The Chairman of the Financial Stability Forum, Mario Draghi, welcomed the the Hedge Fund Working Group’s best practice standards. “The report represents an important step towards improved disclosure practices and market discipline in this sector”, he said. “I welcome in particular the Hedge Fund Working Group’s recognition that setting the standards needs to be the beginning, rather than the end, of a process.”
The “comply or explain” expectation on hedge fund managers, the planned establishment of a Hedge Fund Standards Board to maintain the standards and report on conformity by the industry, and the recommendation that this Board should consider areas of convergence with the parallel initiative of the US President’s Working Group, are all useful further steps that can help to ensure that the issuance of standards will translate into enhanced practices globally."
Press release
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