Paul Myners, the U.K.’s financial services minister, told the nation’s hedge fund industry to stop opposing transparency reforms that the European Union has proposed through the Alternative Investment Fund Managers directive.

British hedge fund managers have argued that disclosing more information and holding higher levels of capital will make them less competitive, but Myners said that if they don’t join forces with the rest of Europe, what will happen is their resistance to change will cost them business since so many areas of finance are adopting reforms in the wake of the financial crisis.

Myners said that while the British government agrees that some of the EU’s plan could be adjusted, the government basically agrees with most of the directive’s proposals.

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