The relentless German drive for hedge fund regulation has raised the hackles of many over the past few months. The latest to raise concerns about the EU’s AIFM Directive is freshly-minted UK Prime Minister David Cameron, who sees the protectionist slant of German proposals as a threat to London’s hedge fund industry. The protectionist elements of the AIFM Directive may eventually be toned down, but the apparent adoption of UCITSIII as a sort of de facto global stamp of approval may ensure that European policies have extra-territorial implications for years to come.

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