G7/8 Finance Ministers Meetings

G7 Deputies Exchanged Views with the Private Sector on Hedge Funds
Washington, April 16, 2007

  • See also G7 Finance Ministers Statement
  • See also U.S. treasury secretary Henry Paulson's Statement

    In the follow up of G7 Finance Ministers' discussion in Essen on the role of hedge funds, G7 Deputies had an exchange of views with hedge fund managers, prime brokers and counterparties at the margins of the spring meeting of the Bretton Woods institutions in Washington DC.

    The meeting was co-chaired by the G7 presidency, State Secretary Thomas Mirow and Under Secretary of the Treasury, Tim Adams.

    After hearing a presentation by Under Secretary of the Treasury, Robert Steel, on the "Principles and Guidelines Regarding Private Pools of Capital" of the President's Working Group on Financial Markets, a progress report was given by the chairman of the Financial Stability Forum, Mario Draghi, on the update of the institution's 2000 report on Highly Leveraged Institutions. In addition, the chairman of the "Counterparty Risk Management Policy Group II", E. Gerald Corrigan, briefed participants on the implementation of the group's 2005 report's findings. The discussion with private sector participants focused on best practices on risk management, current hedge fund and private equity regulations and disclosure issues, including a discussion of best practices.

    G7 Deputies agreed to keep the matter under further consideration.

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    Source: United States Treasury