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News August 15, 2005 Issue

MFA Updates Hedge Fund Sound Practices

The Managed Funds Association has released an updated version of its Sound Practices for Hedge Fund Managers.

The group first issued its Sound Practices in 2003. The newly-updated version contemplates the pending Advisers Act regulation of most hedge fund managers. The report addresses the following topics:

  • management and internal trading controls;
  • responsibilities to investors;
  • valuation policies and procedures;
  • risk monitoring;
  • regulatory controls;
  • transactional practices; and
  • business continuity and disaster recovery.

The practices contain two checklists that may be helpful to all advisers: issues to consider when developing a compliance manual, and issues to consider when developing a personal trading code of ethics.