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Hedge fund managers will be waiting on tenterhooks next month to see what kind of regulations the European Union will propose to impose on the hedge fund and private equity sectors, after months of deliberation and speculation.

The draft EU law scheduled to be published on April 21 will target the oversight of supposedly lightly-regulated sectors. 'It will be a directive,' says David Wright, deputy head of the European Commission's internal market unit (pictured), indicating that the legislation will have to be approved the EU member states and by the European Parliament, then transposed into the national law of member states. 'This will strengthen overall effectiveness of the regulatory supervisory system,' he adds.

The proposals will also include draft regulations governing salaries in the financial industry, after recent outcries over the level of bonuses received by executives at institutions that have received massive cash infusions from the taxpayer.

Hedge funds have become scapegoats for many politicians since the crisis erupted, but there is no certainty as yet what might constitute the 'improved' regulation that the populists are seeking. At least the publication of the Commission's proposals will make clear what the future holds.

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