Saturday, 25 April 2015
Last updated 10 hours ago
Sep 14 2010 | 11:32am ET
The European Parliament and European Union countries are nearing a compromise on controversial bloc-wide hedge fund regulations favorable to the hedge fund industry, according to a report.
Under pressure from the European funds industry, European pension funds and his own center-right party, Jean-Paul Gauzes, the French member of the Parliament guiding the legislation through that body, is reportedly pushing for a compromise that would allow individual countries to hold on to their own private placement rules—in effect allowing foreign hedge funds access to their markets, Financial News reports. A vote on the directive was delayed last week after the French again changed their position, demanding that the so-called “passport” be eliminated and that the private placement rules by preserved.
Under the passport provisions, funds that meet the more stringent EU guidelines—which include stricter reporting and custody requirements—would have access to all EU markets. The British and Germans are thought to support that provision, as well as one preserving the private placement rules.
A pair of potential compromises have been suggested, both of which would keep the individual private placement rules in effect for the time being. The first would phase them out over five years, the second would review the situation in five years before deciding what to do with them.
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…