Managed Fund Association's Sound Practices for Hedge Fund Managers 2007

WASHINGTON, DC | NEW YORK

Sound Practices for Hedge Fund Managers | 01Sound Practices for Hedge Fund Managers | 01

TABLE OF CONTENTS

Preface

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1Introduction

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1Section 1 Recommendations: Management,

Trading,and Information Technology Controls

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.11..Management.and.Trading.Controls.2.16..Inormation.Technology.Controls.5.19..Third-Party.Service.Providers.8

Section 2 Recommendations: Responsibilities to Investors

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.21..Responsibilities.to.Investors.2

Section 3 Recommendations: Determination of Net Asset Value

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.31..Verifcation.o.the.Existence.o.Assets...and.Liabilities.2.36..Determination.o.Fair.Value.7.37..Responsibility.or.Valuation.8.38..Pricing.Policies.and.Procedures.9.310.Frequency.o.NAV.Determinations.13.311.Financial.Statement.Close.Process14

Section 4 Recommendations: Risk Management

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.41..Structure.o.Risk.Management.Process.2.44..Market.Risk.4.411.Funding.Liquidity.Risk.9

Sound Practices for HedgeFund Managers

Table of Contents

0 | Table of Contents

.414.Counterparty.Credit.Risk.10.415.Leverage.11.416.Operational.Risk.12.417.Risk.Monitoring.Valuation.13

Section 5 Recommendations: Regulatory Controls

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Section 6 Recommendations: Trading RelationshipManagement, Monitoring, and Disclosure

.1.61..Documentation.Policies.and.Controls.2.65..Best.Execution.5.67..Execution.and.Clearing.Arrangements.7.68..Sot.Dollar.Arrangements.8

Section 7 Recommendations: Business Continuity, DisasterRecovery, and Crisis Management

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Appendix I Glossary and Selected Sources Used

.1.Selected.Sources.Used.15

Appendix II Model Due Diligence Questionnaire forHedge Fund Investors

.1.I...Investment.Manager.Overview.3.II...Overview.o.Activities.o.the.Investment....Manager.7.III..Fund.Inormation.8

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Upload Date:	08/18/2009
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