Business & money: European commission wants agreement on a global code of conduct for funds.
Brussels warned yesterday that it could legislate to curb the activities of sovereign wealth funds unless the investment vehicles, which command assets estimated at up to $3 trillion, open themselves up to scrutiny.
RLCC: Sovereign wealth funds are surplus reserves owned by a state (nation-state; government) that are usually invested in capitalistic enterprises. China, Japan, and others have huge reserves.
Originally by Ian Traynor from on February 25, 2008, 5:05pm