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Majority of EU countries favour passports for hedge funds
  Hedgeweb - WED, SEP 29 2010
Funds & Investment A ??large majority? of European Union countries are in favour of creating pan-EU marketing rights or ??passport? for hedge funds and managers based outside the 27-country bloc, Belgian??s finance minister said on Tuesday, as discussions over controversial new rules for the sector continues in Brussels. Currently funds must apply to each country individually to sell to investors.

Didier Reynders, who will chair the informal meeting of EU finance ministers in Brussels later this week, told a conference that the so-called ??passport? idea commanded support from a large majority among member states.

But he acknowledged there was not unanimity and stressed that the presidency did not want to push the new rules through by demanding that states vote.

France, in particular, is thought to be unhappy about the idea, in spite of efforts by Belgian diplomats to devise compromise measures.

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