Ethics

The MidSouth Alternative Investment Association (MSAIA) promotes industry development and understanding among money managers, investors, service providers and academics in the MidSouth region of the U.S. Promoting high standards of ethics, integrity, and professional excellence is at the core of our mission at MSAIA.

"Code of Ethics and Standards of Professional Conduct" (Code and Standards) at https://www.cfainstitute.org/ethics/codes/Pages/index.aspx

"Standards of Practice Handbook" at http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2010.n2.1

Additional ethics resources at https://www.cfainstitute.org/ethics/codes/Pages/ethics_resources.aspx

Professional Risk Managers' International Association (PRMIA) 

    "Standards of Best Practice, Conduct & Ethics" at http://prmia.org/pdf/PRMIA_Standards_of_Best_Practice_Conduct__Ethics_4_1.pdf

Global Association of Risk Professionals "Code of Conduct" at http://www.garp.org/garp/code–of–conduct.aspx

The Hedge Fund Matrix is a joint initiative of AIMA, HFSB, IOSCO, MFA and the Asset Managers' Committee of the US PWG. Its primary objective is to offer a first step towards harmonisation of existing hedge fund industry sound practices to all stakeholders – specifically hedge fund industry practitioners, institutional investors, policy makers and regulatory authorities. See http://www.hedgefundmatrix.com/en/overview.cfm

Alternative Investment Management Association's (AIMA) "Guides to Sound Practices" http://www.aima.org/en/knowledge_centre/sound–practices/guides–to–sound–practices.cfm

Hedge Fund Standards Board (HFSB) "The Hedge Fund Standards and Guidance" at http://www.hfsb.org/?section=10564

International Organization of Securities Commissions (IOSCO) "Sound Practices for the Management of Liquidity Risk at Securities Firms (2002)" at http://www.iosco.org/library/pubdocs/pdf/IOSCOPD128.pdf

"NYSE Directors Code of Ethics" at http://www.nyse.com/pdfs/codeofethics.pdf

The PWG was established explicitly in response to events in the financial markets surrounding October 19, 1987 ("Black Monday") to give recommendations for legislative and private sector solutions for "enhancing the integrity, efficiency, orderliness, and competitiveness of [United States] financial markets and maintaining investor confidence". Renewed interest was stimulated in the wake of the 1998 Credit Crisis and Long Term Capital Management Failure such that the reports below were published in 2008, a decade after they were begun.

"Principles and Best Practices for Hedge Fund Investors: Report of the Investors' Committee" at http://www.amaicmte.org/Investor.aspx

"Best Practices for the Hedge Fund Industry: Report of the Asset Manager's Committee" at http://www.amaicmte.org/Asset.aspx

"Sound Practices for Hedge Fund Managers 2009 by Managed Funds Association (MFA)" at http://www.managedfunds.org/files/pdf%27s/MFA_Sound_Practices_2009.pdf

Other resources at MFA at http://www.managedfunds.org/mfas–sound–practices–for–hedge–fund–managers.asp including MFA's Sound Practices PowerPoint presentation (March 31, 2009), MFA's Due Diligence Questionnaire, MFA's Sound Practices for Hedge Fund Managers 2007

Institutional Limited Partners' Association "ILPA Private Equity Principles" at http://ilpa.org/ilpa–private–equity–principles/

EVCA issued the Governing Principles at 

http://www.evca.eu/uploadedFiles/Home/Toolbox/Industry_Standards/evca_governing_principles_2009.pdf

National Venture Capital Association (NVCA) "Professional Standards" http://www.nvca.org/index.php?option=com_content&view=article&id=73&Itemid=99

British Venture Capital Association (BVCA) "Responsible Business" at http://www.bvca.co.uk/About–BVCA/Responsible–Business2

European Private Equity & Venture Capital Association (EVCA) "Code of Conduct"

"National Futures Association (NFA) Business Conduct Rules" at http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/derivative3sub08052010–nfa.pdf

Global Investment Performance Standards (GIPS®) at http://www.gipsstandards.org/

Private Equity Industry Guidelines Group (PEIGG) "Guidelines for Valuation of US Private Equity Investments" at http://www.peigg.org/home.html

"Performance Attribution in Private Equity" by Austin M. Long, III, Partner, Alignment Capital Group at http://www.alignmentcapital.com/pdfs/analysis/pape.pdf

International Private Equity and Venture Capital Valuation Guidelines (Guidelines developed by IPEV Board) at http://www.privateequityvaluation.com/

European Venture Capital Association (EVCA) Reporting Guidelines at http://www.evca.eu/uploadedFiles/Home/Toolbox/Industry_Standards/evca_governing_principles_2009.pdf

History of US Venture Capital Portfolio Companies Guidelines at http://www.nvca.org/index.php?option=com_content&view=article&id=109&Itemid=138

AIMA's Roadmap to Hedge Funds aims to 'de–mystify' the hedge fund industry and tackle the misconceptions on issues such as short–selling, fees, transparency and the notion that hedge funds are risky, speculative and increase systemic risk. The Roadmap also offers guidance on creating and managing a hedge fund portfolio and gives an in–depth view of hedge fund strategies in investment, valuation, leverage, liquidity and risk management. See http://www.aima.org/en/knowledge_centre/education/aimas–roadmap–to–hedge–funds.cfm

"Venture Voices," a video series produced by the National Venture Capital Association, offers an intimate look at various aspects of the venture capital asset class as told by pioneering VCs both past and present at http://www.nvca.org/index.php?option=com_content&view=article&id=201&Itemid=471

British Venture Capital Association (BVCA) "Private Equity and Venture Capital Explained" at http://www.bvca.co.uk/PEVCExplained

American Institute of CPA's "AICPA Code of Professional Conduct" at http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/default.aspx

American Bar Association "ABA Model Rules of Professional Conduct" at http://www.abanet.org/cpr/mrpc/mrpc_toc.html

American Society of Home Inspectors "ASHI Code of Ethics" at http://www.homeinspector.org/codeofethics/default.aspx