EU Hedge Fund Vote
EU Vote on Regulating Hedge Funds Delayed Yet Again
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