The concession of the British Columbia Colombia means will abolish that EU this, here 2018, the current system of national private placement, which allows hedge funds to apply to sell something industry had asked to retain indefinitely on the markets of the EU on a country by country basis.
In its place and follows a low rise by the France is a new "Passport" allowing access of hedge funds on the markets in the 27 Member States of the European Union in exchange for signing common rules which shall be fixed by the incoming European Securities and markets Authority (ESMA), established in Paris in January 2011.
Michel Barnier, market EU internal and financial services Commissioner, said that he hoped that the transaction would pave the way for legislation to be quickly finalised in talks with the European Parliament in the coming weeks.
"All sides compromised, everyone is out high head," he said. "Finally accepted France passport. Britain accepted oversight role of the ESMA.?
Role of ESMA in the administration of the new system is gradually several years, starting with a passport for European funds in 2013, non - EU by 2015, with national private placement regimes developed discarded three years later followed by a regime for hedge fund managers.
The regulator will also get emergency powers to stop a hedge, funds after the decision of a European Minister of finance decides a threat to the stability of the financial system.
Among the concerns of industry community Passport unique system will impose heavy burdens, especially for small business managers of the investment bonus levels and on the use of debt measures work is reviewed by the European Commission in 2017.
Andrew Baker, Executive Director of the alternative Investment Management Association, Fund expressed relief that the "impact will be much less serious" than earlier proposals expressed but continuous City of London on the new EU regulatory burden concerns.
"There is still much in the directive which will be difficult to implement for the industry, and there will be a compliance burden heavy that industry should be," he said.
Mark Hoban, Financial Secretary of the Treasury, said: "today agreement represents a significant situation where Member States were about to vote through an agreement that would advance closed the European market from third countries.
The agreement means that the France was defeated on its initial proposal that managers of funds of third parties should be forced to register with the discriminatory financial in every nation 27 of the European Union, an opposition plan as regulator by Great Britain.
"This is a compromise and we could probably have been erected in something better", Christine Lagarde, the French Finance Minister said.
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