Alternative Investment Management Association
08 August 2006
London, 8 August 2006: AIMA, the global trade association for hedge funds welcomes the SEC decision not to appeal against the decision of the US Court of Appeals to strike down their Rule amendments, which required hedge fund registration.
Commenting on the decision, Florence Lombard, Executive Director of AIMA said, “We are pleased to see that the SEC has decided to take a fresh look at its proposal for hedge fund regulation.”
“AIMA urges the SEC to ensure specifically, that it permanently remove the requirement for non-US hedge fund managers also to register in the USA if they are already fully regulated in efficient jurisdictions, such as the UK and France, which together account for over 80% of the European industry. The requirement for dual registration, imposed by no other regulator worldwide, was unnecessary, expensive, lead to complex issues for managers having to comply with very different sets of rules and created an un-level playing field.”
AIMA will now engage in further discussions with the SEC and, should the requirement for dual registration still be considered, will actively enlist the support of the European Commission as per Recommendation 7 of the EC Hedge Fund Expert Group report (July 2006) to secure exemptions from SEC registration for its members regulated in Member States. AIMA will also consult with its Chapters in Asia and in Canada, to lobby for the same treatment for managers who already regulated in these regions.
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For further information, please contact Eoin Brophy, Hume Brophy Communications on +353 (0) 86851 5477
1. About AIMA
Founded in 1990, AIMA is a not-for-profit global trade association with corporate membership in 46 countries, including over 560 member companies in Europe. AIMA focuses specifically on hedge funds, managed futures and managed currency funds. More than 1000 corporate members (comprising 3500 individuals) enable the Association to create global tools for the benefit of its members, institutional investors and regulators. Its objectives are to increase investor education, transparency and promote due diligence and related sound practices, and to work closely with regulators and interested parties in order to promote the responsible use of alternative investments. AIMA’s membership includes fund of funds managers, institutional investors, hedge fund managers, prime brokers, exchanges, fund administrators, auditors, lawyers and other specialist service providers. Please visit us at www.AIMA.org.