Curiously Borg-like language from EU internal markets commissioner Michel Barnier on Tuesday, as things went all regulator post that-rescue package.
Flashes, via Reuters, emphasis FT Alphaville’s:
RTRS-EU’S BARNIER SAYS EU MINISTERS WILL DELIBERATE NEW REGULATIONS ON HEDGE FUNDS IN A FEW DAYS, SAYS NO ENTITIES WILL ESCAPE INTELLIGENT REGULATION
Sounds scary — and it will heighten fears that AIFM, the EU’s much feared hedge fund directive, was only delayed, not killed, by recent UK diplomacy. More Terminator than Borg, then.
However, none of that is as scary as the fate awaiting Fitch et al. in Europe, however:
RTRS-BARNIER-EU WILL VOTE ON NEW LEGISLATION FOR CREDIT RATING AGENCIES ON JUNE 7, WILL TAKE EFFECT IN DECEMBER
RTRS-BARNIER SAYS NEEDS TO DEVELOP RATINGS METHODOLOGY SPECIFIC TO FOREIGN DEBT, RATINGS AGENCIES NEED TO BE MORE RESPONSIBLE
RTRS-BARNIER SAYS WANTS MORE DIVERSITY, “TOTAL CREDIBILITY” OF RATINGS AGENCIES
You’ve had the bailout, now for some payback, in other words.
Related links:
Revealed: The Geithner letter to EU’s Michel Barnier – FT Alphaville
Europe wants to replace credit rating with credit labelling. Why? – FT Alphaville
The European Central Bank gets Moody – FT Alphaville