The changes would include introducing new standards requiring fund governing bodies to appoint an independent third party to administer the fund, prepare accounting records and have an independent custodian.
The Hedge Fund Standards Board consults on changes to its standards on fund administration and redemptions in the light of the financial crisis.
The changes would involve introducing new standards requiring fund governing bodies to appoint an independent third party to administer the fund, prepare accounting records and carry out NAV calculations as well as having an independent custodian.
The proposed changes regarding redemptions would place more onerous disclosure requirements on managers regarding possible restrictions on withdrawals.
Deadline for comments is 21 August 2009.
Press release
Consultation on Hedge Fund Redemptions
Consultation on Administration and Safekeeping
© HFSB
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