Money managers under the microscope
News and views on the hedge fund industry from Reuters and elsewhere:
Big hedge funds shorting the euro - Wall Street Journal
Hedgies seek clarity on new Singapore regulations - BusinessWeek
Ex-director of ops for Madoff charged - Reuters
Hedge funds resist cutting fees - Financial Times
IOSCO publishes systemic risk data requirements - Hedgeweek
As you’ve probably noticed, there’s no shortage of regulation in the wake of the biggest financial crisis in 80 years.
IOSCO has been fleshing out pledges made by G20 leaders while the European Commission has put forward its highly-controversial draft law on hedge funds and private equity. Meanwhile the EU is formally reviewing MiFID next year.
After draft laws from the European Commission, which have been attacked by almost the entire UK hedge fund industry, IOSCO‘s proposals — including registration of managers, disclosure of systemically-important information to regulators, registration and supervision of prime brokers — must seem like a walk in the park.
The timing of the Alternative Investment Management Association’s hedge fund disclosure initiative indicates just how strong the winds of change are blowing in hedge fund land.
Coming just a day after ECB President Jean-Claude Trichet called the credit crisis “a loud and clear call” for extending hedge fund regulation, the move shows the hedge fund industry feels it must be more active in deciding the future shape of regulation.