Money managers under the microscope
Europe – The Final Countdown
The war of words is hotting up in the days leading up to next week’s draft EC directive on hedge funds and private equity.
AIMA has today come out with its views on the draft directive, and it goes right to what it sees as the heart of the issue, attacking the way the draft was “rushed through”, the lack of consultation, “undue political pressure” on the drafting and the “baffling” volume of political rhetoric.
The has certainly been no shortage of political posturing in recent months, with France’s Nicolas Sarkozy and Germany’s Angela Merkel calling for hedge fund regulation, and leaders such as Barack Obama and Gordon Brown at the G20 Summit holding up the prospect of hedge fund rules.
How exactly the EC’s plans will fit in with what the G20 is proposing is still unclear, but what is very clear is the size of the chasm between the two sides – Poul Nyrup Rasmussen, a member of the EU assembly who has already criticised the EVCA’s code for private equity, today responded by saying the “this proposal has already been delayed too long” — even if he considers the draft to be ”unacceptably weak”.