WEST PALM BEACH, FL (HEDGECO.NET) – The faith of hedge funds in the European Union may very well depend on the internal elections in the European Parliament Committee, which is in charge of policyformulation for economic and monetary affairs. The election for members of such committee has been scheduled this coming July. Among such issues to address by the European Parliament�s Committee forEconomic and Monetary Affairs, include the sale and retail of hedge funds among member states.
According to published reports, the election of John Purvis is critical for the continuity of initial propositions passed in December; such rules are contained in the [CR, 12/22]. In December, the Committee agreed on the question of introduction of universal hedge fund laws throughout the EU zone.
Commenting on this issue, Peter Astleford, partner at the London based firm, Dechert said, �I think it will be a fantastic development.” According to Astleford, the main advantage will be that hedge funds will have to comply with only a single set of rules on whom they can sell to and on how they market their funds, rather than different rules in every country.
According to published reports, the European Commission has not treated hedge fund matters as an urgent issue. Purvis has led the hedge fund initiatives, which the body has agreed to, and unless he is elected again to the Economic and Monetary Affairs Committee, the hedge fund regulatory questions may not be treated with a sense of urgency.
Increasing numbers of European investors, including institutional investors have increased their interest in hedge fund investment vehicles. Many European pension plans have begun investing assets into hedge funds, which is a shift from their prior conservative investment philosophy.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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