Clarifying disclosure
US regulators have insisted on the mandatory registration of hedge fund advisers, but disclosure is not the answer, argues Barry Schachter
Each class of hedge fund stakeholders has a unique interest in transparency. However, discussion on this issue has, for some time, been framed solely by the regulatory response to the collapse of Long Term Capital Management, in which hedge fund transparency was seen as a public policy issue. As a result, it is taken as self-evident that transparency could, and should, be improved by adherence to a strict set of disclosure standards.
Those willing to impose standards must be confident in their
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