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EU Hedge Fund Vote

EU Hedge Fund Vote

EU Vote on Regulating Hedge Funds Delayed Yet Again

In a hardly surprising move, the European Union has again decided to delay the vote on regulating hedge funds. The vote which was going to be held this month has been pushed back to October. According to European diplomats, France is holding up negotiations over its opposition to foreign funds having a "European passport", an idea that the presiding Belgian government has supported.

Belgium, which holds the rotating six-month presidency of the EU, has put forward new proposals to unblock the negotiations, which started more than a year ago. It proposes maintaining the possibility of a "European passport" for foreign hedge funds but leaving it up to national financial supervisors to grant the license to operate.

In exchange, Belgium wants to adopt a common set of rules across the continent and give a greater role to three new European financial supervisors -- agreed by EU finance ministers this week -- if the rules are not implemented properly.

Representatives of the European Parliament, the European Commission and EU member states have repeatedly failed to reach a deal over the new hedge fund rules. They will meet again on Sept 15 to see if they can agree on a text for the parliament. Source

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