ECOFIN EU Presidency's Steinbrueck calls for 'more transparency' on hedge funds |
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Tue, 08 May 2007 12:23
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BRUSSELS (Thomson Financial) - German finance minister Peer Steinbrueck, whose country holds the rotating EU presidency, reiterated calls for greater transparency in the hedge fund industry and added parties should not have 'excessive expectations' about what could be achieved through industry-led regulation.'We need to ascertain what possible systemic risks there are (linked to hedge funds),' he said, adding that there is a 'need for creditors to remain vigilant...and more transparency is needed'.He added that whilst the ministers have support from ECB and central bank governors, there is a need to 'let the process mature' and warned that players 'mustn't have excessive expectations' about what can be done with voluntary self-regulation by the industry.Earlier, European finance ministers adopted guidelines on the definition of hedge funds and asset management, which is the first official step towards a regulatory framework.The draft conclusions adopted by the European finance ministers at their monthly meeting in Brussels are designed to define what constitutes a hedge fund and specific issues surrounding them.frances.robinson@thomson.comfr/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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