British official attacks EU hedge-fund rules

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A senior British Treasury minister has lambasted the European Commission's attempts to regulate hedge funds, saying its draft code developed through an "inadequate process driven by political concerns."

"It is perhaps easy for other European countries to make political capital out of demanding intrusive regulation of an industry of which they have little or no direct experience," Lord Myners, the financial services secretary, said on Tuesday "But it is woefully short-sighted, bordering on a weak

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