Hedge Funds: European Parliament Takes First Step Towards Better Regulation. Jean-Paul Gauzès MEP
On Monday 17 May, the Committee on Economic and Monetary Affairs of the European Parliament adopted, by a very large majority (31 votes for, 11 against and 3 abstentions), a Report by Jean-Paul Gauzès MEP on the proposed Directive on managers of hedge funds, or Alternative Investment Products.
The adopted text is an accurate reflection of the compromises reached between the Rapporteur and the main political groups - the EPP Group, the S&D Group and the Greens.
The adoption of the Report marks a milestone in the co-decision procedure. Negotiations will now open with the Council to seek a common position between the Council and Parliament.
Gauzès welcomed this balanced agreement reached among the major political Groups: "This is to introduce effective regulation that ensures greater transparency in financial transactions and the best possible security in risk management. This Regulation takes into consideration the essential requirements of the financial industry whenever it is acting in the service of economic development", he said.
The plenary vote is scheduled for early July in Strasbourg.
(Translation from the original French)
