The Committee on Economic and monetary affairs (AFET) discuss on hedge funds, in the European Parliament in Brussels.

Brussels

meeting

BARNIER, Michel (FR)

economic governance (T)

REGNER, Evelyn (S&D, AT)

REYNDERS, Didier (BE, EC)

GAUZÈS, Jean-Paul (EPP, FR)

Hedge funds: extracts from the report by Jean-Paul GAUZES (EPP, FR), rapporteur

SOUNDBITE (French), Jean-Paul GAUZ&#200;S (EPP, FR), rapporteur, After 14 months the EP adopted the text and MEP's took a great deal interest in this; because 1170 amendments have been submitted, quite a record. And I carried out 200 interviews or meetings with different players in the field such was the interest in this issue.

SOUNDBITE (French), Jean-Paul GAUZ&#200;S (EPP, FR), rapporteur, Certain conditions had been defined for granting this passport for investment funds, the EP agreed that there should be provisions to prevent target company assets being hived off and also EP agreed on certain information requirements, particularly for target funds.

SOUNDBITE (French), Jean-Paul GAUZ&#200;S (EPP, FR), rapporteur, The majority of the EP wants to have a clear framework for passive trading and wanted to see indeed its ban, in regard to this the professional investors have to show diligence when they invest into funds outside the EU that is the 1st step in the right direction.

SOUNDBITE (French), Didier REYNDERS, on behalf of the Belgian Presidency, Those for the EU beneficiary companies, they had been subject to no specific monitoring or regulation at EU level, this proposal is part of Mr Barnier and my desire to extend reasonable surveillance to all participants, stakeholders and people involved in important financial management. Europe is therefore implementing fully the wishes of the G20 and giving a clear signal for the rest of the world.

SOUNDBITE (French), Michel BARNIER, EU Commissioner for Interal Market and Services, This vote Ladies and Gentlemen will take place just before the G20 summit in Seoul, I think it is an excellent opportunity to show our ability to act together, to achieve common objectives and also to implement decisions taken to follow up on the crisis, the crisis which has not yet concluded, the financial and social impact and the Human impact is still being felt.

SOUNDBITE (German), Evelyn REGNER (S&amp;D, AT), We should have rules against assets stripping and it shouldn't be possible to attack companies for a 2 year period. And we also have to do something about tackling long chains of selling, we need to improve our record here, regulation of managers of alternative investment funds are for us a new opportunity for new Hedge funds culture, because here we had highly risky ventures into and what we are trying to do is instead to establish a sustainable system.