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FT.com / Brussels - French-UK stand-off stalls hedge fund deal
A stand-off between France and the UK has dashed hopes that an agreement on European rules for hedge funds and private equity funds could be reached this week, forcing diplomats to suspend a final negotiating session.
The core issue remains how to treat fund managers from outside the EU bloc. The UK, along with the European Commission and a clutch of other countries, wants them to have pan-EU marketing rights, or a so-called "passport", provided they meet certain standards. The US has also weighed in, arguing that it would be discriminatory if fund managers within the bloc enjoyed a passport while those outside it did not.

France, having initially opposed a passport for non-EU managers, has conceded that it will now accept this in principle but insists passport rights must be tightly controlled by the European Securities and Markets Authority, the new pan-EU securities regulator. However, the UK and its supporters are wary about handing too much power to ESMA.
But EU officials are also concerned that attention needs to be paid to some of the outstanding issues which MEPs have with the proposed rules, including provisions dealing with "asset-stripping".

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Thu Oct 14th, 2010 at 02:16:42 PM EST
[ Parent ]
Do I hear the <scritch crunch munch> of locusts?
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Oct 14th, 2010 at 02:22:04 PM EST
[ Parent ]
If hedge and private equity funds face limits on asset stripping, how are they to make money? Most unfair!

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Oct 15th, 2010 at 12:02:05 AM EST
[ Parent ]


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