A draft European Union law that would subject hedge funds to new regulatory controls needs “major surgery” before Britain can support it, Lord Myners, a UK Treasury minister, said on Tuesday.
The financial services minister, in a fiercely critical speech, hit out at European countries seeking to “make political capital” from advocating a clampdown on the hedge fund industry, calling their actions “woefully short-sighted” and “bordering on a weak form of protectionism”.
