Friday December 19, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Germany to UK seek to refine EU deal on fund-manager rules

Eleven European Union nations including Germany, Sweden and the U.K. are calling for the bloc to change a deal to toughen rules for fund managers, potentially delaying the measures.

The countries, which also include the Czech Republic, Austria and Ireland, are seeking to scrap a cut-off date for choosing how to implement penalties and to alter guidelines on how to apply pay curbs, according to a copy of their joint note obtained by Bloomberg News. They are also seeking to delete provisions handing the European Securities and Markets Authority a bigger role in handling whistle blowers who give information about rule violations.

“Making these alterations would smooth the adoption process” of the law, according to the note. This would increase “the chances of reaching a deal in good time.”

European Parliament lawmakers and Greece, which holds the rotating presidency of the EU, agreed on the measures for funds known as UCITS, or Undertakings for Collective Investment in Transferable Securities, on Feb 25. The toughened requirements include a stricter rules for protecting fund assets and curbs that ban guaranteed bonuses and require deferral of some awards.

“I am ready to discuss technical changes to the text but not to open up loopholes in the rules we have agreed,” Sven Giegold, the parliament’s lead negotiator on the draft law, said in an interview.

While the guidance on pay could be adjusted to make sure it only covers risk takers, there’s a need to ensure that companies can’t simply escape the rule by moving their activities overseas, Giegold said.

There is also a risk that changes sought by nations to the sanctions rules could allow them an escape route from common EU standards, he said.

A spokesman for Greece’s EU presidency declined to immediately comment. A final deal would need to be endorsed by the European Parliament and governments before it can take effect. The Financial Times reported on the note on Tuesday.

[Bloomberg]

ekathimerini.com , Wednesday March 5, 2014 (14:03)  
Importers told to pay up in advance
Jobless rate posts steady decline
Piraeus and KKR strike loans portfolio deal
German approval and praise come at key time
Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
A ship carrying around 200 undocumented immigrants suffered engine problems off the coast of Pylos, in the Peloponnese, early on Friday, prompting an intervention by the Greek Coast Guard. A...
Independent Greeks MP Haikalis claims attempted bribery for presidential vote
Independent Greeks deputy Pavlos Haikalis claimed on Friday that an unidentified individual tried to bribe him to vote in favor of the coalition's candidate in the first round of presidentia...
Inside News
SOCCER
PAOK loss at Giannina brings Olympiakos to within a point
The bad losses that PAOK and Panathinaikos suffered on the road on Thursday allowed Olympiakos to gain significant ground on the table and come to within one point from the top after the mid...
BASKETBALL
Reds lose in Turkey to motivated Galatasaray
Olympiakos went down at Galatasaray 79-74 on Thursday for its second defeat in the first round of the Euroleague that ended with the Reds topping their pool with eight wins in 10 games. With...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldn’t make it up: That Sony, one of the world’s biggest film producers, would be forced to pull a comedy about the assassination of North Korea’s dictator after a ...
EDITORIAL
Oblivious to change
The world around us is undergoing many important changes while we sit around stewing in our own juices. US President Barack Obama is actually talking with Cuba’s Raul Castro, for example, bu...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
2. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
3. Greek PM Samaras confronts peril putting his Greek transformation to vote
4. PAOK loss at Giannina brings Olympiakos to within a point
5. Reds lose in Turkey to motivated Galatasaray
6. Importers told to pay up in advance
more news
Today
This Week
1. Greek PM Samaras confronts peril putting his Greek transformation to vote
2. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
3. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
4. Europe's drama in Greece needs final act to avoid tragedy
5. Election looms as Samaras fails to win vote for president
6. What SYRIZA says about Greece’s economy, its debt and the euro
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. High stakes
6. Gap between SYRIZA and New Democracy closing, says poll
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.