UK Fund Group Wants Tighter Post-Madoff Rules

Law360, New York (July 1, 2009, 12:00 AM EDT) -- Europe's most powerful hedge fund industry group on Wednesday proposed new standards intended to establish more independent oversight and increased disclosure standards on its membership after the unraveling of Bernard L. Madoff's decades-long fraud.

According to the London-based Hedge Fund Standards Board, the proposed rules changes are designed to prevent a Madoff-like Ponzi scheme from developing in Europe and come as the European Union is considering tough new measures meant to control hedge funds. Among the changes being proposed are requiring hedge funds to appoint independent...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.