New International Hedge Fund Reporting Rules In Sept.

Feb 26 2010 | 3:53pm ET

Hedge funds from around the world will be required to provide a high-level, biannual snapshot of their business beginning in September.

The International Organization of Securities Commissions yesterday set out 11 pieces of data that member regulators will demand from hedge funds under their purview. While IOSCO has not authority to impose such reporting requirements, its members are committed to following guidelines the group accepts.

IOSCO members account for some 95% of the world’s securities markets, and include the regulators for the two largest hedge fund jurisdictions, the U.S. Securities and Exchange Commission and the U.K. Financial Services Authority. The Cayman Islands, domicile for the majority of the world’s hedge funds, joined the group last year.

Beginning in September, manages will have to provide a variety of data every six months: the manager’s name, number of funds, number of equity owners, auditors, custodians, performance, redemptions, assets under management, the value of both long and short positions, geographic spread, liquidity, borrowings, net credit counterparty risk and top 10 positions.

“IOSCO believes that regulators should seek to develop a comparable and consistent set of data to be collected from local hedge fund managers and advisers to monitor systemic risks and prevent gaps in regulator reporting requirements,” Kathleen Casey, who heads IOSCO’s technical committee, said. Casey is a commissioner of the SEC.

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