The Europeans are coming

The European Commission plans to extend European regulation over all investment companies. The newly...

The European Commission plans to extend European regulation over all investment companies. The newly proposed Alternative Investment Fund Managers Directive was initially supposed to tackle systemic risk to the financial system by identifying potential sources of such risk and regulating them. Unfortunately, it has presented an opportunity to those who dislike the "Anglo-Saxon Model" of capitalism and the primacy of London as the world's leading centre of financial services. The directive has become a vehicle to regulate without reference to systemic risk, to raise barriers to entry and to ...