The Managed Funds Association (MFA) believes it has the necessary backing from regulators and government insiders to turn back proposed regulations aimed at bringing hedge funds under the laws of registered investment advisors, TheStreet.com reports.

The MFA, which is the largest hedge fund industry trade group, claims to have the backing of Federal Reserve Chairman Alan Greenspan, House Financial Services Committee Chairman Michael Oxley (R-Ohio), Commodity Futures Trading Commission Chief James Newsome and at least two of the five commissioners at the SEC in its fight to beat back SEC Chairman William Donaldson’s push to regulate hedge funds.

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