Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-133"
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"en.20101110.16.3-133"2
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"Mr President, this regulation of alternative investment fund managers provides, firstly, a little more in the way of transparency and rules in this impenetrable jungle of hedge funds and alternative investment funds. Unfortunately, these rules remain incomplete. It is still possible to place unregulated products on the internal market by using passive distribution. Essentially, market access for these products is not restricted effectively. Europe has thus missed an opportunity to extend its rules worldwide and to achieve uniform regulation.
Secondly, contrary to Parliament’s wishes, there was, unfortunately, no effective balanced budget rule at European level for the funds. It is still left up to national rules to limit how far the funds can go into debt, and that also means that we are not learning the lessons from the crisis. As a result, there will be a national downhill race in respect of this regulation.
What is crucial for us once again is the fact that the asset stripping of companies by private equity funds is not prevented effectively. Of course, there are private equity investments that make sense for companies. However, the rules that are now being laid down are, unfortunately, a long way from being adequate. The rights of workers to information, which they quite rightly expect, are not effective, either, and neither is the protection of small and medium-sized enterprises against this type of asset stripping. In this case, therefore, this is very difficult to justify to the electorate. Unfortunately, the responsibility for this does not lie with Parliament. It lies, in particular, with the intensive lobbying by the sector concerned, which has had particular success with the UK Government, the French Government and, sadly, I have to say, to a certain extent with the German Government. This lobby was also represented here in Parliament by the Group of the Alliance of Liberals and Democrats for Europe.
We cannot support this proposal, because it would set a precedent for the failure of Parliament to implement effective rules. It is not possible for us to stand before our electorate with our heads held high and say that we have succeeded in regulating this netherworld effectively. We hope that we will make some progress in the revision of the directive. I would like to say a big thank you once again, particularly for the cooperation with my fellow Members in Parliament."@en1
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