“While I understand the concerns some in the City have, at times I believe these concerns have been somewhat overstated. New regulation is there to help maintain a stable market, not to undermine confidence”.
On thursday 4 February Lib Dem MEP Sharon Bowles met with senior City bankers and fund managers at a seminar on the controversial Alternative Investment Fund Managers Directive.
Much in demand to discuss the AIFM Directive and other EU legislation, Ms Bowles spoke in her capacity as Chair of the EP’s powerful Economic and Monetary Affairs Committee. The seminar, hosted by DLA Piper, focused on amendments to the AIFM Directive tabled by Ms Bowles’ committee and the concerns of critics who oppose new financial regulation.
Sharon Bowles said:
"A lot of the proposed regulation is necessary, some of it isn't. In an effort to make the AIFM Directive workable, my Committee has tabled over 2000 amendments. With this in mind, I remain optimistic that we will improve the Directive”.
"While I understand the concerns some in the City have, at times I believe these concerns have been somewhat overstated. I understand that when the financial industry is planning and lobbying it is necessary to take a 'just in case', 'glass half empty' attitude, but new regulation is there to help maintain a stable market, not to undermine confidence."
Ms Bowles will be speaking on the AIFM Directive and other EU legislation at the Centre for European Reform's 'Lessons from the Economic Crisis' conference on 19 and 20 February.
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