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
(END) Dow Jones Newswires
11-09-090545ET
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