Wednesday, 6 May 2015
Last updated 1 hour ago
May 11 2010 | 7:16pm ET
Two lobbying groups have reached starkly different conclusions about the European Union’s proposed hedge fund and private equity regulations.
The Confederation of British Industry has come out against the rules, which would impose strict new reporting and custody requirements and possible leverage limits, as well as potentially blocking foreign firms from the European market. Such rules would be hurt the British economy, the CBI said.
“The proposed legislation would damage companies owned by private equity firms and discourage investment,” John Cridland, CBI deputy director-general, said. “The additional bureaucracy and forced disclosure of commercially-sensitive information would be a real problem.”
The CBI is recommending that members of the European Parliament vote against the tougher rules. A vote is expected by the Parliament’s economic and monetary affairs committee next week, following its postponement yesterday.
By contrast, the European Economic & Social Committee is backing the rules.
“Within the European economy, the impact of hedge funds and private equity funds is more serious in social and employment terms than in the economic and financial sense,” the EE&SC’s Angelo Grasso said.
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…