Germany tightens disclosure rules


Hedge funds received another poke in the eye from German politicians last month, as plans were revealed to tighten disclosure requirements for equity investors. Currently, investors can hold up to 5% of a single company's shares without making the stake known, but from January 2007 they must make an announcement as soon as they hit a 3% threshold.

The rule change was drawn up by the Ministry of Finance as part of Germany's implementation of the EU's transparency directive, and a spokesman for the

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