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EU plans new hedge fund legislation
Thursday, 20 Nov 2008 03:00
Next month will see the European Union reveal its new plans for the hedge fund and private equity sectors.
Jose Manuel Barroso, president of the EC, explained that commissioner Charlie McCreevy will present his report into cross-border governance of the two sectors.
It is expected that the new proposed legislation will include tighter rule for hedge funds and is a response to ongoing calls from many members of the European Parliament who felt that the current financial sector guidance should be reviewed.
"About actions relating to hedge funds and private equity, Commissioner McCreevy has told me that we will be able to present those proposals in December," said Mr Barroso, reported Reuters.
Mr Barroso also recently commented on the financial discussions at the G20 meeting in Washington and added: "Our response now needs to be timely, targeted and temporary and should include for example measures to help adapt some sectors of our economies to fight against climate change so that this fight is not seen as running counter to economic growth."
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