The ECB has dealt an unexpected blow to contentious plans by the European Commission to regulate hedge funds and private equity groups, warning on Thursday that the proposals would put the industry at a significant competitive disadvantage. The ECBâs warning will provide ammunition to the alternative investment fund sector and could influence how the proposed rules, drafted by Brussels, are rewritten. It won qualified support from some in the sector. http://ftalphaville.ft.com/blog/2009/10/23/79286/ecb-warns-on-hedge-fund-rules/