Guardian – Britain’s efforts to soften a European directive aimed at imposing tough regulation on hedge funds and private equity firms has the support of most of the European Parliament, says Sharon Bowles, Liberal Democrat chair of the parliament’s Committee on Economic and Monetary Affairs.
The directive, inspired by proposals from Germany and France, has been opposed by Britain, where 80% of Europe’s $300bn hedge fund industry is based. Funds are threatening to move to Switzerland or the Middle East if the directive is passed in its current form, claiming it would add millions of pounds to their regulatory and compliance costs and limit their marketing and hiring possibilities.
