EU Hedge Fund Vote
EU May Vote on Hedge Fund Transparency Law Today
The EU may approve a proposal tonight that would make hedge funds outside the EU to consent to transparency standards in order to market to investors inside European Union countries. The vote was postponed after complaints from the UK but Spain has said that it would push on with a vote.
EU finance ministers are scheduled to vote tomorrow in Brussels on a version of the rules that would require funds to register separately in each country. Both proposals have been opposed by the United States and the United Kingdom.
Finance ministers in March put off a vote on their proposal under pressure from the U.K., which sought to modify the law, known as the Alternative Investment Fund Managers Directive. Spain, which holds the EU’s rotating presidency, said last week it would push ahead with the legislation without U.K. support.
Hedge funds and private equity firms are under the scrutiny of lawmakers worldwide, who say they are partly to blame for the financial crisis. Then U.K. Prime Minister Gordon Brown warned in March that the EU rules may threaten the country’s pre- eminence in the financial services industry.
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