New Regs Are Inevitable

摘要

The overall message from the Managed Funds Association (MFA) to its members at its February Network 2009 Conference in Key Biscayne, Fla. was "Get over it, it's coming."rnThe "it" is regulation, and MFA is positioning itself to have a seat at the table or at least have its voice heard when new regulations come.rnIt is not the first time MFA has taken this approach. They accepted the Hedge Fund Registration Rule, approved in 2005 by the Securities and Exchange Commission (SEC), and sought to make it more palatable to the industry but one man, Phillip Goldstein, stood up to the SEC and got it reversed.rnBut this time is different, because Congress is holding the strings andrnthey do have the authority to make law, something the SEC lacked and ultimately what caused that rule to be reversed in court.rn"Lawmakers are going to be inclined to give regulators more authority," said Roger Hollingsworth, executive vice president and managing director of government relations for MFA, at a panel on the impact of the Obama administration. "Get over it, it's coming," repeated Darcy Bradbury, director of external affairs for the D.E. Shaw Group, adding that the question now is, "What can we do to inform the debate?"