Saturday, 18 April 2015
Last updated 1 hour ago
Feb 17 2010 | 2:05am ET
Hedge funds based outside of the European Union would be at the mercy of their local regulators under a new proposal offered by Spain.
The amendment to the EU’s Alternative Investment Managers Directive would require “appropriate cooperation agreements” between individual state regulators within the EU and regulators of other countries before hedge and private equity funds from those countries could market their wares in a European country.
The move by Spain, holders of the rotating presidency of the EU, revives part of the original directive that it had earlier excluded. That backtracking is likely to provoke objections from the U.K., home to the overwhelming majority of the European alternative investments industry.
The new Spanish proposal would keep hedge fund managers in the U.S., Singapore, Hong Kong and other jurisdictions from having investors in the 27-member EU.
“We are concerned that the original text of the directive, which is protectionist in nature where it came to third countries, could be drifting back,” Andrew Baker, CEO of the Alternative Investment Management Association, told Reuters.
The directive is currently making its way through the European Parliament, and requires the approval of both that body and EU member nations before it takes effect. If it does, it could impose strict new reporting and custody requirements on European hedge and p.e. funds, as well as possible leverage limits.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…