Verklaring eurocommissaris Barnier (Interne Markt) over onderhandelingen rond hedge funds en private equity bij de Raad Ecofin(en)

Met dank overgenomen van Europese Commissie (EC) i, gepubliceerd op dinsdag 19 oktober 2010.

Luxembourg

Today, Member States took a fundamental step towards an agreement on this important directive, an agreement which would not have been possible without the commitment and determination of the Belgian Presidency.

The text takes into account the numerous and legitimate requests of the European Parliament, with whom we must now finalise this agreement. I wish to thank Jean-Paul Gauzès for the key role he played in these negotiations.

Why is this directive such a breakthrough?

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    May I remind you that we are talking of major actors on the financial markets (accounting for more than 50% of market transactions on certain days).
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    May I also remind you that these actors were not until now subject to oversight or specific regulation at European level, and that all preceding attempts to put regulation in place had failed.
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    Today, we are delivering on a commitment taken at the G20.

What will the Directive change?

It will put in place new and robust rules reinforcing:

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    transparency
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    safe-keeping of assets (the functions of depositaries are now closely regulated - we know the risks that weaknesses in this area can pose for investors)
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    risk management
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    control of leverage (that is to say the level of risk-taking in relation to available funds).

It will give substantial power to the regulators:

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    regulators will have to authorise the fund managers
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    they will have the necessary information to control risk-taking (level of leverage, risk management)
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    this information will be shared with the European Systemic Risk Board.

On the very sensitive question of the passport, the agreement foresees a passport for third-country funds and managers. That was the initial proposal of the Commission. It will be a passport on merit, founded on a solid basis and providing strong controls in terms of risk management. It will also reinforce the internal market.

The negotiations were long and sometimes difficult, but we have reached a good compromise. The essential elements of the initial Commission proposal have been preserved: the broad scope, robust rules, increased transparency, and better protection for the investor. If this agreement is confirmed by the Parliament, it will be the foundation for the efficient and intelligent regulation of alternative investment fund managers.