27/03/2009 (Agence Europe) - After getting its way and getting hedge funds included in EU legislation, the Socialist Group at the EP is keeping up the pressure on the European Commission, which has started drafting hedge fund legislation. Poul Nyrup Rasmussen of Denmark commented: “The proposal lacks rigorous content. In essence, hedge funds would simply have to register in the EU and could then compete freely without having to meet any extra conditions. This is no more than window-dressing. It is completely unacceptable.” For Pervenche Berès of France, the “proposal is extremely dangerous. It will once again encourage the selling of risky products and deny investors proper protection.” The Socialists say the draft legislation would only require hedge fund managers to register in the EU and apply for authorisation in any of the 27 countries member states without having to meet any further requirements. (M.B./transl.fl)