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Laxman Pai, Opalesque Asia:

The Alternative Investment Management Association (AIMA) has published a Fund Manager Code of Conduct (FMCC) implementation guide.

The global representative body of alternative investment managers said in a press release that the implementation guide is based on the revised FMCC published by the Securities and Futures Commission of Hong Kong (SFC), which will become effective on 17 November 2018 and covers the latest guidance and regulation from the SFC for fund managers managing funds or discretionary accounts in Hong Kong.

It said that the revisions to the FMCC reflect the desire of the SFC to implement financial and regulatory policy reforms affecting the asset management industry that were recommended by international bodies such as the IOSCO, the FSB and other regulatory bodies after the global financial crisis.

The release quoted AIMA's CEO Jack Inglis as saying: "The FMCC Implementation Guide uncovers the importance of ongoing industry dialogue around the expectations placed upon fund managers and their constituents. Increasingly our members look to AIMA for direction surrounding areas of compliance and regulation. This Guide addresses many of the queries circulating the market, offering relatable examples and easy-to-understand summaries of the SFC's position."

The revisions address issues in areas such as systemic risk, shadow banking, liquidity and risk management, enhanced custody requirements, securities lending ......................

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