Friday, 19 September 2014
Last updated 1 hour ago
Mar 18 2010 | 8:47am ET
The European Parliament will not be deterred by the British-backed delay in approving European Union hedge fund legislation, a top lawmaker said.
Jean-Paul Gauzes, the French member of the parliament sponsoring the Alternative Investment Fund Managers Directive, said parliament’s timetable for approving the bill wouldn’t be affected by the Spanish government’s decision to delay seeking the approval of the EU’s finance ministers for the proposal. Spain currently holds the rotating presidency of the 27-nation bloc.
“We certainly shouldn’t wait,” Gauzes said of the parliament. The directive requires the approval of both that body and EU member states before becoming law.
Gauzes told Bloomberg News that he recognized that the British, home to the overwhelming majority of Europe’s alternative investments industry, “might not want a decision like this to be taken” before its upcoming election, expected to happen in June. He also acknowledged “a political problem” with the directive’s provisions dealing with non-EU funds.
The proposed law could block such funds from Europe, a possibility that has drawn the ire of U.S. Treasury Secretary Timothy Geithner. The bill would also impose strict reporting and custody requirements on hedge funds and private equity funds, as well as possible leverage limits.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.