European parliament votes in new hedge funds rules

| 11/11/2010

(BBC): Hedge funds are to be subject to EU-wide regulation for the first time after the European Parliament approved new rules for the sector. They aim to make the workings of the privately-run funds more transparent and to reduce the risks to investors. MEPs voted 513 to 92 to pass a new directive, which will cover a range of funds worth $1.4bn. The directive also includes rules to try to curb asset-stripping by private equity firms. The measures have already been passed by EU member states. The European Commisson will have what the Parliament described as "the considerable task" of working out exactly how the rules will work in detail.

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