PANEL 5 John G. Gaine President Managed Funds Association

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Presentation transcript:

PANEL 5 John G. Gaine President Managed Funds Association 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 Re-examining Industry Disciplines in Today’s Volatile Markets: Principles in Risk Management and Valuation

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. John G. Gaine MFA President

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. John G. Gaine MFA President

MFA’s Three Pillars Market self-discipline. Tailored but interoperable approaches to sound practices. The wholesale approach. John G. Gaine MFA President

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. John G. Gaine MFA President

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. Moderator: Timothy Wilson, Chief Risk Officer, Caxton Associates, L.L.C. Panelists: Kathryn E. Dick, Deputy Comptroller of Credit and Market Risk, OCC Michael Hsu, Financial Economist, SEC Brian Peters, Senior Vice President, Risk Management, Federal Reserve Bank of NY

The wholesale approach Alternative investments are risky; regulators should not forget that fact. MFA does not support retailization. Savvy investors vs. retail investors. John G. Gaine MFA President