Alternative Investment Management Association
13 June 2008
London, 13 June 2008: The Alternative Investment Management Association (AIMA) has expressed its disappointment with the new provisions in the Financial Services Authority’s Code of Market Conduct regarding short-selling announced today – and believes that the FSA has set an awkward precedent.
While AIMA supports all appropriate measures that prevent market abuse and offer consumer protection, the industry is surprised that this measure has been introduced without any prior consultation.
AIMA believes there is insufficient information to allow proper consideration and implementation of these measures. Moreover, the provisions are due to come into effect on June 20th, giving the industry almost no time to prepare.
Andrew Baker, Deputy CEO of AIMA said:
“The FSA has an obligation to follow a consultation process with industry when new measures of this nature are set to be introduced. This measure appears to be in response to the need to recapitalise the banking system. This seems to be a rushed measure to assist a single sector and undoubtedly sets an awkward precedent for the future.
We will be consulting with our membership and submitting a detailed response itemizing our concerns to the FSA.”
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For further information, please contact:
Eoin Brophy (Hume Brophy)
T: +44 (0)20 7499 8736
Evan DeBarra (Hume Brophy)
Senior Account Manager
T: +44 (0)20 7499 8736
1. About AIMA
As the only truly representative global hedge fund association, AIMA, the Alternative Investment Management Association, has 1,280 corporate members worldwide, based in 49 countries.
Members include leading hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting services and fund administrators. They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators, worldwide.
AIMA is a dynamic organisation that reflects its membership’s interests and provides them with a vibrant global network.
AIMA is committed to developing industry skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the industry’s first and only specialised educational standard for alternative investment specialists. For further information, please visit AIMA’s website www.aima.org