GLOBAL - The US, Germany and UK have agreed on the need to draw up a code of conduct for the hedge fund industry, according to German finance minister Peer Steinbrueck.
Steinbrueck said initial disagreements with the US and UK on ways of reducing risks from the activities of hedge funds only concerned the way in which agreement were reached with the hedge fund industry, and not on the need for a code of conduct itself.
Steinbrueck said the Financial Stability Forum’s (FSF) report on hedge funds, which was adopted by the recent G8 meeting, represented an intermediate step in the process of getting more transparency in hedge fund operations.
The FSF, chaired by Bank of Italy governor Mario Draghi, urged financial authorities, banks, investors and hedge fund managers to take further actions to counter risks to financial stability from the activities of hedge funds and other leveraged institutions.
The Alternative Investment Management Association (AIMA) welcomed the FSF’s report and said it continued to support continued increased disclosure between hedge funds, their counterparties, and in turn between counterparties and regulators.
Florence Lombard, AIMA’s executive director, said: “AIMA is committed to working together with its members and the relevant regulatory authorities to provide additional guidance where necessary”.
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