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Opalesque Exclusive: Hedge Fund Standard Board suggests monitoring `intersection between banking and hedge fund industry` By Benedicte Gravrand, Opalesque London:

The European Union (EU) is reviewing “executive pay, assessing the role of hedge funds and reviewing codes and national regulation for private equity to identify any gaps that need to be addressed by EU legislation,” declared Joaquín Almunia, European Commissioner for Economic and Monetary Policy, last week.

Indeed, (EU’s) European Commission’s Charlie McCreevy launched a wide-ranging public consultation in Dec-08 on policy issues arising from the activities of the hedge fund industry, in view of developing appropriate regulatory initiative (previous Exclusive). This consultation is part of the Commission's greater review of regulatory and supervisory arrangements for all financial market actors in the EU, which is to be finalised in 2009 - once the report produced by the High Level Expert Group chaired by Jacques de Larosière has been examined. It also responds to recent reports by the European Parliament.

De Larosière’s report, which first draft was seen by Reuters on 25-Feb (Source), recommends reform of cross-border financial supervision in the EU to remedy flaws in t......................

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