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In her keynote address, Dame Amelia Fawcett, who is chairman of
the London-based Hedge Fund Standards Board, made a strong
argument for best practice standards as a complement or
alternative to 'blackline regulation' in the hedge fund
Prescriptive regulation can be inflexible and may have
unintended consequences, she said. By contrast, the standards
developed by the HSFB represent the views of both hedge funds
and prominent institutional investors, and keep pace with
broader financial issues.
Increasing numbers of managers and investors have committed
to the HFSB standards, in Asia and the US as well as in Europe,
as proof that this approach is gaining acceptance on a global
basis. Dame Amelia organised her remarks under three main
headings: the macro environment for hedge funds, the role of
capital markets, and the role of hedge fund standards.