Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-994"
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"en.20101110.16.3-994"2
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"I support this piece of legislation regulating hedge funds and private equity. While much more remains to be done in the field, this is an important step towards better regulation of the activities of alternative investment fund managers, which was met with opposition even after the 2008 financial crisis hit hard, most notably by Charlie McCreevy, the Internal Market commissioner in charge at the time. Once the new European supervisory authority becomes fully functional, fund managers will not be able to market their products in the European Union unless they hold a European passport certifying full compliance with this directive. Strict depositary liability will ensure that investors can always claim damages and will be informed of the reasons for potential delegation of liability. Critical new clauses, which we have insisted on and which were met with resistance in the Council, are the provisions combating asset stripping. Employees will be protected from predatory funds bent on short-term profiteering through the destruction of viable companies. Distributions to investors and capital reductions will be limited in the first two years after takeover, and employees will have access to information on the plans envisioned for their companies."@en1
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