Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-136"
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"en.20101110.16.3-136"2
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"Mr President, I am less grateful than the previous speakers. From the very beginning, the AIFM Directive targeted the City of London, an industry that was already sufficiently regulated by the British authorities.
As usual, the EU misses the point: it is the banks’ reckless lending that caused an almighty credit bubble and the financial crisis, not alternative investment funds. Will this regulation prevent a further crisis? Absolutely not. But it will certainly succeed in driving managers away from London. Sadly, they will not go to Paris or Frankfurt, but instead further afield: to New York and Singapore.
Are we in a position to afford such loss of business? Of course not, but the EU does not care. This directive will significantly add to the cost of these funds and reduce returns, driving smaller funds out of business. Its capital requirements will make it difficult for private equity funds, and it is venture capital start-ups that will suffer the consequences.
Funnily enough, the Commission claims it wants to encourage research, development and entrepreneurship, in order to restore growth to the European economy. Instead of encouraging venture capital, they are putting their trust in public funding which is too cumbersome and useless for this purpose.
It is also incredible to see how the EU has designed this directive from its ivory tower, turning deaf ears to regulatory developments in the rest of the world and adopting a protectionist and arrogant method, whereby the European Securities and Markets Authority will have the last word on who does business in Europe and where European funds invest.
But where is Mr Cameron in all this? He has betrayed the City of London – the most important British industry. He has allowed yet another transfer of power to Brussels without giving the British people a referendum. On behalf of British alternative fund managers, I can only say thank you very much, Mr Cameron. Don’t come to us to help reactivate the British economy!"@en1
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