Hedgie body to clash with FSA over pay

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-TodaySenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Tuesday 14 September 2010 9:08 pm whatsapp Show Comments ▼center_img whatsapp Hedgie body to clash with FSA over pay HEDGE fund industry body the Alternative Investment Management Association (AIMA) is set to clash with the FSA over proposed rules on pay.AIMA is furious that new European rules designed to prevent reckless behaviour in the banking industry will affect its members.AIMA said yesterday it will meet with the FSA to suggest ways to water down the EU regulations. These rules, which will take effect in January, will apply to many asset managers in the 27-country bloc, as well as banks and brokers, as part of the global effort by regulators and policy-makers to guard against a repeat of 2008’s financial crisis.In a strongly worded email sent to the watchdog, AIMA pointed out the fundamental differences between hedge fund managers and bankers and called for clarity over the implementation of the rules.AIMA points out the FSA has already determined that no individual firm poses a systemic risk of the type the EU rules are meant to help prevent. The email, written by AIMA chief executive Andrew Baker, said: “Remuneration in the hedge fund sector does not encourage the reckless and short-termist behaviour the ‘bonus culture’ has created elsewhere – quite the opposite. Performance fees help to align the interests of manager and investor. And they do not reward failure, which was another criticism of the ‘bonus culture’ at large financial institutions.” The FSA is consulting with the industry until 8 October on how it might apply the measures, as each EU country regulator has some discretion. The FSA consultation paper Revising the Remuneration Code currently applies to 27 of the largest banks, building societies and broker dealers. Proposed amendments would roll it out to around 2,500 firms. KCS-content Tags: NULLlast_img read more