August 28, 2009 / 12:19 PM / 11 years ago

Sweden sees progress on EU hedge fund rules

Swedish Financial Markets Minister Mats Odell talks to media in Stockholm, June 5, 2008. REUTERS/Scanpix/Anders Wiklund

STOCKHOLM (Reuters) - A minister of EU president Sweden said on Friday progress was being made on the contentious issue of European hedge fund regulation and that he was optimistic a deal might be reached in the coming months.

“My view is that we are making progress,” Swedish Financial Markets Minister Mats Odell said in a Reuters interview.

“I’m an optimist by nature though I’ve also learned that you need to be realistic. But I think there is scope for reaching an agreement during the Swedish EU presidency, though I can’t be sure.”

The European Commission earlier this year unveiled a draft law to force managers of hedge funds, private equity groups and other alternative funds to register and disclose information to regulators, such as levels of leverage.

Britain, from where about 80 percent of hedge fund assets in the EU are managed, has worked to tone down some aspects of the rules, which are opposed by the hedge fund industry, while the likes of France have called for even tougher rules.

Reporting by Niklas Pollard and Johan Sennero

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