11 September, 2009
City warns against ‘narrowly protectionist’ EU AIFM
Directive
Stuart Fraser, Policy Chairman for the City of London
Corporation, will today warn that the EU Commission’s AIFM
Directive – currently under consideration in the European
Parliament – is narrowly protectionist and risks blunting economic
recovery throughout the EU.
Outlining the City of London Corporation’s position at an event
organised in partnership with Policy Exchange and Open Europe,
Stuart Fraser said:
“We have a number of major concerns about this directive: it is
narrowly protectionist, it fails to take account of the global AIFM
market and, if it goes ahead unchanged, it will cause serious
damage to an important EU industry.
“AIFMs did not cause the current financial crisis, nor do they
pose systemic risks. If we unilaterally decide to impose
unnecessary burdens on AIFMs operating in EU markets we risk
blunting the economic recovery right across the European
Union.”
Stuart Fraser’s comments will come as part of a
jointly-organised event to discuss the EU Commission’s AIFM
Directive. It is being hosted at the City of London Corporation’s
Guildhall, where the G20 finance ministers met last week to prepare
for the leaders' summit in Pittsburgh.
Following Stuart Fraser’s opening speech, a key promoter of the
Directive and President of the PES Poul Nyrup Rasmussen, Financial
Services Secretary to the Treasury Lord Myners, Head of
Alternatives at Blackrock Douglas Shaw and Managing Partner,
Buyouts at 3i Jonathan Russell, will outline their thoughts on the
AIFM Directive and its impact on the UK Hedge Fund and Private
Equity industries.
Speaking about the importance of today’s seminar, Stuart Fraser
added:
“This is a vital issue not just for London, but for the whole of
the EU. Just last week I was in Brussels with the Mayor of London
Boris Johnson, for a series of meetings with MEPs and Commissioner
McCreevy on this very topic.
“The EU has a vital role to play in helping sort out issues
around the financial crisis and The City of London Corporation is
committed to working in detail with our colleagues in Europe, and
indeed across the world, to get this legislation right. That is why
I visited Brussels last week and that is why we are hosting this
event today.”
Ends
Notes to editors
To arrange an interview with Stuart Fraser, please get in touch
with James Abbott or Sanjay Odedra using the contact details listed
below.
A full transcript of Stuart Fraser’s speech is available on
request.
Last week, Stuart Fraser travelled to Brussels with Boris
Johnson to discuss the Commission’s Directive with a number of
European politicians including EU Internal Markets and Services
Commissioner Charlie McCreevy, EPP coordinator on ECON Committee
Jean-Paul Gauzes, UK permanent representative to the EU Kim Darroch
(Stuart Fraser only) and a number of London’s MEPs.
About the City of London: The City of London Corporation
supports and promotes wholesale financial services and business. It
also provides local government and police services for workers,
residents and visitors to London’s Square Mile business district
and also provides valued services to wider London and the nation as
a whole including: Guildhall Art Gallery, Barbican Centre, Central
Criminal Court at Old Bailey, 4,240 hectares of open space three
wholesale food markets and acts as London’s Port Health
Authority.
About Stuart Fraser: Stuart Fraser is Chairman of the Policy and
Resources Committee of the City of London Corporation
Press contact
James Abbott
Tel: 020 7332 1754
Mob: 07831 543 188
Email:
james.abbott@cityoflondon.gov.uk