Hedge funds next in EU firing line

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BRUSSELS - The European Union's commissioner for internal markets and services, Charlie McCreevy, has indicated in a speech to the European parliament's economic and monetary affairs committee that a "wide-ranging" public consultation on the oversight and regulation of hedge funds will be launched by December 11.

The consultation, McCreevy said, is a response to supervision issues arising from the current financial crisis, as well as the G-20's recent call for best practice standards for private capital pools and hedge funds.

Among the issues covered by the review will be the adequacy of existing transparency measures, oversight responsibilities, risk management and the assessment of systematic risk.

The consultation will also look at the need for capital requirements and supervisory responsibility. "We need to draw a clear distinction between hedge funds and private equity," McCreevy told the committee.

The deadline for comments is the end of January and the results are expected to be discussed at a conference in Brussels slated for February 2009.

Click here for a copy of the speech

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