UK - The Alternative Investment Management Association (AIMA) has welcomed the UK financial services regulator's decision to consult the hedge fund community on risk and regulatory engagement going forward.
The Financial Services Authority (FSA) is consulting on its recent discussion paper, which noted that hedge funds pose risks to the FSA’s statutory objectives and set out current and potential future mitigating actions.
The FSA is seeking views on further actions it could take to increase regulatory transparency and improve the effectiveness of its regulatory engagement.
AIMA said while it needed time to fully digest the paper, it was pleased the FSA had recognised the beneficial role hedge funds played in the UK economy.
However it criticised a briefing note that accompanied the discussion paper, saying it did not reflect the “balanced views and findings shared in the paper.”
AIMA director Emma Mugridge said: “We are particularly pleased the regulator headed our call for a four and a half month consultation period, which will allow our members to give a full response to the paper. It is now up to the industry to step up to the plate and help us with this exercise.”
Mugridge pointed out that hedge fund managers where already regulated in the same way as all other investment managers. The latest paper was issued in the light of perceived changes in “investor appetite,” regulatory developments in other jurisdictions and reviews by other regulatory and associated bodies. AIMA has around 250 corporate members in the UK.
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