EU States Approve Strict Hedge Fund Rules

Law360, New York (October 19, 2010, 3:09 PM EDT) -- European Union member states agreed Tuesday on strict new oversight rules requiring hedge funds and private equity companies to register with national authorities and turn over information about their operations as regulators seek to increase transparency in the sector.

The EU's Economic and Financial Affairs Council, which is comprised of the economics and finance ministers of the member states, approved a draft directive Tuesday, sending it back to the European Parliament for consideration.

If approved by Parliament, the rules would require hedge funds based outside the...
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