The Law Society Gazette reports this morning on the European Parliament's legal affairs committee plans to regulate litigation funding within the EU. These plans focus on the issues of whether the proposed supervisory authorities will preside over a better system than the UK's self-regulated industry, the prospect of a profit cap on EU funders and the likely negative impact of EU claimants having to give notice of funding to their defendants.
As ever, there is a world of difference between litigation involving commercial entities and individuals pursuing remedies and the EU's apparent desire for a unitary regime does not seem attractive to those of us who work with commercial funders in the UK market. Setting to one side the ever-present global economic factors that the Gazette refers to, it must be a good thing for UK plc that our commercial litigation market remains a world leader, with the right balance between professional standards and funders who not only facilitate growth, but also bring entrepreneurial flair and encourage wider commercial thinking.Disclaimer
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