The Financial Services Secretary also spoke on the AIFMD. He repeated that imposing badly-conceived rules too quickly is counterproductive. He highlighted the UK’s robust regulation of hedge fund managers and said the UK Government has made clear to the Commission its views on the Commission’s failure to consult on the AIFMD. He stressed that regulation must acknowledge differences and cannot use a one-size-fits-all approach. Finally, he looked at portfolio company disclosure. He highlighted the difference between the AIFMD's proposals and the obligations in the Takeover Directive and how the proposals would be likely to lead to less investment by private equity firms into European businesses.