Comment Letter Responding to the UK Financial Services Authority’s Consultation Paperon Revising its Remuneration Code.

MFA filed a comment letterwith the UKs Financial Services Authority, in response to the FSAs consultation paperon revising its remuneration code. In the letter, MFA discussed key differences between hedge fund advisers and large, publicly owned financial institutions, which were the focus of the EU and UK rulemakings regarding remuneration and the need for the FSA to tailor the remuneration code with respect to hedge fund advisers, in light of those differences and in a manner consistent with the principle of porportionality. Specifically, MFA encouraged the FSA to limit the application of certain provisions, including those that would require an adviser to: defer a portion of a covered employees remuneration; pay a certain percentage of remuneration in shares; and establish an appropriate ratio of variable to fixed remuneration.