In a speech at the Plenary Session of the European Parliament (Parliament) on 22 September 2008, Charlie McCreevy, European Commissioner for Internal Market and Services, considered the reports on hedge funds and private equity (Rasmussen report) and on transparency issues (in particular in relation to the hedge fund and private equity sectors) (Lehne report) which have been prepared by committees of the Parliament (Reports).

Commissioner McCreevy gave the Reports a cautious welcome, saying that they represented "significant contributions to ... ongoing reflection" and that some of the suggestions made were "constructive".

In respect of the Rasmussen report, Commissioner McCreevy said he welcomed many of the points made and considered it important to identify the key recommendations and promptly implement them. However, he made it clear that he does not consider that hedge funds and private equity are the cause of the current turmoil in the financial markets. He holds the regulated sector responsible, arguing that it "has been allowed to run amok with little understood securitisation vehicles".

On the Lehne report, Commissioner McCreevy agreed that "a sufficient degree of transparency is an essential condition to investor confidence" and is therefore "indispensable" to ensure properly functioning markets. However, he said it was necessary to conduct an analysis of the impact of existing European legislation and additional Member State regulation before introducing any new legislation.

Having considered the Reports in Plenary, the Parliament adopted them on 23 September 2008 (see Legal update, European Parliament adopts reports on hedge funds and private equity and related transparency issues).