Jean-Paul GAUZES (EPP, FR), rapporteur, makes a statement after the Trialogue on Hedge Funds, in the European Parliament in Brussels.

Brussels

statement

financial supervision (T)

GAUZÈS, Jean-Paul (EPP, FR)

Trialogue on Hedge Funds: statement by the rapporteur Jean-Paul GAUZES (EPP, FR)

SOUNDBITE (French), Jean-Paul GAUZ&#200;S (EPP, FR), rapporteur, It has been a difficult negotiation; it's been 12-13 months that I am Rapporteur and we've had around 20 trilogues. The issue is complicated; a lot is at stake not only for the financial markets and operators. Regulation in this field is not easy but we got a satisfactory deal.

SOUNDBITE (French), Jean-Paul GAUZ&#200;S (EPP, FR), rapporteur, In these complicated negotiations, the positive results are being achieved step by step. We wanted a framework for capital investments (...) For third countries we also wanted a 'passport', and on this matter we were close to the Commission's position. The final decision seems reasonable to me; we also wanted transparency on this funds and we got it, and the European authority ESMA will have an important role to play in monitoring these fund and the 'passport'; all in all I think this is a good compromise.

SOUNDBITE (French), Jean-Paul GAUZ&#200;S (EPP, FR), rapporteur, I was not influenced by the 'blackmailing' of some sectors... There are a lot of investors in Europe, a lot of opportunities and I think that reasonable operators consider that this regulation does not imply a risk for them. Those who fear this regulation are those who were on the fringe of what was useful or authorised; now there will be a reinforced control and the objective is to handle the risk in the financial domain, always keeping in mind proportionality of the operations.