US voices concerns over hedge fund code

Robert Steel, under-secretary of domestic finance at the US Treasury responsible for hedge fund regulation, described the proposals as “fuzzy” in an interview with the Financial Times.

Steel said he disagreed with the calls from some in Europe for the enforcement of parts of the code, which he said “seems a bit odd with a voluntary code”.

He added that support was growing for the indirect regulation proposed by the US Treasury in February, which urges hedge funds to improve risk management and to

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