Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-159"
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"en.20101110.16.3-159"2
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"This report about investment fund managers has triggered a huge amount of discussion both between the various groups in the European Parliament and between Parliament and the Council. I maintain the view, which was also expressed during the discussions prior to the vote in the Committee on Legal Affairs, that the Commission’s proposal is a serious mistake and conveys a glaring lack of understanding about the role of investment funds (private equity and hedge), as well as confusion between banks as the institutions guilty of triggering the financial crisis, these closed-ended investment funds and the open-ended investment funds (mutual funds).
Behind the well-meaning principles, which have unfortunately been adopted by fellow Members who do not understand what financial management and macro-economics mean, lie hidden regulations which not only have nothing to do with preventing a new crisis, but will actually do nothing more than increase the costs of operating an alternative investment fund in an unjustified and absurd manner, which will be reflected in lower capital, smaller returns and fewer investments. I frankly admit that I am completely astounded that this steamroller attitude is prevalent in the EU, which is reminiscent of the 1950s when institutions were destroyed in Eastern Europe on the back of grand slogans."@en1
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