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UK EU Hedge Fund Rules

UK EU Hedge Fund Rules

UK's Brown and Sarkozy Meet Over EU Hedge Fund Rules

Continuing with our European hedge fund coverage, UK Prime Minister Gordon Brown has said he is confidant that the European Union can reach an agreement over regulating hedge funds although he admitted there had been no major breakthrough in his talks with French President Nicolas Sarkozy.   Brown and his UK negotiators are working to soften the EU Directive over fears that it would damage the hedge fund industry.
U.K. Prime Minister Gordon Brown said Friday he is "confident" the U.K. will reach agreement in the coming days with its European partners on the new European Union hedge fund rules.  Brown said: "we've had good talks on this and I'm pretty confident that we can get a very satisfactory outcome in our discussions over the next few days."

Sarkozy said the U.K. and French teams will continue working together on the new directive, which the U.K. has said poses real dangers to the hedge fund industry.  However, Sarkozy said he doesn't want to see the City of London harmed.  Sarkozy said he hopes for a solution that ensures "transparency" in the sector but makes sure that "the City, which is a major asset for Europe, does not feel harmed or threatened."

EU finance ministers will discuss the new hedge fund rules when hold their monthly meeting Monday and Tuesday.  Source

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