In a recent interview with the Financial Times, chairman of the US Securities and Exchange Commission, William Donaldson defended the regulator against the criticisms that it has received for seeking to toughen oversight of hedge funds, mutual funds, and listed companies.
Mr Donaldson told the business daily that although corporate governance had improved following the collapse of several high profile firms, there is still a long way to go in many cases.
"The tone is set at the top. You must have an internal code of ethics that goes beyond the letter of the law to also econompass the spirit of the law. Does that concept exist in all companies? No. All you have to do is look at executive compensation to recognise that we still have a way to go."
The SEC chief also reportedly signalled his determination to press ahead with plans to oblige hedge funds to register with the Commission, arguing that the "gold rush" of sometimes inexperienced managers entering the industry justifies such a move.
"I think we would be severely criticised if in fact we did not do the most simple thing to get basic information so that we can get our arms around the industry and understand it better," he observed.
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