http://www.peterskinnermep.eu/votes-on-hedge-funds-and-supervision-in-parliament/ Labour Member of the European Parliament, South East Tue, 17 Jan 2012 15:04:31 +0000 hourly 1 http://wordpress.org/?v=3.3 http://www.peterskinnermep.eu/votes-on-hedge-funds-and-supervision-in-parliament/comment-page-1/#comment-148 Peter Skinner Mon, 02 Aug 2010 08:33:46 +0000 http://www.peterskinnermep.eu/?p=733#comment-148 Dear Hugo Both AIFMD and the supervision package made significant progress following the ECON votes referred to in the story above. In both cases negotiations between the Parliament, Council and Commission (known as trialogues) have been very tough, with both sides bargaining hard to ensure that the final legislation is in a form near enough to the objectives defined by the Member States (in the case of the Council) and Parliament (as defined by the proposals voted on in the Parliament's ECON committee). While I am not directly involved in the negotiations around AIFMD I understand that there is agreement on a deal on the majority of the key points, but ongoing disagreement on the extent to which non-EU fiunds and fund-managers can market their services across the EU (ie, should they have to seek permission to market in each Member State, or can they qualify for an EU 'passport' if they meet certain stringent requirements?). I recently read in the press that a compromise could have been struck on this point in one of the final trialogues before the summer recess, but again this is only second-hand information. On the supervision package, which as a rapporteur I am directly involved in, I can say with confidence that we are close to striking a deal. A few key elements remain to be agreed upon, chiefly around the role of the new supervisory authorities in taking decisions addressed to individual firms in very specific and necessary circumstances, but ground has been conceded on both sides and I would hope for an agreement in September to enable to new supervisory framework to be up and running by the start of next year. It is imperative that we get the new framework in place as soon as possible in order to increase the safety and effectiveness of the single market in financial services, therefore I hope my optimism is not mis-placed. Keep checking this website for updates on progress. And thanks for your interest. Peter Dear Hugo
Both AIFMD and the supervision package made significant progress following the ECON votes referred to in the story above. In both cases negotiations between the Parliament, Council and Commission (known as trialogues) have been very tough, with both sides bargaining hard to ensure that the final legislation is in a form near enough to the objectives defined by the Member States (in the case of the Council) and Parliament (as defined by the proposals voted on in the Parliament’s ECON committee).
While I am not directly involved in the negotiations around AIFMD I understand that there is agreement on a deal on the majority of the key points, but ongoing disagreement on the extent to which non-EU fiunds and fund-managers can market their services across the EU (ie, should they have to seek permission to market in each Member State, or can they qualify for an EU ‘passport’ if they meet certain stringent requirements?). I recently read in the press that a compromise could have been struck on this point in one of the final trialogues before the summer recess, but again this is only second-hand information.
On the supervision package, which as a rapporteur I am directly involved in, I can say with confidence that we are close to striking a deal. A few key elements remain to be agreed upon, chiefly around the role of the new supervisory authorities in taking decisions addressed to individual firms in very specific and necessary circumstances, but ground has been conceded on both sides and I would hope for an agreement in September to enable to new supervisory framework to be up and running by the start of next year. It is imperative that we get the new framework in place as soon as possible in order to increase the safety and effectiveness of the single market in financial services, therefore I hope my optimism is not mis-placed.
Keep checking this website for updates on progress. And thanks for your interest.
Peter

]]> http://www.peterskinnermep.eu/votes-on-hedge-funds-and-supervision-in-parliament/comment-page-1/#comment-147 Hugi Watson Brown Wed, 28 Jul 2010 17:34:22 +0000 http://www.peterskinnermep.eu/?p=733#comment-147 Dear Mr Skinner, I would be grateful if you could let me know where this got to before the summer break, and the expected timescale for the next session. Regards Hugo Watson Brown Kent Dear Mr Skinner,
I would be grateful if you could let me know where this got to before the summer break, and the expected timescale for the next session.
Regards
Hugo Watson Brown
Kent

]]>