7.1.2009 The Hedge Fund Standards Board (HFSB) recently proposed changes to its standards on fund administration and redemptions in light of the financial crisis. The proposed changes would introduce new standards requiring funds’ governing bodies to
- Appoint an independent third party to administer the fund;
- Prepare accounting records; and
- Carry out net-asset-value (NAV) calculations as well as having an independent custodian.
Click http://www.hfsb.org/sites/10109/files/20090701_press_release_new_signatories_and_toughening_standards.pdf to access the HFSB press release and view signatories to the proposals.