ST: Myners promises to battle EU hedge fund rules

CITY MINISTER Paul Myners has vowed to fight “tooth and nail” to revise a directive from Brussels that would give the European Union the power to set limits on how much hedge funds are allowed to borrow.

The draft legislation has triggered panic in the industry and prompted several senior figures to threaten to leave London unless the legislation is radically altered.

Myners will meet Sweden’s deputy finance minister in 10 days to seek changes to the directive, as Sweden prepares to take over the EU chair from Czech Republic on July 1.

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The European Commission unveiled the draft plans in April, saying that funds with “systematically high” leverage would be required to make additional disclosures on their use and source of borrowing and give Brussels and national authorities power to set leverage levels.

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