EU to devise SWF code

The European Commission is to propose a voluntary code of conduct for sovereign wealth funds in a bid to ease fears that their investments could compromise national security interests.

Jose Manuel Barroso, the president of the European Commission, said on Monday 25 February that "real concerns" existed over the way some funds operated. "Europe-based public and private investment funds are subject to stringent rules on governance and disclosure - we cannot allow non-European funds to be run in