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From the Opalesque Team:

According to documentation received by Opalesque, Robert Foster, Chairman of AIMA South Africa, on Tuesday confirmed that he had recently met, together with ASISA representatives, senior representatives from National Treasury and the Financial Services Board (FSB) for comprehensive policy discussions regarding the hedge fund industry and the product regulatory environment.

Feedback from the meeting is that the FSB and the industry are largely aligned on issue of regulation: both parties want workable product regulation and are prepared to work together to achieve this common objective, he said.

National Treasury is currently in the process of formulating macro policy on alternative investments and, in this regard, Foster has communicated AIMA SA's preference for a focused definition of alternative investments.

"Our view is that if the definition is left very wide in an attempt to capture all current unregulated products, the regulation will take far too long to implement," he stated. "We intend to facilitate workshops for AIMA SA members (21 and 22 October in Cape Town and Johannesburg respectively) to present a progress report on the regulatory process, and to discuss key ideas."

See our Aug-09 Opalesque Exclusive: 2009 African landscape (2) - AIMA Chapter on South Africa's hedge fund industry being a step ahead of the rest ......................

To view our full article Click here