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Iosco, deputy secretary-general, Tajinder Singh

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Iosco sees new principles as tool for hedge fund oversight

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New hedge fund and securities regulation through measures such as the Dodd-Frank legislation in the US and the European Union’s Directive on Alternative Investment Fund Managers are indicative of a changed global order, according to the International Organisation of Securities Commissions.

Iosco’s new principles for securities regulation represent a paradigm shift for regulators and a marked change from the long-standing confidence in self-regulation, says the organisation’s deputy secretary-general, Tajinder Singh (pictured).
 
“Financial stability depends on prudential market regulation,” he told delegates at the recent Channel Islands Stock Exchange Summit conference in Jersey. “What is important is implementation and co-operation between regulators.”
 
Iosco says its revised principles, published this year, are based on lessons learned from the financial crisis and are designed to strengthen the global regulatory system and include strategies for ensuring “appropriate oversight” of hedge funds and their managers.
 
He added: “The conference has come at a time when standard setters, and all of us, can pause for breath and do some stock-taking of where we are post-financial crisis.”
 
Singh argues that the extent of Guernsey and Jersey’s regulatory compliance shows the importance they attach to international co-operation. The Jersey and Guernsey financial services commissions are regulator members of Iosco, and the CISX is an affiliate member.
 
Iosco’s new principles were added to its standards publication, Objectives and Principles of Securities Regulation, to reflect work by its technical committee’s task force on unregulated entities.
 
The organisation believes that application of the hedge fund oversight principles in a “collective, co-operative and efficient way” can provide regulators with the tools to obtain the information they need to address whatever regulatory and systemic risks hedge funds pose.

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