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August 11, 2003 at 08:00 PM
WASHINGTON (HedgeWorld.com)–The Managed Funds Association sent its third installment of its commentary to the Securities and Exchange Commission this week, officials announced.
The latest document is the 2003 Sound Practices for Hedge Fund Managers, which has been in the works for several months by the MFA and its membership. The hedge fund lobbying group sent the SEC two white papers in early July to assist the agency in its hedge fund fact-finding mission.
The documents, Registration of Hedge Fund Advisers under the Investment Advisers Act of 1940 and Financial Eligibility Standards for Investors in Hedge Funds, were sent earlier in response to SEC Chairman Donaldson’s request for additional commentary following the hedge fund round tables in May Previous HedgeWorld Story.
“In response to the hedge fund industry’s growth over the past few years, MFA has also sought to make the recommendations applicable to a broader range of hedge fund managers and to take account of evolving management practices in the industry,” John G. Gaine, president of the MFA, wrote in his most recent letter to the SEC.
The latest document could take some time for the regulatory agency to digest, since the Sound Practices paper totals 124 pages and has three lengthy appendices. The 2003 Sound Practices is divided up into six sections. They are: management and internal controls; responsibilities to investors; valuation and policies and practices; risk monitoring; regulatory and documentation controls; and business continuity and disaster recovery. The appendices cover the topics of risk monitoring, regulatory filings and anti-money laundering guidelines.
