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Hedge fund bodies commit to global standards

Date: Tuesday, March 17, 2009
Author: Reuters.com

Three major hedge fund industry bodies have written to the Financial Stability Forum (FSF) to commit for the first time to working toward global industry standards, a source familiar with the matter told Reuters.

The Alternative Investment Management Association (AIMA), the President's Working Group (PWG) and the Managed Funds Association (MFA) told the FSF, a global group of regulators, they would achieve convergence in areas such as regulatory supervision and reporting risk positions, the source said.

The letter, sent on Thursday night, comes as the FSF puts forward recommendations to Group of 20 finance ministers, who at the weekend proposed hedge funds or their managers should be registered and disclose information needed to assess systemic risks they pose.

(Reporting by Laurence Fletcher; Editing by Jon Loades-Carter)