New rules on hedge funds and private equity to be voted through by European Parliament tomorrow
The European Parliament will tomorrow vote through the final text of the controversial Alternative Investment Fund Managers Directive (AIFMD),
The AIFMD was proposed by the European Commission in April 2009 to provide regulation for Europe's hedge fund and private equity industries.
Since its inception, the AIFMD has been met with both support and derision, with some in the City of London and UK media criticising it for being too constrictive.
Sharon Bowles MEP, who chairs the European Parliament's Economic and Monetary Affairs Committee, said:
"There have been long and difficult discussions on the AIFMD in my committee, in trialogues with the Commission, and variously in Member States with the media, venture capitalists and fund managers of all types.
"Member States that were most concerned about hedge fund activity were also those that did not have any regulation of hedge fund managers. Now, wherever you are in the EU, there will be protection and that is right.
"For those in the City of London not happy with the AIFMD I say, the end result is fair and reasonably balanced. It is not perfect and certainly not as succinct as I would have liked but given the circumstances I endorse the AIFMD as a good result."