The Spanish EU Presidency is aiming to close an agreement on the draft hedge and private equity funds directive at a meeting of finance ministers in Brussels tomorrow (16 March), with teething problems on foreign fund treatment threatening to derail a deal. The UK is pushing for EU-wide recognition of hedge funds that have won approval on its territory. But such an agreement appears unattainable at the moment as Britain and France continue to hold opposing views on the proposed Alternative Investment Fund Managers Directive (AIFMD). [...] The UK is alone in making such demands and will be overruled by other member states if necessary, the diplomat indicated. "All members [of the EU's Council of Ministers] are against. The United Kingdom is isolated on this issue. When you are alone, at one point or another you have to recognise it."
The UK is pushing for EU-wide recognition of hedge funds that have won approval on its territory.
But such an agreement appears unattainable at the moment as Britain and France continue to hold opposing views on the proposed Alternative Investment Fund Managers Directive (AIFMD).
[...]
The UK is alone in making such demands and will be overruled by other member states if necessary, the diplomat indicated.
"All members [of the EU's Council of Ministers] are against. The United Kingdom is isolated on this issue. When you are alone, at one point or another you have to recognise it."
