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The President's Working Group on Financial Markets announced the chairs, members and mission statements for two private sector committees, one comprised of investors and the other comprised of asset managers.
The first task of the committees will be to develop best practices using the PWG's principles-based guidance released in February. The committees will create and publicly release the best practices so market participants may enhance investor protection and systemic risk safeguards consistent with the PWG principles and guidelines.
The President's Working Group is encouraging market participants to move beyond the status quo as they work to strengthen market discipline.
The Investors' Committee includes representatives from labor organizations, endowments, foundations, corporate and public pension funds, investment consultants, and non-U.S. investors.
The Asset Managers' Committee includes representatives from a diverse group of hedge fund managers representing many different strategies.
The groups will make the best practices available for public comment before they are finalized.