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On hedge funds he mentioned two issues that need scrutiny, i.e. the compatibility of the MiFiD Directive with the interpretation that underpins the expert group report, and whether retail access to hedge fund investments on the recommended terms would be desirable. However, “if part of the industry wishes to make hedge fund investing available to the mass market”, he said “there will be close regulatory engagement.”
On private equity the Commissioner reminded that” most answers are in the hands of the Member States”. Therefore he called Member States “to free the industry from punitive double taxation and legal uncertainty that currently hold back onshore business”.
Finally he welcomed the road-map presented in the report on retail investment funds. “The report makes a powerful case for urgent action to remove these bottlenecks”, McCreevy said.
The Commission will lay out its policy in the November White Paper.