Managed Funds Association (MFA) announced that it submitted comments on the Best Practices Reports released by the two Committees appointed by the U.S. Presidents Working Group on Financial Markets (PWG). MFAs comments were filed on Friday, 13 June 2008.
The Asset Managers Committee Report and the Investors Committee Report provide guidance for establishing best practices standards for the hedge fund industry and its investors, respectively. The Reports were released on 15 April 2008.
MFA has reviewed thoroughly the Asset Managers Committee Report and the Investors Committee Report, and we are broadly supportive of both sets of recommendations, which are comprehensive and substantive. Our letters note the significant similarities between the Reports and MFAs Sound Practices for Hedge Fund Managers, asks for clarification on certain recommendations and makes suggestions for the Committees to consider as they finalize their Reports. We are currently in the process of revising Sound Practices to incorporate the recommendations in the PWG Reports, and we are in full support of the PWGs ongoing efforts, says Richard H. Baker, president and CEO, MFA.
We fully endorse the responses submitted by MFA to both committees; the principles identified are consistent with AIMAs sound practices and are therefore applicable to our members. AIMA is fully supportive of the PWGs advocacy of sound business practices for financial market participants, including investors. We are committed to the international harmonisation of sound practices for the alternative investment industry and look forward to leading this global approach with MFA as well as with all other industry stakeholders, sasys Andrew Baker, deputy CEP, Alternative Investment Management Association (AIMA).
Jointly, MFA and AIMA welcomed the PWG Reports upon their release in April and are advocates of the international harmonisation of sound business practices and the highest standards of conduct for the alternative investment industry and its investors worldwide. The groups are in full support of, and committed to participating in the development of a principles-based approach to the regulatory framework for the financial services industry worldwide.