Progress report
An assessment of hedge fund YTD performance in the face of renewed fears for a potential eurozone crash Read More
Against the backdrop of difficult market conditions and growing investor…
02/11/2011
The Securities and Exchange Commission’s act of compromise on Form PF, the new reporting requirements to be imposed on US funds next year (see feature, p14), have been broadly welcomed by the industry, but some managers remain wary. Privacy concerns persist, as does some confusion over exactly what data must be disclosed.
But if the example of the UK is anything to go by, US managers should perhaps feel a little more comfortable. The UK’s Financial Services Authority (FSA) already runs two surveys designed to gauge the systemic risk posed by hedge funds, one surveying banks with exposures and the other surveying 50 of the biggest asset managers by hedge fund assets. So far, the surveys have been absorbed smoothly by the industry.
On a visit to the FSA last week, HFMWeek heard from Giles Swan, a hedge fund technical specialist, how the SEC was working alongside the UK regulator on Form PF. “There are similarities between Form PF, the survey we produce and the work done by Esma and Iosco [the European and international securities agencies],” he said. The SEC confirmed in a statement how closely it had worked alongside the organisations.
That should be reassuring to US managers, who will be pleased the Form PF measures have been developed with the help of other regulators who have been through the same process. There may be bumps along the road but Form PF doesn’t seem quite the danger it once did, with last week’s concessions a welcome boost. Whether funds will be saying so much when it is introduced next year, however, remains to be seen.
07/06/2012
Join us and our panel of experts for HFMWeek's Subscribers' Club June's UK breakfast briefing, 'Impact…
31/05/2012
The next US HFMWeek Subscribers' Club breakfast, will take place on Thursday May 31. Join us and…
02/02/2011
HFMWeek's European Hedge Fund Services Awards are designed to recognise companies that have outperformed...
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