France EU Hedge Funds
France to Block European Union Hedge Fund Regulations
Just when the European Union seemed to be getting close to agreement on hedge fund regulation, France is expected to block the proposal. European Union members have been trying to reach a compromise on the alternative investments directive. The French finance minister's expected refusal to back a plan that would give licenses to foreign funds to work in all of the EU's member states seems to have come as a surprise to diplomats.
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
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