Yesterday, EU Commissioner for Internal Markets and Services, Charlie McCreevy, announced a public consultation on hedge funds to be launched this month. Mr. McCreevy aims to address issues relating to hedge funds such as “[a]dequacy of transparency measures, oversight responsibility, risk management practices, assessment of systemic risks, need for capital requirements and supervisory responsibility.” He noted that the G-20 leaders at their summit last month in Washington had issued a declaration stating, among other initiatives, that “all financial markets, products and participants should be regulated or subject to oversight, as appropriate to their circumstances’ and that “private sector bodies that have developed best practices for private pools of capital and/or hedge funds should bring forward proposals for a set of unified best practices” by March 31, 2009. The results of the public consultation will be “discussed at a high level conference to be held in Brussels in February 2009.”