UK & France in fund clash

| 16/03/2010

(AP): Britain, Europe’s centre for investment funds, is set to lose a clash with France on new, tougher EU rules for the hedge fund industry that finance ministers will haggle over on Tuesday. Paris leads most EU governments in favouring greater restrictions for alternative investment funds based outside the 27-nation bloc. A lack of transparency and speculative trading have been blamed for contributing to the financial crisis, including Greece’s debt troubles. The new law, when completed, could block foreign funds from Europe if they don’t face tight oversight at home. This is aimed at funds based in tax havens like the Cayman Islands where supervisors might not be checking on risks they are taking on.


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