AllAfrica.com – The Financial Services Board (FSB) has begun work on legislation to control hedge funds, which played a critical role in the global economic meltdown.

FSB CEO Dube Tshidi said yesterday the aim with the legislation, a first for SA, was to limit risk and achieve greater transparency. A dedicated team was working quite fast on the project which could be finished next year.

Hedge fund managers are required only to be registered and meet certain conditions such as to be fit and proper persons, but Tshidi said it was necessary to regulate the funds themselves.

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Tags: aim, ceo, critical role, dedicated team, dube, financial services board, fsb, global economic meltdown, hedge-fund-managers, legislation, proper persons, risk, transparency, tshidi