Directive on alternative investment fund managers: 3rd report of session 2009-10, Vol. 1: Report
- ISBN-10
- 010845942X
- ISBN-13
- 9780108459429
- Category
- Business & Economics
- Pages
- 79
- Language
- English
- Published
- 2010-02-10
- Publisher
- The Stationery Office
- Author
- Great Britain: Parliament: House of Lords: European Union Committee
Description
In this report the European Union Committee warn that unless the Directive on alternative investment funds is compatible with a global regulatory approach it will seriously damage the EU and UK economies. The UK Government should not agree with the Directive unless it is compatible with equivalent legislation in third countries and in particular the United States. It is essential to ensure that EU alternative investment fund managers do not lose competitiveness at a global level. This is a particular concern for the UK and the City of London which has a large alternative investment fund industry that employed an estimated 40,000 people in 2009. The Committee recognise the risk the aggregate activity of hedge funds could cause to financial stability and welcome the principle of EU regulation of the managers. The Directive has the potential to reduce risk posed by fund managers and be beneficial to the single market and the EU economy as a whole. The Committee stress that the requirements on provision of information should be proportionate and carefully thought out to ensure Supervisors are provided with the relevant data. The Committee also criticise the "one size fits all" approach of the Directive. The Directive covers a wide variety of fund managers including hedge funds, private equity and infrastructure funds, and its detailed requirements must differentiate between types of managers to avoid unwanted outcomes that could restrict the operation of fund managers unnecessarily.
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- 2010-02-10
- 331 pages
- Paperback
- The Stationery Office
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