EU official seeks "balanced" hedge fund rules

WASHINGTON Wed May 12, 2010 2:28pm EDT

WASHINGTON (Reuters) - The European Union's financial markets chief said on Wednesday he would seek a "balanced" approach toward tightening regulation on hedge funds so as not to discriminate against U.S. firms.

Michel Barnier, speaking to reporters after a meeting with Treasury Secretary Timothy Geithner, said he would try to persuade European governments to accept a "passport" approach where foreign funds could get a license to do business across all 27 EU countries if they meet European standards.

"If we end up with a passport, it will be a passport that will have to be deserved," he said.

(Reporting by David Lawder, Editing by Chizu Nomiyama)

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