EU wants to raise fund oversight

April 6, 2009

, BERLIN, April 6 – The European Commission wants to raise oversight of investment funds by creating a European operating authorisation, according to a project cited on Monday by the Financial Times Deutschland.

The authorisation would concern funds which managed more than 250 million euros (340 million dollars) in assets, including those which focused on stocks, raw materials and real-estate, the report said.

Fund managers would be required to keep a deposit of at least 125,000 euros, and provide authorities with the name of their five biggest creditors if they carried high levels of debt, the newspaper said.

Data would be controlled by a new risk-control body attached to the European Central Bank.

European internal market commmissioner Charlie McCreevy is expected to officially present the proposal on April 21, the report said.

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