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Hedge Funds Proposals Must be Stopped

West Midlands Labour MEP Neena Gill has voiced her concerns that a European Commission draft proposal on Hedge Funds was "no more than window-dressing".

Information leaked to the Socialist group suggests the Commission will conclude fast track internal consultations on the proposal today.

Speaking from Brussels, Neena said " Everyone now realises that the Hedge Funds and their managers have played a big part in the recent economic downturn. In essence, Hedge Funds would simply have to register in the EU and could then compete freely without having to meet any extra condition. This is no more than window -dressing. It is completely unacceptable".

Continuing Neena stated"This proposal has the potential to be extremely dangerous. It is exactly the opposite of what is needed. It will once again encourage the selling of risky products and deny investors proper protection."

At a time when the united States are strongly reflecting on how to move ahead on this topic and in a moment where everyone agrees to combat tax heavens such a move on the EU side would be a dangerous step back", added Ms Gill