2. Management of exposures to hedge funds  In the fall of 2006, the Federal Reserve Bank of New York initiated a multilateral supervisory review of the leading global banks' current practices for managing their exposures to hedge funds.
The U.S. Securities and Exchange Commission (SEC), the Office of the Comptroller  BIS Review 80/2007  5  of the Currency (OCC), and prudential supervisors in Germany, Switzerland, and the United Kingdom are participating in this review. The first phase of the review was completed last December.