EU hedge fund trialogue stalls over 'passport' issue
From Neurope.eu: The issue of so-called passports, which would allow hedge fund managers to operate across borders has stalled the latest round of talks between the European Council and Parliament this week, amid increasing opposition from industry.
...The Council are against this system, which is proposed by the Parliament, but would like to see some form of certification, which would take in financial services in third countries, while still keeping in place national member state rules in the EU.
According to Parliament sources the latter half of this is "too protectionist", while financial managers say that overall it will damage the industry's global prospects... Full article: Source
U.S., U.K. blast EU hedge fund rules
From Eurasiareview.com: US and UK financial regulators Friday launched an attack against pending EU rules on hedge funds, which they say go beyond international standards and make it difficult for US investment funds to access the 27-member bloc's market. "The US is unlikely to be able to comply with the equivalence criteria proposed by the European Parliament to enable the marketing of US hedge funds to European investors," said senior regulators at the US Securities and Exchange Commission (SEC).
The US and UK regulators' concerns struck a nerve ......................
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