Tag Archives: compromise

Final Compromise on the Citizens’ Initiative

The Constitutional Affairs Committee of the European Parliament, the Commission and the Council have reached an agreement on the so-called citizens’ initiative (art. 24 TFEU). The citizens’ initiative allows one million citizens to ask the Commission to propose a new EU law. The main points:

  • the admissibility check on an initiative will be made at the point of registration,
  • a citizens’ committee of at least seven members coming from seven Member States should be set up to register an initiative,
  • the signatories must come from a minimum one-quarter of the Member States,
  • the Commission will help initiative organisers by providing a user-friendly guide and setting up a point of contact,
  • if an initiative manages to collect one million signatures, a proper follow-up will be guaranteed, including a public hearing,
  • Member States will choose how to verify the authenticity of signatures.

 

 

Hedge Fund Reform Moving Forward

The Council has adopted a mandate for negotiations with the European Parliament on a new draft directive aimed at introducing harmonised EU rules for entities managing alternative investment funds (AIFM), such as hedge funds and private equity funds.

One of the main issues that stand in the way of compromise is the rules for e hedge-fund managers outside the EU. The European Parliament proposes that a non-EU AIFM that wants to market its funds in the EU would have to voluntarily subject itself to the directive’s requirements.

Bloomberg quotes Michel Barnier, the EU’s financial services commissioner, saying that he would work with finance ministers and the Parliament to get “a dynamic compromise,” which keeps “the integrity of the internal market.”