Friday, 19 September 2014
Last updated 3 hours ago
May 27 2011 | 12:03pm ET
Europe's competitiveness ministers gave their final approval today to the European Union's controversial hedge fund regulations.
The Council of Ministers in Brussels granted the Alternative Investments Fund Managers directive its imprimatur six months after its approval by the European Parliament and seven months after its success was assured by a deal between the U.K. and France. It will be published in the EU's official journal shortly, and becomes law 20 days later. But it will still be some six years until all of its provisions, notably the controversial "passport" that will allow foreign hedge funds who meet EU regulatory criteria access to all 25 EU markets, come into effect.
What's more, EU members have two years to incorporate the directive's rules into their own laws.
The passport, which won't become law until 2018, was the final sticking point for the regulations, which will impose strict new reporting and custody requirements on hedge funds and private equity funds, as well as placing them under the authority of the new European Securities and Markets Authority, which has already begun work on implementing the rules. Private equity funds will also face new asset-stripping rules.
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.