The European Commission has acted with surprising speed to produce draft legislation regulating the activities of so-called “hedge funds.” But as is so often the case whenever something is done in haste the results may be far from optimal in just about every respect.
The European Commission has acted with surprising speed to produce draft legislation regulating the activities of so-called “hedge funds.” But as is so often the case whenever something is done in haste the results may be far from optimal in just about every respect.
So far the draft directive has attracted considerable adverse criticism from a variety of sources on both fundamental and technical grounds.
Stephane Puel, a partner in the investment funds group of Gide Loyrette Nouel, France’s biggest law firm, is the latest to take up the cudgels.
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“There has been much adverse commentary about the EU’s draft directive [on hedge funds],” he says .The concerns over control of leverage, of short selling and the tightening of marketing regulations all impact the hedge fund industry negatively. What may not have been focused on are some of the curious mismatches between MiFID regulation and what is now being proposed.”
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