UK knocks EU fund proposal

Report of a speech by Lord Myners, the Financial Services Secretary to the HM Treasury, to the Alternative Investment Management Association, London, 7 July 2009.

The European Commission’s Alternative Investment Fund Managers draft directive requires 'major surgery'. Lord Myners stressed that 'the UK is not in the business of blocking more stringent regulation, contrary to what some in Europe may say' and said the UK government’s aim was 'a framework which allows efficient, well run and well regulated fund managers to compete for business without restriction across the EU and to make the EU a base from which to compete in global markets'. But he said that the draft directive 'needs major surgery before this can be delivered'.

European Commission: DG Internal Market and Services: Investment funds: Alternative investments http://ec.europa.eu/internal_market/investment/alternative_investments_en.htm

Website: Alternative Investment Management Association (AIMA) http://www.aima.org/

AIMA: Press Release, 7.7.09: Draft Directive 'needs major surgery' - Paul Myners http://www.aima.org/en/media_centre/press-releases.cfm/id/2B4B6160-313B-4FB9-98304EF9AD3D4266

UK: HM Treasury: Speech, 7.7.09: AIMA Breakfast address on the Alternative Investment Fund Management Directive http://www.hm-treasury.gov.uk/speech_fsst_070709.htm

ESO: Background information: Europe’s vendetta http://www.europeansources.info/record/europes-vendetta/

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