European Commission directive on regulating private equity and
hedge funds
27 April 2009
In anticipation of the publication of the draft European
Commission Directive on Regulating Private Equity and Hedge Funds
this week, Jack Dromey, Deputy General Secretary of Unite said:
"There is overwhelming support in the European Parliament for the
effective regulation of private equity in Europe. The support is
broadly based and gives voice to the clear sentiment of the people
of Europe. Unite believes the Rasmussen Report provides minimum
standards for EU regulation of private equity.
"The European and British private equity industry has been
fighting a rearguard action seeking to defend the indefensible,
swimming against the tide of history. However they will not escape
regulation and transparency.
"Despite the BVCA claim that they support regulation in which
the public can have confidence, they oppose regulation on just
about everything, crucially protection of workers’ rights to
information and consultation and terms and conditions of employment
in private equity takeovers. We also support limits on asset
stripping, leverage and for private equity to disclose as if they
are a public company.
"The European Commission must have the courage of the European
Parliament’s convictions and support the Rasmussen proposals for
transparency and protection of workers’ rights."
ENDS
Contact Ciaran Naidoo on 07768 931 315
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