Britain, U.S. Protect Hedge Funds From "Code of Conduct" at G-8 Summit

8 de junio de 2007

<body><div id="article"><tr><td height="23" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>Britain, U.S. Protect Hedge Funds From "Code of Conduct" at G-8 Summit</h1><p>June 8, 2007 (LPAC)--Germany's proposal for a "code of conduct" for hedge funds, was not included in the G-8's final communique because of opposition from two countries, a senior aide to German Chancellor Angela Merkel told the Financial Times, referring to Britain and the U.S. Otherwise, the G-8 agreed only on a statement on the necessity for "greater transparency in the operation of hedge funds," which reaffirms the position taken by the G-7 finance ministers last month, which simply appealed to hedge funds to take steps to improve transparency standards.</p><p>According to Chinese People's Daily, the G-8 statement said that: "Given the strong growth of the hedge fund industry and the increasing complexity of the instruments they trade, we reaffirm the need to be vigilant."</p><p>Thus, the City of London once again blocked the German initiative, despite the fact that at the summit's outset, the trade unions had given international, strong support for the German drive to control the locust funds. Prominent support for this effort against the hedge funds was alsoof former Danish Prime Minister Poul Nyrup Rasmussen, and from U.S. Congressman Barney Frank, Democrat of Massachusetts.</p></div></body>