U.S. and EU clash over "protectionist" hedge fund law

``Unless non-EU managers comply with the rules within three years of the law coming into force, probably around 2015, they will be barred from offering their products in the bloc. "U.S. managers would effectively be excluded from the EU market," David Vaughan, a senior fellow for the U.S. Securities and Exchange Commission, told a conference on the draft EU law.''