The Hedge Fund Standards Board (“HFSB”) have published a consultation paper which set out a series of amendments to its Hedge Fund Standards (“Standards") which are designed to make the Standards more relevant internationally and to strengthen the Standards in the light of a number of issues that became apparent during the financial crisis. The consultation paper set out proposed amendments to the Standards relating to fund governance. The amendments have been particularly designed to cater for the different approach to hedge fund structuring that is typical in the US. The consultation paper also included a number of proposals that are designed to strengthen the Standards in light of the lessons learned from the financial crisis. The amendments seek to: (i) strengthen disclosure to investors; (ii) improve risk management; (iii) ensure consistency in valuation; and (iv) ensure policies are in place to prevent market abuse.