WASHINGTON (HedgeWorld.com)–The Managed Funds Association’s elections put four new members on its board of directors and officers for the 2002 to 2003 fiscal year.
One of the new directors, Theresa D. Becks, chief financial officer and secretary, Campbell & Co. Inc., Towson, Maryland, testified before the Commodity Futures Trading Commission in September that public futures offers are over-regulated by overlapping authorities.
On Sept.19, the CFTC held a roundtable for discussion of commodity pool operator and commodity trading adviser issues. Campbell has been registered as a CPO since 1982 and as a CTA since 1978. Ms. Becks told the CFTC that Campbell supports “an initiative to streamline the various definitions of sophisticated persons and coordinate the definitions across all necessary regulatory authorities.” Specifically, she said that the comments Campbell receives from various regulators who must clear its offering documents often contradict each other.
“We spend an enormous amount of time ‘negotiating’ between all concerned parties until a consensus is reached,” she said. “Ironically, the ones who end up paying for all the legal time required to resolve issues between the regulators are the investors themselves (through increased offering costs), the exact group the regulators are hoping to protect.”
The other new MFA directors are: Robert Alderman, managing director, Merrill Lynch Investment Managers Inc.; Kent A. Clark, managing director and chief investment officer, Goldman Sachs Hedge Fund Strategies Group; Mark H. Mitchell, vice chairman, John W. Henry & Co. Inc.