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European Parliament negotiations on future of hedge funds complete

October 26, 2010 2:00 PM
Originally published by Sharon Bowles

Sharon Bowles MEP, who chairs the European Parliament's Economic and Monetary Affairs Committee, today chaired the final negotiations on the controversial Alternative Investment Fund Managers Directive (AIFMD).

The AIFMD was proposed by the European Commission in 2009 on the back of the financial crisis and will provide regulation for London's hedge fund and private equity industry.

Sharon Bowles MEP said:

"The AIFMD has had a long and bumpy ride and, having chaired committee debates and led trialogue negotiations in recent months, I am glad a final text of Parliament's position has been approved.

"To those who lambasted the AIFMD, they should be comforted that we have turned an unpromising start into a workable Directive.

"There is no 'Fortress Europe.' Our markets are open for business but they will now be safer and more resilient in times of crisis.

"The City of London should not worry. We have secured many improvements and the Liberals in the European Parliament have been the driving force behind many of the best solutions on thorny issues such as private equity and the EU passport for third country funds.

"In time, I am sure those who wanted to scrap the AIFMD will see that."