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Spanish EU Presidency To Drive Hedge Fund Rule Reform -Myners

LONDON -(Dow Jones)- The Spanish government will continue to drive changes to the European Union's proposed hedge fund rules when it takes over the presidency of the EU at the end of the year, Paul Myners, the U.K. Treasury's financial services secretary, said Monday.

"I think we can be fairly confident that the Spanish presidency... will continue to work on the program we've been promoting," said Myners at the launch of a government-sponsored report on the asset management industry.

Myners said he recently met with members of the Spanish government and was left with the impression they will continue the work of the Swedish government, which currently holds the EU presidency, to incorporate varied interests in the new rules.

The U.K. government has been lobbying the EU Commission for changes to the alternative investment fund managers directive, which it believes will result in investment funds flowing out of the U.K. and Europe as a whole.

Myners said there has been substantial progress in reforming the proposed rules.

"I am so encouraged by the overwhelming quality of argument against the directive that one has to believe that the final directive that appears is one that is much better," said Myners.

"This is a very dodgy directive that's been poorly constructed," Myners said. "It was produced in a hurry. It's a process that makes those who support the European Union embarrassed."

-By Adam Bradbery, Dow Jones Newswires; 44-207-842-9305; adam.bradbery@ dowjones.com

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