UK Treasury minister Lord Myners claims the European Union law that would subject hedge funds to regulatory controls needs major surgery before the country can support it.
Just in from the FT:
The financial services minister, in a fiercely critical speech, hit out at European countries seeking to “make political capital” from advocating a clampdown on the hedge fund industry, calling their actions “woefully short-sighted” and “bordering on a weak form of protectionism”.
“It is perhaps easy for other European countries to make political capital out of demanding intrusive regulation of an industry of which they have little or no direct experience,” he said.
Read the entire news HERE.