Critics of the new regulatory burdens which could stem from the proposed rules on alternative investment funds will not welcome the designation of Gauzès as rapporteur for the directive in the Parliament.
In the previous legislature, Gauzès was the rapporteur who approved new tough rules to control credit rating agencies. He is a French Conservative politician, close to the positions of current European Commission President José Manuel Barroso and French President Nikolas Sarkozy, who considers the battle against unregulated financial insititutions one of his top priorities.
The French MEP will be helped by an informal group of conservative MEPs, which will be aimed at narrowing the differences within members of the party about the controversial new law. British MEPs are against it, while a Franco-German axes supports the main components of the draft text.
Gauzès's task will not be easy as he acknoweledged yesterday (2 September) in the first meeting on the directive held by the Parliament committee dealing with financial issues.
"It will be very difficult to have an agreement by December," he said, pledging nonethless to present his proposal in November. MEPs from other political parties agreed that the debate on the dossier would last a long time.
Meanwhile, pressure against the new rules mounted yesterday, with a visit to the Parliament by a delegation of US congressmen, who attacked the directive for its alleged discrimination against extra-EU funds.
The main argument of the US delegation is that American funds will have to register in Europe and wait for a three-year period before being allowed to market themselves across the EU internal market.
However, it is also true the directive will tear down legal barriers which currently do not allow funds to be sold across national borders within the EU.
To add fire to a burning issue, yesterday (2 September) the mayor of London, Boris Johnson, (see separate EurActiv interview) went to the Commission to criticise the directive, renewing warnings about the damages it will bring to London's financial industry and to all European financial markets.
PES President Poul Nyrup Rasmussen commented: "Boris Johnson is out of touch with reality if he thinks he can water down this legislation. It is the result of an overwhelming consensus between Conservatives, Liberals and Socialists in the European Parliament and has strong support from many European governments."
