WEST PALM BEACH, FL (HEDGECO.NET) – The Managed Funds Association, [MFA] an organization representing many hedge funds, including many of the largest and most influential hedge funds seeks tointensify its efforts against the proposed hedge fund regulation by the US Securities and Exchange Commission [SEC].
Speaking at a news conference at the MFA annual conference [June 14-16] at the Waldorf-Astoria in New York, the current Chairman of the group, Mr. Adam Cooper pledged to increase the organization�s educational outreach to its members numbering about 800, including 37 of the 50 largest hedge funds. Mr. Cooper is a senior managing director and general counsel at Chicago based Citadel Investment Group, managing about US $10 billion of investor assets.
MFA has opposed the SEC�s proposed new regulatory laws for the hedge fund industry. MFA said in its previous statements, �there is currently sufficient regulatory oversight of the hedge fund industry.� Such a statement was made in response to the SEC�s new proposals to mandate hedge funds to register with the federal agency.
In past statements the MFA President John G. Gaine said, �MFA applauds Chairman Donaldson�s recognition that hedge funds are dynamic, entrepreneurial and invaluable to the operational efficiencies of the markets due to their unique ability to use short selling and leverage.�
Gaine however added, �MFA looks forward to continuing its dialogue with the staff, the Commissioners and the President�s Working Group to help fill the information gap referred to by the Chairman in his remarks; MFA believes that accredited investors and qualified purchasers are sufficiently sophisticated to make prudent investment choices, including investing in hedge fund strategies�.
While MFA opposes new regulation of hedge funds, many hedge funds have voluntarily registered with the SEC. A new survey by the Investment Counsel Association of America shows that about 601 hedge fund firms have voluntarily registered with the SEC, an increase of about 15% from a year earlier. Many of the hedge funds voluntarily registering with the SEC think such laws are inevitable.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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