Finance Ministers Call For Greater Hedge Fund Oversight

Mar 16 2009 | 12:52pm ET

The world’s finance ministers have agreed to push for greater hedge fund transparency as part of a broad framework for reform in the wake of the financial crisis.

The G20 treasury chiefs recommended that their bosses, the leaders of those countries, require hedge funds or hedge fund managers to register with regulators. Meeting in England this weekend, the finance minister are also calling for hedge funds to be forced to provide greater disclosure to allow market watchdogs to asses the risk they may pose to the global financial system.

The leaders of the G20 are set to meet in London on April 2.

The finance ministers’ recommendations also include leverage limitations, regulatory oversight of credit ratings agencies, better accounting standards for difficult-to-value assets and new pay and bonus standards. They also pledged to tackle the thorny issue of toxic assets.

U.S. Treasury Secretary Timothy Geithner added that he would like to see the Financial Stability Forum, until now an informal group of financial supervisors, elevated to a fully-fledged oversight group to work alongside the International Monetary Fund, World Bank and World Trade Organization.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…