Interessant nok var det også de medlemsstater, der bekymrede sig mest om hedgefondsaktiviteter, der ikke havde nogen lovgivning om hedgefondsforvaltere eller regler for god forretningsskik, der kunne standse salg til private investorer af produkter, der kun var egnede til professionelle investorer.
Interestingly, the Member States that were most concerned about hedge fund activity were also those that did not have any regulation of hedge fund managers nor conduct-of-business rules to stop the selling to retail investors of some products only appropriate for professional investors.