Belgian FinMin: EU Seeks Asset-Stripping Rules

Sep 17 2010 | 1:17am ET

The fate of foreign hedge funds is not the only issue to be resolved before the European Union’s controversial alternative investments regulations become law. EU countries and the European Parliament are also trying to hammer out a compromise on rules that would restrict private equity funds from “asset stripping.”

Didier Reynders, the Belgian finance minister, said the EU was seeking a “proportionate” way to improve transparency on private equity strategies. Reynards said he was “confident of reaching agreement on that.”

A stickier issue is “to see how it’s possible to have some anti-stripping rules because we have seen so many institutions in different countries with social consequences of some stripping of companies,” Reynders said at a U.K. Financial Services Authority conference in London.

Belgium currently holds the rotating presidency of the EU.

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