The European Union hit back on Thursday against U.S. criticism of plans to crack down on hedge funds, saying its push for openness in the industry met a commitment also given by Washington and others.
A spokesman for EU financial markets chief Michel Barnier denied the legislation would put foreign funds at a disadvantage. "The EU decision to act on hedge funds is in line with a G20 decision to reinforce transparency," the spokesman, Amadeu Altafaj, said. "The new hedge fund rules do not discriminate against foreign players and are not protectionist.".
Brussels wants foreign investors -- such as New York hedge funds based in London -- to be more closely supervised as well as face stricter regulatory standards set in Europe.
Note EU-Digest: Despite frequent calls by several EU member states to put stricter rules in place to control the speculative practices of US based financial networks and Wall Street, nothing so far has been done to effectively curb these excesses.
Tom Landry the famous US football coach once said: "Most successful football players not only accept rules and limitations, I believe they need them. In fact I believe they are free to perform at their best, only when they know what the expectations are, and where the limits stand. I see this as a biblical principle that also applies to life. A principle our society as a whole has forgotten. You can not enjoy real freedom without limits".
It is high time politicians understand that they are ultimately accountable to the voters for the mess that is going on in the financial world and take action.
For the complete report: EU defends hedge fund rules against U.S. critics | Reuters
A spokesman for EU financial markets chief Michel Barnier denied the legislation would put foreign funds at a disadvantage. "The EU decision to act on hedge funds is in line with a G20 decision to reinforce transparency," the spokesman, Amadeu Altafaj, said. "The new hedge fund rules do not discriminate against foreign players and are not protectionist.".
Brussels wants foreign investors -- such as New York hedge funds based in London -- to be more closely supervised as well as face stricter regulatory standards set in Europe.
Note EU-Digest: Despite frequent calls by several EU member states to put stricter rules in place to control the speculative practices of US based financial networks and Wall Street, nothing so far has been done to effectively curb these excesses.
Tom Landry the famous US football coach once said: "Most successful football players not only accept rules and limitations, I believe they need them. In fact I believe they are free to perform at their best, only when they know what the expectations are, and where the limits stand. I see this as a biblical principle that also applies to life. A principle our society as a whole has forgotten. You can not enjoy real freedom without limits".
It is high time politicians understand that they are ultimately accountable to the voters for the mess that is going on in the financial world and take action.
For the complete report: EU defends hedge fund rules against U.S. critics | Reuters
No comments:
Post a Comment