Arbitrator

23 October 2009 By Pierre Briancon

The European Central Bank is urging the EU to soften its proposed hedgefund directive and ensure that it is harmonised with US reforms. The proposals sound sensible. But by sticking its oar in, the central bank is also staking a claim to be Europe s top financial regulator.

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The European Cenral Bank this week said that a draft directive of the European Commission aiming at regulating hedge and private equity funds could put strains on the industry in the absence of an internationally coordinated effort.

The ECB's "legal opinion", signed by ECB president JeanClaude Trichet, also suggests several detailed amendments to the proposal.

Text of the ECB's October, 16 legal opinion

Eurosystem February, 25 contribution to the Commission's consultation on hedge funds

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