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EurActiv.com – European Commission proposals to regulate alternative investment funds discriminate against private equity and favour direct competitors like sovereign wealth funds or maverick businessmen, Javier Echarri, secretary-general of the European Private Equity and Venture Capital Association (EVCA), told EurActiv in an interview.
"We are not against regulation, but it has to be fair," Echarri said, complaining that an EU draft directive on alternative investment funds will hit private equity firms in a disproportionate manner in comparison with other financial actors, further damaging the credit market "when most European companies are in desperate need for capital".
Hedge funds and private equity firms are hoping a resurgent right wing in European politics will give them stronger support when they call for changes to proposed legislation they see threatening their industries.
The coalition of European conservative parties won a decisive victory in elections last week, taking over 260 seats in the European parliament compared with around 160 seats for its socialist rivals.
"We are viewing this quite positively," said Javier Echarri, secretary general of the European Private Equity and Venture Capital Association.
" are expected to be able to deal with financial regulation on a calmer basis with more understanding than the more emotional debate that we have seen in the parliament in past years," Echarri said.
Wealth Bulletin – Regulators will this week agree broad principles for clamping down further on hedge fund managers, after the European Commission proposed more draconian constraints on their activities.
At the 34th annual meeting of the International Organisation of Securities Commissions, starting today and hosted by the Israel Securities Authority and the Tel Aviv Stock Exchange, the hedge fund industry will come under the regulatory scanner. Greg Tanzer, secretary-general of Iosco, said: “Rules on hedge funds and short-selling will be finalised in Tel Aviv.
Reuters Copenhagen – Business leaders met in Denmark to try to unite behind a common call for long-term climate policies, ahead of a U.N. conference in December meant to forge a new climate treaty to replace the Kyoto Protocol.
"For those who are directly or implicitly lobbying against climate action I have a clear message: your ideas are out of date and you are running out of time," U.N. Secretary-General Ban Ki-moon told a meeting of more than 500 business leaders.
"The smart money is on the green economy," he said. "Leaders sometimes are weak because they are short-sighted to get the votes," he added, urging businesses to lobby for carbon cuts.
West Palm Beach (HedgeCo.net) – The 6th Annual Summit of the Islamic Financial Services Board (IFSB), is being held this year in Singapore under the patronage of Singapore’s Senior Minister, Goh Chok Tong, it is themed The Future of Islamic Financial Services.
The annual IFSB Summit is the flagship event for the IFSB, and has traditionally attracted a select group of high-profile Islamic financial services industry stakeholders from across the globe. IFSB Secretary-General, Rifaat Ahmed Abdel Karim said "This 6th Summit is the first IFSB Summit to actually be held in East Asia."
26 regulators and senior personalities from international organisations, including the US, UK, EU, as well as the MENA and Asian regions, have confirmed chairing and speaking in the Summit.
The main objective of the Summit is to underline the role of the various stakeholders towards developing a robust future for Islamic financial services industry. It will be held on 7th – 8th May 2009.
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Bloomberg – OPEC wants U.S. regulators to curtail oil trading by hedge funds and speculators who helped make last year the most volatile in crude oil trading.
Abdalla el-Badri, secretary-general of the Organization of Petroleum Exporting Countries, is seeking rules to “limit the level of speculation” by investors who buy oil without planning to use it. Oil surged 46 percent in the first half of 2008 to a record $147.27 only to plunge by the end of the year, prompting OPEC to make its biggest ever supply cuts.
“OPEC has repeatedly called for the need to reduce the role of excessive speculative activity in the market,” el-Badri, who will attend this week’s World Economic Forum in Davos, Switzerland, said in an e-mailed response to questions. “Today, it is impossible to know who is actually buying and selling oil futures.”
