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Mr Barnier’s angry response flatly rejects the claim that the Commission is trying to roll-back the political compromises that underpinned the AIFMD deal in 2011. Instead, he puts the complaints down to the industry “trying to reopen old issues”. “I am not surprised by this rearguard lobbying. Many would like to see the financial markets left unregulated”, said Mr Barnier. “Some would like to pretend that there are no lessons to learn from the crisis and advocate a return to self-regulation.”
“I will not be intimidated”, he added. “Despite the pressure from those trying to reopen old issues, we won’t abandon our efforts to ensure that all financial actors, be they banks or hedge funds or other financial institutions are appropriately regulated.”
Most ESMA advice was accepted but on a few key areas some suggestions were dropped or the language adjusted. EU officials say this is to remove legal uncertainty through ensuring the provisions workable and precise.
The industry argue that the Commission text diverges from ESMA in three issues that were particularly hard-fought during the political process: the rules for custodian banks; curbs on fund borrowing; and the standards for allowing third-country fund managers to access EU investors.
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