WEST PALM BEACH, FL (HEDGECO.NET) – The president of the Managed Funds Association, John Gaine has again rejected the SEC�s hedge fund regulation proposals, recommended by Chairman William Donaldsonand his agency. Gaine called the new proposals �burdensome,� in a statement submitted to SEC authorities.
According to Gaine, the Treasury Department, Federal Reserve, Commodity Futures Trading Commission and the SEC, all members of the President’s Working Group on Financial Markets could share all the available data they collect on hedge funds, such process according to him can enable the SEC to achieve its goals on hedge fund activities, and at the same time save hedge fund industry managers and administrators from the cumbersome requirements of the new proposals.
Gaine said, “An efficient use of available sources of information will enable regulators to protect the interests of investors without imposing unnecessary burdens and costs on the hedge fund industry, its investors and taxpayers.”
Other members of hedge fund trade organizations such as Alternative Investment Management Association [AIMA], The National Futures Association [NFA] have also argued against the SEC proposals. The NFA has consistently argued that commodity pool operators and commodity trading advisers should be exempted from the SEC�s new proposals on the ground that such groups are already regulated by another US Government Agency, the Commodities and Futures Exchange Commission [CFTC].
The SEC�s comment stage ended on September 15, and final vote on the issue will likely be carried out by the end of the year.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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