EU finance ministers are scheduled to vote tomorrow in Brussels on a version of the rules that would require funds to register separately in each country. Both proposals have been opposed by the United States and the United Kingdom. Spain, which holds the EU’s rotating presidency, said last week it would push ahead with the legislation without U.K. support. Spain, which holds the EU’s rotating presidency, said last week it would push ahead with the legislation without U.K. support.
Hedge funds and private equity firms are under the scrutiny of lawmakers worldwide, who say they are partly to blame for the financial crisis. Then U.K. Prime Minister Gordon Brown warned in March that the EU rules may threaten the UK’s pre- eminence in the financial services industry.
“France and Germany have decided to use majority voting in the council to outvote the U.K.,” said Simon Gleeson, a regulatory lawyer at Clifford Chance LLP in London. “You generally don’t outvote member states on areas they have a particular interest in. If the finance ministers do decide to go ahead with it, then there’s not a thing the U.K. can do.”
Note EU-Digest: Its high time something gets done to shed some light on the practices of these financial con-artists. Regardless of the US and British arguments against the proposed EU rules, there is no need whatsoever to protect the Hedge Funds from public scrutiny. What is also alarming is that during the past months the Anglo Saxon financial community, their Media Network and the "Wall Street Casino Operators" have systematically undermined the integrity of the EMU and the its common currency the euro.
For more: Hedge Fund Rules Opposed by U.S, U.K. Are Set for Votes in EU - BusinessWeek
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