The European Commission (EC) is to press ahead with a voluntary code of conduct for sovereign wealth funds. IFLR had warned against just such an approach.
At the end of February, European Commission president José Manuel Barroso issued a statement during his official visit to Norway. While admitting that sovereign wealth is "not a big bad wolf at the door", he drew upon the transparency of Norwegian funds as a paradigm for other funds in Europe.
"A code of conduct has been inevitable since the furore over sovereign wealth started at the turn of the year," said a funds partner at one US law firm. "But...