EU ministers back new hedge fund rules

The ECOFIN Council held in Brussels on the 18 May 2010 agreed a mandate for negotiations with the European Parliament on a draft directive aimed at introducing harmonised EU rules for entities engaged in the management of alternative investment funds, such as hedge funds and private equity.

The Economic and Financial Affairs Committee of the European Parliament had voted on the proposals on the 17 May 2010. There are significant differences between the approaches of the two EU Institutions, which will necessitate further negotiations in the forthcoming months.

EurActiv, 18.5.10: Hedge funds face uncertain future after EU votes http://www.euractiv.com/en/financial-services/hedge-funds-face-uncertain-future-after-EU-votes-news-494251

ESO: Background information: Ministers push for EU hedge fund rules http://www.europeansources.info/record/ministers-push-for-eu-hedge-fund-rules/

ESO: Background information: Fund managers wary of EU vote http://www.europeansources.info/record/fund-managers-wary-of-eu-vote/

Council of the European Union: Press Release: PRES/10/64: Council to negotiate with Parliament on draft EU rules for hedge fund managers http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114493.pdf

BBC News, 18.5.10: EU ministers in hedge fund talks http://news.bbc.co.uk/1/hi/business/10120925.stm

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