MFA response to IOSCO Hedge Funds Report

On 22 June IOSCO released its recommendations with respect to the regulation of hedge funds.  The press release below is from the Managed Funds Association with their comments

WASHINGTON, DC –Managed Funds Association (MFA) President and Chief Executive Officer Richard H. Baker, issued the following statement in response to the International Organization of Securities Commissions’ (IOSCO)Technical Committee publication today of Hedge Funds Oversight: Final Report.

“MFA shares the concerns of regulators around the world regarding the crisis in the financial markets. We also share their commitment to action that will help restore stability and confidence to our markets in the near-term, and efforts to mitigate systemic risks and improve market integrity going forward. MFA will continue to work constructively with IOSCO, the G20 and the Financial Stability Board, moving forward toward the goal of fashioning a smart, comprehensive and consistent regulatory system.”

MFA President Emeritus and Special Counsel, International Affairs, John G. Gaine, added, “MFA appreciates The IOSCO Technical Committee report, which contains six high level principles that will enable securities regulators to address the regulatory and systemic risks both in their own jurisdictions and in a collective way that will support a global, harmonized approach to oversight of hedge fund advisers. We agree that regulators should have authority to co-operate and share information, where appropriate, in order to facilitate an intelligent and efficient oversight of globally active managers. We look forward to reviewing the full text of the report and believe it represents the basis for a continued dialogue toward the shared goal of a smart approach to the regulation of fund advisers.”