Treasury Secretary Timothy Geithner is urging European officials to reconsider proposed rules for hedge funds and private-equity firms. "I understand that the draft ... would discriminate against third country funds and fund managers by denying them the opportunity to access the European Union single market via a passport approach, which would be limited solely to EU funds and fund managers," Geithner wrote in a letter to U.K. Chancellor Alistair Darling. "It is my hope that this provision will be revised to provide non-EU funds, fund managers and global custodians the same access as their EU counterparts and promote a single market."

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