mr president i am less grateful than the previous speakers
from the very beginning the aifm directive targeted the city of london an industry that was already sufficiently regulated by the british authorities
as usual the eu misses the point it is the banks reckless lending that caused an almighty credit bubble and the financial crisis not alternative investment funds
will this regulation prevent a further crisis
absolutely not
but it will certainly succeed in driving managers away from london
sadly they will not go to paris or frankfurt but instead further afield to new york and singapore
are we in a position to afford such loss of business
of course not but the eu does not care
this directive will significantly add to the cost of these funds and reduce returns driving smaller funds out of business
its capital requirements will make it difficult for private equity funds and it is venture capital start-ups that will suffer the consequences
funnily enough the commission claims it wants to encourage research development and entrepreneurship in order to restore growth to the european economy
instead of encouraging venture capital they are putting their trust in public funding which is too cumbersome and useless for this purpose
it is also incredible to see how the eu has designed this directive from its ivory tower turning deaf ears to regulatory developments in the rest of the world and adopting a protectionist and arrogant method whereby the european securities and markets authority will have the last word on who does business in europe and where european funds invest
but where is mr cameron in all this
he has betrayed the city of london the most important british industry
he has allowed yet another transfer of power to brussels without giving the british people a referendum
on behalf of british alternative fund managers i can only say thank you very much mr cameron
don t come to us to help reactivate the british economy
