Germany Resists Group of Seven; Insists on Some Hedge Fund Regulation

14 de abril de 2007

<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>Germany Resists Group of Seven; Insists on Some Hedge Fund Regulation</h1><p>April 14 (EIRNS)--Britain, backed by others, continued to block any regulation of hedge funds at yesterday's G7 finance ministers' meeting in Washington. But Assistant German Finance Minister Thomas Mirow told press afterwards that his government "is not pulling back from demanding a code of conduct for hedge funds. The theme remains important, it remains on the agenda and will be pushed further by Germany." Mirow added that "the large number of dates and events that are dealing with this theme, do indicate one thing, at least: This is no mere whim of Germans."</p><p>Bundesbank (German central bank) Governor Axel Weber, who has otherwise been insisting on a voluntary code of conduct for funds, said that "if you discuss it with the private financial sector, you get the impression that many are increasingly aware that risks are being posed not by the real economy, but by the financial markets." More information about the connections between prime brokers at the banks and the funds is needed, Weber said.</p><p>On April 15, about 20 hedge fund representatives will meet with the G7 finance ministers and central bank governors. On May 19, the ministers will convene again in Potsdam, Germany, including the finance minister of Russia, to discuss hedge funds once more, and prepare the agenda for the G8 Summit in Heiligendamm, which takes place June 6-8.</p><p></p></div></body>