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Luc Frieden (picture), Luxembourg’s Minister of Finance, sent a strong signal to the investment community that European policymakers would not back down on new regulation. But Mr Frieden, giving the opening speech at the Alfi investment funds forum, denied that the proposed Alternative Investment Fund Managers Directive would create a “Fortress Europe”.
His comment was in response to fears among investment firms worldwide that, under the directive in its current form, only promoters or managers based in Europe would be permitted to market funds within the bloc and that European investors would effectively be prohibited from investing through US and Asian fund managers.
He said: “The path of AIFM is not yet decided; we have had difficult discussions in the...
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