Thursday Jul 24, 2014 Search
Weather | Athens
32o C
23o 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)  
IMF insists on eurozone lightening Greece’s debt
Investors buy into possible rating upgrade
Eurozone bonds yields rise on strong data, dulling QE prospects
PPC approves $243 million wind investment in Greece
PPC to look into death of disabled customer
The Public Power Corporation (PPC) launched an administrative inquiry on Thursday into why electricity supplied to the home on Crete of a quadriplegic customer on life support was cut, resul...
Boutaris plans Islamic art museum for Thessaloniki
Thessaloniki Mayor Yannis Boutaris on Thursday announced plans to establish a museum of Islamic art in Greece’s northern port city. Boutaris, who was re-elected in May, told Kathimerini he h...
Inside News
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
COMMENTARY
When evaluation is seen as useless
The reactions toward the government’s plans for an evaluation of public sector workers are completely unsurprising. Civil servants – and not just the unions that represent them – abhor the m...
EDITORIAL
Playing the good guy
There is a part of the government that is striving to fulfill the commitments that Greece has undertaken toward its foreign creditors, most of which pertain to reforms that are absolutely es...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. IMF insists on eurozone lightening Greece’s debt
2. Investors buy into possible rating upgrade
3. PPC to look into death of disabled customer
4. Boutaris plans Islamic art museum for Thessaloniki
5. PM, Venizelos meet as Administrative Reform Ministry eases stance on evaluation
6. Activists launch flotilla against Syria chemicals
more news
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Democracy 'retreated' during crisis, says Papoulias
3. Efforts continue on Crete to find 'Sifis' the crocodile
4. Family of deceased woman on life support says application for 'special status' had been filed with PPC
5. Medical assistance for Acropolis visitors
6. Presidential election will not lead to snap elections, Samaras tells ND deputies
Today
This Week
1. The cost of excellence
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Greece seen in third bailout as bonds not enough, economists say
4. Climber dies in Mount Olympus fall
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Greek sovereign debt at 174.1 percent of GDP in first quarter
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.