EU Hedge Fund Talks
European Union Hedge Fund Rules Stall...Again
Just when it looked like France was ready to reconcile with the U.K. over hedge fund regulations, talks aimed at reaching a compromise again fell through. Last week, France announced that it was opposed to the condition of the directive that grants foreign funds access to all members of the European Union.
The European Union's proposed alternative investment regulations hang in the balance once again as talks to reach a compromise failed today.
European diplomats were unable to break the deadlock between the U.K. and France, which last week announced it opposition to granting foreign hedge funds access to all 27 EU countries, but later indicated a willingness to accept the so-called "passport" in exchange for other concessions.
Agreeing on those concessions now falls to Christine Lagarde and George Osborne, the French and British finance ministers. The two are expected to attempt to reach an accord in advance of next week's meeting of EU finance minister, where it is hoped a deal can be reached.
One of the non-starters in this week's negotiations were a plan that would allow EU countries to decline the passport agreement. Source
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