Aima welcomes white paper on reforming financial markets

Date: Friday, July 10, 2009
Author: Hedgeweek.com

The Alternative Investment Management Association has welcomed comments about the hedge fund industry contained in the Treasury's white paper on reforming financial markets.

Chief executive Richard Baker (pictured) says the Treasury is quite right to stress that the UK hedge fund industry is already regulated, and that the UK regulatory regime 'is among the most advanced in the world'.
 
'We agree that enhanced disclosure requirements for hedge fund managers are desirable in the interests of gathering systemically relevant information to establish systemic risks,' he says
 
Aima is working with the government and the Financial Services Authority on the 'system of enhanced surveillance that can gather relevant and timely information' that this would require.

Baker has welcomed the Treasury's position in respect of the European Commission's draft directive on Alternative Investment Fund Managers, which states: 'We believe that the proposal, which was produced in a very short time and with no public consultation, requires significant improvement.'

He also welcomes the UK government's intention to 'engage positively in the EU debate with the aim of developing a directive that achieves the necessary improvements in the EU regulatory framework, without imposing unnecessary burdens'.