Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-11-Speech-4-193"
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"en.20101111.21.4-193"2
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"I voted against the Gauzès report on the AIFM Directive because it disadvantages an important part of the United Kingdom’s most important industry – financial services. It has lumped all funds not already covered by the UCITS Directive, from investment trusts to hedge funds, in a single mixed bag of expensive legislation. It also has created burdens for European managers and investors in Europe that third countries do not place on their managers and investors. This will inevitably mean a loss of talent from London to countries outside the EU. As usual, EU legislation adds expensive costs to industry which disproportionately affects SMEs and therefore favours the big players. By punishing private equity funds, it will cause a loss of investment in the UK and Europe at a time that greater investment is needed to remain competitive in a globalised economy. It is applied at a low threshold which will particularly affect PE funds by bringing small funds quickly under the directive when they have made just a small number of investments. The capital requirements will be especially burdensome to PE and venture capital. Venture capital is needed to create new jobs in start-ups."@en1
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