PWG recommends no change to hedge fund rules

Despite its growth over the past seven years, there is no need to improve regulation of the private investment industry, a US government working group has reported.

The President's Working Group on Financial Markets (PWG), a group comprising the heads of the Securities and Exchange Commission, the US Treasury, the Commodity Futures Trading Commission and the Federal Reserve, said: "The current regulatory structure ... is working well."

In its statement of principles, the group emphasised it wa