European Hedge Fund Rulemaking to Retain National Interests

European regulators have started developing potentially far-reaching rules under new directives that are analagous to the US Dodd-Frank Act, and the interests of separate European countries will feed this rulemaking process.

Europe's newest regulator, the European Securities and Market Authority (ESMA), established on Jan. 1 this year, has been given more power by the European Union than its predecessor, the Committee of European Securities Regulators (CESR), dissolved on Dec. 31 last year. ESMA