through a draft directive on the regulation of alternative investment fund managers which has drawn widespread criticism, not only from the industries involved but from politicians in the different member states.
Talks continue at two levels with a view to having legislation in place sometime next year. Politically, the European Council, under Swedish presidency, has been working on an agreed text, referred to as the "Swedish compromise," but has had to put this on hold because some member states weren't satisfied.
"The main implication of this is that it is no longer feasible to reach a 'general approach' [Council agreement in principle] under Sweden. This will instead be under Spain in the New Year, probably in February or early March," said Myners. SourceAlso read about hedge funds closing in Spain this year
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