Joint MFA-AIMA Letter to Australian Treasury on Investment Manager Regime

MFA and AIMA sent a joint letter to the Australian Treasury in response to the Treasury’s second exposure draft of the third element of the investment manager regime (IMR 3).  In the letter, MFA and AIMA explained the typical structure, ownership, and compensation arrangements used in the hedge fund industry and why the IMR 3 draft legislation likely would exclude many hedge funds from its scope, contrary to the Australian Government’s intention in drafting the legislation.  MFA and AIMA expressed support for the Government’s intended objectives and encouraged the Australian Treasury to further consider the concerns raised in our letter, as well as the concerns raised in prior joint letters submitted by MFA and AIMA regarding the investment manager regime.