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Europe
Senior centre-right MEP: The EU's alternative investment directive is "insufficient"
Austrian newspaper Wirtschaftsblatt reports that centre-right MEP Othmar Karas has labelled the Commission's proposal for tougher rules on hedge funds and private equity groups "insufficient". Karas, tipped by some to be the European Parliament's rapporteur for the contentious Directive, said that the proposal should be aimed at regulating the actual funds, rather than the managers.
Meanwhile, Open Europe's Mats Persson has a comment piece in hedge fund industry magazine HFM Week, arguing that "Within reason and market practice, hedge fund managers must probably learn to live with more transparency at the hands of investors, regulator and even the media".
However, he agues that the AIFM Directive is a "politically driven Directive, carrying all the attributes of bad business law...extensive, soon-to-be published research by Open Europe shows that, at the very least, alternative fund managers can expect their compliance cost to skyrocket should the current proposal - or anything that resembles it - become law. Hardly surprising; the Directive brings with it a range of possible unintended consequences, which threaten to hamper the industry itself, scale back investor choice and hurt the wider economy through losses of tax revenues and even jobs." He argues that the hedge fund industry must now focus its efforts on changing the provisions in the Directive which seek to alter the structure and investment strategies of hedge funds, while also fighting the proposal's strong protectionist elements.
He concludes, "For these provisions to be amended - and the case for doing so is strong - will require hedge fund managers to learn how to talk to people and to learn how Europe works. Because, while you may not be all that interested in the EU, unfortunately, the EU is now very interested in you."
HFM Week Wirtschaftsblatt The Parliament
Independent farmers launch Lisbon Treaty No campaign
The Irish Independent reports that a "Farmers for No" campaign is being launched in Dublin today by a small group of independent farmers, ahead of the second referendum on 2 October. However, Irish Agriculture Minister Brendan Smith has said that farmers will vote strongly in favour of the Lisbon Treaty because he argues this year's huge drop in milk prices has shown the need for EU support. "The current difficulties and low prices in the dairy market have shown the importance of ensuring Lisbon is passed because export refunds and other measures are crucial at this time," he said.
The Ireland for Europe blog encourages people to turn out and vote for "a Treaty with such wide reaching ramifications", admitting "of course the actual treaty is written in a cryptic-like manner that resembles some lost ancient language that can only be deciphered by bureaucrats in Brussels."
The Irish Times reports that Dara Calleary, the Irish Minister of State for Labour Affairs, has challenged the claim by Socialist Party MEP Joe Higgins that the Lisbon Treaty will undermine workers' rights and public services. Calleary said, "Anyone who reads the treaty will be left in no doubt that it seeks to strengthen, not weaken, the rights of workers."
Irish Independent Irish Times Ireland for Europe blog Euractiv
Seven arrested over VAT fraud on EU carbon credits
The Mail reports that HM Revenue & Customs has said it has arrested seven people in connection with a £38million suspected fraud involving EU carbon emissions allowances. The fraudulent companies are alleged to have purchased carbon credits from overseas VAT-free sources and then sold them on to businesses in Britain at a VAT-inclusive price. But the VAT charged is never paid over to HMRC.
Calls for the creation of specific EU Financial Market Commissioner
Wirtschaftsblatt reports that there are calls for the creation of a new post of EU Financial Market Commissioner in the next Commission, to be appointed in the autumn. At the moment, financial services fall under the remits of the Economic and Monetary Affiars Commissioner and the Internal Market Commissioner. A decision regarding the reorganisation of the European Commission is not expected before the Commission President is confirmed.
Former MEP Eoin Ryan 'surprise' contender for next Irish EU Commissioner
The Irish Independent reports that Eoin Ryan, the former Fianna Fail MEP, has emerged as a surprise contender to become Ireland's next European Commissioner. Ryan said last night that he did not have any plans to return to domestic politics after his electoral defeat but left the possibility of a return to Europe open, saying he is "committed to the European project" and "any way I can help in that matter I will definitely do it".
Die Presse reports that, since 2005, the EU Commission has received €10 billion from antitrust fines.
The New Statesman profiles Conservative MEP Daniel Hannan and argues that he could "emerge as a lightning rod for right-wing discontent under a future Conservative government."
German Bundesbank President Axel Weber has said he will not urge the European Central Bank to stop its stimulus policies, as they are still needed despite France and Germany's emergence from recession.
Handelsblatt reports that the European Commission has said that, when the financial crisis abates, European state aid used to prevent a collapse of the capital markets has to come to an end. The Commission is expected to review the situation regarding state aid in the next six months.
UK
Ministers urged to delete 850,000 DNA records
The Telegraph reports that Ministers are under pressure to delete the DNA records of at least 850,000 people who have never been convicted of an offence, after Conservative MP Damian Green won a battle with police to have his profile removed. The Home Office launched a review of the database after the European Court of Human Rights ruled last year that a blanket policy of retaining profiles of innocent people indefinitely was illegal.
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