Summary Box: EU nations reach deal on hedge funds

AP News
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Posted: Oct 19, 2010 2:37 PM
Summary Box: EU nations reach deal on hedge funds

HEDGE FUNDS REINED IN: European finance ministers on Tuesday agreed to tighten regulation of hedge funds. The agreements sets out requirements for risk management and transparency about who runs the funds.

BORDER CROSSING: The agreement introduces a "passport," under which funds approved in one country have access to investors in other EU countries.

WHAT'S NEXT: The pact needs to be signed off by governments and the European Parliament _ a process that ministers hope to finish before the heads of the Group of 20 rich and developing nations discuss global financial regulation next month.