Myners promises alternative to draft EU hedge rules

Date: Wednesday, July 15, 2009
Author: Paul Murphy, FT.com/Alphaville

The European Commission’s draft directive on hedge funds and private equity funds can and will be improved, according to the financial services minister, Lord Myners. “The UK government does agree there is a case for regulation at the EU level,” Lord Myners told the House of Lords EU subcommittee on Tuesday, adding that there were nonetheless, serious “deficiencies” with the draft. The Treasury has already begun to draft alternative suggestions to the European Union regulations, he said.