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Open Europe and New City Initiative to propose EU exemptions for fund managers

24 Dec 2014

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Open Europe and New City Initiative to propose EU exemptions for fund managers
The FT trails a paper by Open Europe and New City Initiative, to be published in the new year, setting out ideas for what European reforms the fund management sector should push for, including a proposal that would exempt fund managers who do limited business in Europe from various EU rules. Open Europe’s Director Mats Persson is quoted saying, “It is easier to make the case for a fund manager to be exempt as opposed to a company that provides parts to a car manufacturer that exports a lot to Europe and is part of a big production chain.” He adds, “The EU has spent much of the last five years trying to restrict trade rather than facilitate it.”  Dominic Johnson, chairman of the New City Initiative, is quoted saying that “Within Europe, there’s a culture of distrust on what asset management is. They see it as gambling and they don’t see the link between a good asset management industry and a successful retiring population.”

Russia reacts angrily to Ukraine’s decision to scrap ‘nonaligned’ status
Ukraine’s parliament yesterday voted to scrap the country’s “nonaligned” status, taking it a step closer to a bid for NATO membership and angering Moscow. Russian Prime Minister Dmitry Medvedev said the move would have “extremely negative consequences”. Meanwhile, FAZ reports that the Standard and Poor’s credit rating agency has warned that Russia’s credit rating could be downgraded to ‘junk’ status.
FT Telegraph FAZ

In his annual Christmas message, German President Joachim Gauck called for "understanding and openness" in accepting refugees from the world's conflict zones, adding that "The fact that the great majority of us do not follow those who want to seal off Germany has been truly encouraging for me this year."
Welt Süddeutsche

European Council President Donald Tusk yesterday urged Turkish President Tayyip Erdogan to ensure fair treatment of recent detainees, referring to the arrests of journalists and others close to an opponent of Erdogan.

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