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IOSCO Technical Committee Conference, Tokyo November 8-9, 2007 PANEL 5

IOSCO Technical Committee Conference, Tokyo November 8-9, 2007 PANEL 5 Approaches towards Alternative Investments – Regulation of hedge funds in the United States John G. Gaine President Managed Funds Association. About MFA. Founded in 1991.

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IOSCO Technical Committee Conference, Tokyo November 8-9, 2007 PANEL 5

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  1. IOSCO Technical Committee Conference, Tokyo November 8-9, 2007 PANEL 5 Approaches towards Alternative Investments – Regulation of hedge funds in the United States John G. Gaine President Managed Funds Association

  2. About MFA • Founded in 1991. • Only U.S.-based, global membership organization dedicated to the hedge fund industry. • Members include hedge funds, fund of hedge funds and managed futures funds.

  3. Sound Practices for Hedge Fund Managers • First document in 2000. • 2007 edition is in its fourth iteration. • Was prepared in response to President’s Working Group on Financial Markets (PWG). • Several iterative improvements from prior versions.

  4. MFA’s Three Pillars • Market self-discipline. • Tailored but interoperable approaches to sound practices. • The wholesale approach.

  5. Market self discipline • Market-discipline is necessary to sound risk management. • Ongoing dialogue among market participants is essential. • Participants and regulators must keep talking in order to dispel market concerns and reduce risk.

  6. Tailored but interoperable approaches to sound practices • One size does not fit all. • Multiple open consultations and dialogue are key. • Regulators and industry associations should not prescribe structure.

  7. The wholesale approach • Alternative investments are risky; regulators should not forget that fact. • MFA does not support retailization. • Savvy investors vs. retail investors.

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