Commissioner McCreevy welcomed the President's Working Group Report on Principles and Guidelines regarding Private Pools of Capital. “They provide sound guidance for Investors as well as reiterating the fundamental principles”, the Commissioner said. “I share the view that the current regulatory structure is working well.”
'In Europe (…) we have a well-developed set of checks and balances in place to address the possible impacts of hedge fund/private equity businesses on the overall financial system” McCreevy added. “I don't see any case for complementing them by a set of EU legislation specific to hedge funds.”
McCreevy finally welcomed the need for international supervisory cooperation and announced that he will discuss some of these issues with US authority representatives in early March.
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