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Law firm warns of hedge fund exodus Financial Times By Steve Johnson Every hedge fund will leave the European Union if proposals to clamp down on the sector's remuneration policies are adopted, a leading law ... See all stories on this topic Law firm warns of hedge fund exodus By Steve Johnson Published: December 13 2009 08:52 | Last updated: December 13 2009 08:52 Every hedge fund will leave the European Union if proposals to clamp down on the sector’s remuneration policies are adopted, a leading law firm has said. Sweden, which holds the EU’s rotating presidency, proposed last month thathedge funds should be barred from using fees earned from successful parts of their business to pay staff working in underperforming areas and that up to 60 per cent of pay should be deferred for up to three years. EDITOR’S CHOICE In depth: Hedge funds - Nov-01 Jana shows softer side of hedge-fund activism - Dec-10 Attorney pleads guilty in Galleon case - Dec-10 Paulson taking the long view on market - Dec-09 Hedge fund activists set for comeback - Dec-08 Activist hedge fund swoops for 5% TNT stake - Dec-08 Large hedge funds would also have to set up independent remuneration committees under Sweden’s draft version of the Alternative Investment Fund Manager directive. Freshfields Bruckhaus Deringer said if the proposals became law the impact would be “rapid and decisive...no hedge funds will operate from within the EU”. “Hedge funds are much more mobile than banks. It’s much easier for three guys in Mayfair to pack their bags and move to Geneva,” said Michael Raffan, head of Freshfields’ financial services group. As a result, Freshfields said the “unobservable” part of the hedge fund industry, outside of major jurisdictions, would attract market share and become more risky from a systemic perspective. .................................................... DECEMBER 11, 2009, 11:25 A.M. ET UK Parliament Panel Weighs In Against EU Rules For Hedge Funds By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--A U.K. parliamentary committee has warned the government it must press for changes to the European Union's proposed regulation of hedge funds and private equity, to protect the nation's competitiveness as a financial center. The E.U. is currently working through the Commission's draft directive on the regulation of alternative investment fund managers, which has drawn widespread criticism not only from the industries involved but from politicians in the different member states. The House of Lords European Union Sub-Committee on Economic and Financial Affairs said Friday it has written to Paul Myners, the U.K. Treasury's financial services secretary, telling him that global co-ordination is essential if the U.K. and E.U. economy are to be protected. "Coordination with the U.S. regulatory regime in particular is essential to avoid a situation in which the E.U. Alternative lnvestment Fund industry loses competitiveness at a global level," said Baroness Cohen, chairman of the committee. "The Directive risks seriously damaging the E.U. economy unless it permits the marketing of non-E.U. funds within the E.U. and also allows E.U. funds to invest outside of the E.U.--there is a danger that pension funds, charities and other institutional investors in Alternative Investment Funds will see diminishing investment returns on European based AIFs," she added. Echoing the concerns of private equity, venture capital and hedge funds alike Cohen also said that the "one size fits all" approach is inappropriate and that the transparency and disclosure elements of the proposals should be amended to take account of the variations of different types of investment funds so that regulators won't be swamped in irrelevant data. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com Mutterings from the South: Institute of Employment Rights ... By plymdaz Suffice to say, the cases put, potentially, severe restrictions on the abilities of unions to take industrial action if the organisation they are fighting operates in different areas of the EU - the ECJ has effectively said that the right ... The ECJ essentially ruled that the Posted Workers Directive allows an employer to import labour, and pay them less and make them work under worse terms and conditions, and Unions can do nothing about it, unless there is a collective ... Mutterings from the South - http://mutteringsfromthesouth.blogspot.com/ LATEST NEWS FROM EUROPEAN LAW MONITOR Title Filter Display # 5101520253050100All # Article Title 1 Consumers: EU Consumer Commissioner welcomes Maclaren decision to provide hinge cover safety kits for all European consumers 2 New road transport rules will lead to fairer competition and less red tape 3 EU Healthy Eating Campaign "The Tasty Bunch": The road shows draw to an end, but the campaign marches on 4 Rail passengers on track for new rights across the European Union 5 Copenhagen conference must produce global, ambitious and comprehensive agreement to avert dangerous climate change 6 EU marks 20 years of Child Rights Protection and Looks Ahead 7 Waste management: Commission calls for better implementation of EU waste law by Member States 8 The Commission adopts food aid plan for the neediest people for 2010 9 European Commission takes legal action against the UK and Denmark on gender equality rules 10 Employment equality rules: reasoned opinion to the UK; case closed for Slovakia 11 Italy: Commission seeks urgent injunction to prevent hunting of protected birds; takes court action over missing industrial permits 12 Top posts filled 13 Unpaid bills that push small firms into bankruptcy 14 Climate change was top of the agenda at the EU-India summit in New Delhi. 15 Progress on alternative approaches to animal testing 16 Stronger consumer rights, an open internet, a single European telecoms market and high-speed internet connections for all 17 Fisheries: Commission proposal for Total Allowable Catches for 2010 18 New website to help improve development co-operation 19 European Commission seeks views on the opportunities and challenges for digital cinema 20 Trade Barriers Regulation (TBR) 21 EU Job Days 2009 – job seekers and employers all over Europe seize the opportunity to meet 22 Irish voters vote yes to Lisbon. 23 Consumer rights: questions raised about harmonisation 24 European Commission welcomes US move to more independent, accountable, international internet governance 25 Citizens' Energy Forum: consumers, industry and regulators endorse recommendations for billing, complaint handling and smart metering << Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >> Page 1 of 26