Speaking at the Allied Irish Banks in London, Commissioner McCreevy underlined that he does not intend to impose heavy handed regulation. “The private equity industry needs to have the freedom to act quickly and flexibly, and to be able to respond to rapidly changing global market conditions”, the Commissioner stated.
“At present I am analysing possible ways in which we might facilitate access in the EU by fund managers to qualified investors via private placements”, he continued. “I have heard the repeated frustrations of those seeking to raise funds from investors in different Member States – caused by the regulatory patchwork of national rules, many of which are unnecessary in a professionals-only market.”
The Commission is currently waiting for the European Parliament’s review of private equity and hedge fund investment to be finalised by July. This concerns in particular whether action is needed at EU level to monitor, and to better understand, the opportunities and risks that this industry introduces.
“The greatest danger now is that the current economic slowdown will generate protectionist reflexes in parts of Europe, and also potentially in the United States”, McCreevy finalized his speech. “If these reflexes are succumbed to, what I hope will be a short and shallow economic setback could become something more serious.”
Full speech
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