France EU Hedge Funds
France to Block European Union Hedge Fund Regulations
France's finance minister Christine Lagarde is set to dash hopes of an imminent deal on EU hedge fund rules when she meets finance ministers in Brussels this week, said sources with direct knowledge of the matter.
France's refusal to back a scheme to give foreign funds a licence to do business across all of the EU's 27 states will scupper any chances of a deal between ministers on a new regime for the industry.
Lagarde, who sources close to the talks said had won the backing of Germany, will reaffirm this position at the meeting of finance ministers including Germany's Wolfgang Schaeuble and British financial services chief Mark Hoban. Source