The European Commission is ignoring proper process and rushing knee-jerk regulation through the legislature. The draft directive regulating the alternative investment industry will lose effectiveness as a result.
“The broad regulation agenda has been dropped very quickly. The idea was that there would be an initial consultation, then a consultation on how best to proceed and then legislation,” said Christopher Bates, partner at Clifford Chance on a panel at the IFLR Financial Regulation and Capital Markets Forum...