Despite overwhelming support for increased regulation of hedge funds in the EU, government entities have been unable to finalize a new set of rules. This week it appears, the EU Commission is tabling a possible compromise for hedge fund operating in the EU. Included in this plan are rules that would prevent foreign hedge funds from benefiting from SU passport provisions which allow the entire trading bloc to be treated as a single entity.
The Wall Street Journal is reporting today that the recent compromise proposes national governments maintain hedge fund rules for up to three years. After that three year period elapses, a sytem-wide set of rules for EU hedge funds will take precedence.
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