Europe: greater regulation of hedge funds and private equity?

A meeting of the European Parliament's Committee on Economic and Monetary Affairs takes place later today. On the agenda is a draft report by Poul Nyrup Rasmussen MEP (a former prime minister of Denmark) in which he calls for (a) greater regulation of hedge funds and private equity and (b) the European Commission to submit proposals to the European Parliament in respect of (a). Amongst the more specific recommendations are:

• The establishment of a European supervisor covering all financial services sectors (capital markets, securities, insurance and banking)
  
• The creation of a European Union framework for the registration and authorisation of entities that control the investment of hedge funds or private equity

It's very unlikely that the Commission will show much enthusiasm.  In a speech delivered earlier this year, Internal Market Commissioner McCreevy made his position clear: "I am not in favour of heavy handed regulation ... I do not see an obvious market failure at EU level".