Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-210"
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"en.20101111.21.4-210"2
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"I should like to congratulate Mr Gauzès for his excellent work. The EU directive on hedge funds, private equity funds and other alternative investment funds, launched by the European Commission in April 2009, in response to the financial crisis, and in accordance with guidelines agreed at the G20 summit, has finally been approved by a very wide majority. It is a step forward for European ambition to have financial governance operational from the start of 2011. These new rules would make the international financial system more responsible and transparent and make it possible to limit speculation. According to the directive, investors in speculative funds based in countries outside the EU (hedge fund managers are often resident in tax havens) will be forced to abide by the same conditions imposed on all European enterprises in order to operate within the EU market. In order to obtain this ‘European passport’ from the competent EU supervisory authorities, alternative fund managers will therefore have to accept clear rules, limits to speculation and greater transparency"@en1
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