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From Komfie Manalo, Opalesque Asia:
ComplianceAsia, a Singapore-based consulting firm yesterday called for adequate representation in the drafting of hedge funds regulation in the upcoming G20 Summit to be held in London next month.
In a press statement, ComplianceAsia took note of the progress report on the G20 action plan that stated that Alternative Investment Management Association (AIMA), Managed Funds Association (MFA), and the Asset Management Committee of the President's Working Group (PWG) "are committed to publish jointly a common set of principles by the end of April."
ComplianceAsia is questioning the representation of AIMA, MFA and PWG Asset Management Committee on behalf of the whole hedge fund industry.
According to the statement, there are a large number of small managers outside the U.S. and U.K. who are not represented in the three groups. The consulting firm is urging all managers, advisors and service providers to look at the proposals of AIMA, MFA and PWG to determine if those recommendations represent their views.
The firm said it would submit its concerns to both AIMA and the MFA to address the specific issues concerning Hong Kong and Singapore.
Also, the soon-to-be issued regulations should take into account the size of the alternative investment industry which is 100 times smaller than the combined assets of global mutual fund, retirement fund and insurance industries, t...................... To view our full article Click here
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