Alert March 02, 2010

IOSCO Publishes Template for Collection of Data from Hedge Funds to Assist Securities Regulators’ Assessment of Systemic Risk

The Technical Committee of the International Organization of Securities Commissions (“IOSCO”) has released a template designed to allow securities regulators to gather comparable and consistent data from hedge fund managers and advisers to facilitate international supervisory cooperation in identifying possible systemic risks in the hedge fund sector.   The template was released in view of planned legislative changes being considered in various jurisdictions, with a recommendation that the first gathering of data be carried out on a best efforts basis in September 2010.  SEC Commissioner Kathleen Casey chairs the Technical Committee.  As discussed in a November 20, 2009 Goodwin Procter Client Alert, the various U.S. financial regulatory reform proposals to date would grant the SEC considerable rulemaking power to require advisers to privately offered funds to report on their activities and those of their funds.