Outcry Over ‘Worthless’ European Hedge Fund Rules

Apr 22 2009 | 9:32am ET

Leftist members of the European Parliament are blasting the European Commission’s soon-to-be-proposed hedge fund regulation, with their leader calling it “almost worthless.”

In a letter to EC President José Manuel Barroso, Poul Nyrup Rasmussen, the former Danish prime minister who leads the Party of European Socialists, said the proposed rules, which will be officially unveiled on April 29, were “filled with loopholes” and would be “highly ineffective.”

Rasmussen promised that hedge fund regulation would be a major issue in June’s elections to the European Parliament.

Despite the protests, the EC said it would move forward with plans to publish the proposals next week.

“The finishing touches are being put to the proposals,” EC spokesman Pia Ahrenkilde Hansen said.

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