Although not yet fully in place, the process seems to be in motion – albeit gradually – to at last give the European Union the financial regulation tools it needs. On the 11th of November this year, two years after the financial crisis  when everything went belly-up in Autumn 2008, the European parliament has finally approved a Directive for regulating managers of alternative investment funds. This decision, made on a famous armistice day, puts an end to long and laborious discussions over what regime security should be applied to the oversight. The main element in this future legislation is that managers of alternative investment funds, especially speculative funds or “hedge funds”, based in the European Union, must be registered and have transparency in their activities. This way, supervision will be improved and habitual risks can be avoided. However, in “exchange”, they will have a passport allowing them to operate in the 27 member States. Nevertheless, there are some existing loopholes regarding third-party countries (outside of the EU) to the European Market, and their compliance with the Directive. This reduces progress which is, in any case, aiming for 2018, the year by which the new supervisory authority will be fully operational.