The movement to set private industry hedge fund standards took a step forward today. "Best practice" guidelines, from two committees formed by the President's Working Group on Financial Markets have been issued. The guidelines seek new standards governing disclosure, asset valuation and conflicts of interest, the Financial Times reports. For example, one recommendation would have hedge funds disclose their portfolios' stake in derivatives. Another would have the funds break their assets down into three asset categories based on the ability to value them at market prices. Better performance summaries also are in scope. Will this take root? Hard to tell now.  

For more:
- here's the Financial Times article

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