-Registration system needed for management companies and fund managers Green Party Senator and Dublin European candidate Deirdre de Burca has supported the call by the European Green Party for greater regulation of the international financial market in light of the current financial crisis.   Senator de Burca said: “The recent turbulence in the financial markets shows that the current financial system which relies mainly on self-regulation is completely inadequate and must be thoroughly overhauled. The existing financial regulatory system needs to be tightened so that the risk of future crises can be minimised. 

 “In particular, I support the proposals made in the European Parliament by the Green Group for both an EU-wide supervisory authority and a system of registration and authorisation of management companies and fund managers, as well as for debt limits to be imposed on hedge funds.  

 “Largely unregulated and unrestrained financial markets have achieved an unprecedented value destruction, hitting individual consumers and taxpayers, businesses, financial institutions and ultimately states. 

“Governments are now acting with a great sense of urgency and have mobilised the appropriate regulatory and financial means in order to respond to the crisis. The fact that the United States which has been at the forefront of market rule, will be spending close to one trillion dollars on the bail-out of the financial institutions, including what amounts to the nationalisation of a number of them, is mind-boggling to say the least.” 

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Press Release by Deirdre