» Friday, January 25, 2008

Sovereign Wealth Funds

Asked if we were taking a different position from the US in relation to sovereign wealth funds, the PMS replied that he was not sure he would characterise the US position in quite the same way as the journalist. As the Prime Minister had said in China, we welcomed investment from sovereign wealth funds in London, but of course they had to play by the rules and operate on the same basis as others and adhere to our regulations regarding transparency. Premier Wen, whilst meeting with the Prime Minister in Beijing, gave those assurances both publicly and privately and it was on that basis that we would welcome investment from sovereign wealth funds from China and elsewhere in London.

Asked if there should be specific regulations for sovereign wealth funds, the PMS replied that he was not sure that that was what the US were saying; investment in the UK was regulated by the Financial Services Authority (FSA) and that applied to investors wherever they came from. Therefore the question would be, did sovereign wealth funds operate in a way that was consistent with the regulatory requirements of the UK and, as long as they did, we would welcome their investment.

original source.

Briefing took place at 11:00 | Search for related news

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