Independent – A new EU directive aimed at tightening up the regulation of hedge funds could be counter-productive and cause a mass exodus of business from the International Financial Services Centre, a Dail committee was told yesterday.

The directive, being prepared under the supervision of EU Commissioner Charlie McCreevey, has run into opposition from almost every EU country and is unlikely to be finalised before the end of the current Swedish presidency, the Dail Committee on European Scrutiny was told yesterday.

The draft Alternative Investment Fund Managers Directive has been the subject of submissions from every EU member state, Colm Breslin of the Department of Finance told the committee.

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alternative investment, dail, department-of-finance, financial services centre, hedge funds, international financial services, investment fund managers, mass exodus, member state, opposition, scrutiny, submissions, supervision, swedish presidency