The Alternative Investment Management Association is to engage with US policymakers and supervisors over the implementation of the Dodd-Frank Act.
Aima has set out several key areas of focus ahead of September meetings with US policymakers and supervisors regarding the Act.
These include the registration of hedge fund managers and the reporting of systemically relevant data in the interests of a broader financial stability assessment; how smaller managers may be impacted by the legislation; OTC derivatives; the revised Volcker Rule; potential tax issues; and the goal of global regulatory consistency.
Todd Groome, chairman of Aima, says: “Aima, as the global hedge fund association, has historically worked closely with US and international supervisors, and we look forward to engaging with US authorities in September and beyond regarding numerous issues related to the implementation of the Dodd-Frank Act, as well as its interaction with reforms in other jurisdictions.
“Aima supports increased dialogue with supervisors, and the goal of improved trading and market transparency by the industry. That includes periodic reporting of data to supervisors so they may better assess broad market and potential systemic risks. Hedge funds do not present a systemic risk, but our industry can contribute to the analysis of systemic risk and financial stability.
“We also support OTC derivatives reform, including the introduction of central clearing. We believe central clearing of eligible contracts is a very important reform aimed at improving financial stability. However, we remain focused on certain implementation issues, such as direct access, governance and capital or margin requirements.”