EU hedge fund talks drag on, no sign of agreement
(FT.com): Hopes that negotiations would finally resolve the stand-off over proposed rules for regulating hedge funds and private equity funds in the European Union have faded, with France, in particular showing little sign of making concessions. The meeting on Monday between diplomats, parliamentarians and European Commission officials had been scheduled as the last negotiating session. But late last week it was agreed to hold a further round of talks on Monday, October 4. The main obstacle remains how to treat funds and fund managers based outside the EU. The commission and some member states would like these to have pan-EU marketing rights provided they met strict criteria.
But some countries – notably France – want to keep control of their domestic markets and are reluctant to give access to offshore funds.
UK diplomats are also thought to have concerns about the fairly extensive regulatory role planned for the European Securities and Markets Authority, one of the new pan-EU supervisory bodies due to start operating in January.
Category: Business
