Countries Complain About Creation Of EU Hedge Fund Rules

Feb 27 2013 | 11:34am ET

It's a case of too little, too late, but a dozen European Union states are complaining about the European Community's implementation of the bloc's controversial new hedge fund rules.

Those regulations, the Alternative Investment Fund Managers Directive, are now European law. But 12 of the EU's 27 members, including the U.K. and Germany, assailed the EC for its "opaque" handling of the directive, and for ignoring technical advice from the European Securities and Markets Authority "without explanation."

The letter also took the EC to task for failing to "openly consult" with member states and for giving member states too little time last year to comment on the directive, which "is extremely large and has an extensive effect."

The signatories to the short letter, which included Austria, the Czech Republic, Denmark, Finland, Ireland, Latvia, Luxembourg, the Netherlands, Portugal and Sweden, warned that they "are concerned about the manner in which the post-Lisbon process of producing delegated acts is being conducted."

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