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Tuesday 17th November 2009
In direct contradiction to the already announced Conservative Party policy regarding UK regulations, the UK government is set to give the FSA (Financial Services Authority) more power in the short to medium term. Despite the fact that the FSA has no remit with regards to hedge funds and certain other investment companies, it will in the future be able to demand information from these particular investment vehicles as and when required.
Quite how this would translate into any form of regulation for the hedge fund sector remains to be seen but it seems to be a case of "Big Brother is watching". This is set against the Conservative party policy, should the party regain power at the next election, which would see the vast majority of UK regulatory power transferred back to the Bank of England and the FSA reduced in size and possibly eventually closed.
However, in many ways the increase of power at the FSA is strictly speaking just a publicity stunt because as has been mentioned in the financial press over the last 24 hours, there will be little or no time to push through any of the UK government’s policies which will be outlined in the Queen's speech this week. |
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