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EU Hedge Fund Deal

EU Hedge Fund Deal

European Union May Make Deal in Favor of Hedge Funds

The European Union is reportedly close to striking a deal over hedge fund regulation after the vote was again postponed. The deal, if it is finalized, would be more favorable to hedge funds than previous proposals.
Under pressure from the European funds industry, European pension funds and his own center-right party, Jean-Paul Gauzes, the French member of the Parliament guiding the legislation through that body, is reportedly pushing for a compromise that would allow individual countries to hold on to their own private placement rules—in effect allowing foreign hedge funds access to their markets, Financial News reports. A vote on the directive was delayed last week after the French again changed their position, demanding that the so-called “passport” be eliminated and that the private placement rules by preserved.

Under the passport provisions, funds that meet the more stringent EU guidelines—which include stricter reporting and custody requirements—would have access to all EU markets. The British and Germans are thought to support that provision, as well as one preserving the private placement rules.

A pair of potential compromises have been suggested, both of which would keep the individual private placement rules in effect for the time being. The first would phase them out over five years, the second would review the situation in five years before deciding what to do with them. Source

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