Like US President, European Parliament also getting biased advice on hedge funds
Apr 28th, 2008 | Filed under: Hedge Fund RegulationSince The President’s Working Group (PWG) released it’s “Best Practices for Hedge Funds” Report (see related posting), many commentators have cried foul that the recommendations lack teeth - the result, they say, of the fact that the committees were comprised of hedge fund managers themselves. But while the PWG recommendations may have been biased, the European Parliament is getting an equally biased view of hedge funds. But the bias there is firmly against hedge funds. In mid-March, the EP’s Committee on Economic and Monetary Affairs published this 24 page report titled “Working Document on Hedge Funds and Private Equity”.
While the conclusions were largely the same as the PWG (transparency guidelines etc.), the document takes a far more skeptical view of the industry (which, of course is no surprise given that the PWG committees were private sector committees). Here are some examples:
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