An E.U.-wide passport for hedge funds

On 5 June 2003 the President of the European Parliament announced that the Committee on Economic and Monetary Affairs had been authorized to draw up an own-initiative report under Rule 163 on the future of hedge funds and derivatives. The committee considered the draft report at its meetings of 10 September, 4 November, 25 November, and 2 December 2003; and on 15 January 2004 the parliament passed the new proposals to introduce an E.U.-wide passport for hedge funds. This paper provides an overview of the discussions that were put forward in order to achieve such an approval.