Managing Partner Martin Cornish Quoted in Reuters Blog on EU Rules, Taxes for Hedge Funds

Martin Cornish, the firm’s Managing Partner, was quoted in the Reuters blog Hedge Hub on London hedge fund managers’ dismay with the European Commission’s draft directive, which lays out tougher rules and higher income taxes for hedge funds in the EU. In the article, Mr. Cornish says that further detailed rules may still be added. “It’s completely contrary to the way regulation has been moving in the last 15 or 20 years… It looks like there’s a lot more detail to come, which is really quite worrying,” he says. Still, he notes that further clarification is needed on which funds are covered under the new regime. Mr. Cornish adds that although some might not be happy with the plans described in the directive, the new rules cannot be ignored. “We shouldn’t think this will go away or they’ve got this hopelessly wrong and they’ll just tear it up,” he says. (“Don’t head for the slopes just yet,” 12 May 2009)