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The government department has made several recommendations for the funds, advising that they provide performance reports to their investors in the manner of public companies.
According to the Treasury, asset backed securities should also be better categorised by hedge funds - with attention drawn to how difficult they are to value.
Problems over how much these complex financial instruments are worth has been a primary cause of the global credit crunch - which has caused the slowdown in inter-bank borrowing and lending.
The recommendations follow last year's reports from the President's Working Group on Financial Markets, which investigated the hedge fund sector.
"More than many other investment vehicles, hedge funds require in-depth and continuous oversight by their investors," the panel said in a statement.
"This report calls on hedge funds to implement these new standards."
The hedge fund sector as a whole is currently worth almost $2 trillion.
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