Hedgeline
WELCOME to HEDGELINE - a publication dedicated exclusively to hedge fund regulation, each month we will provide a summary of the major legal and regulatory developments in hedge fund regulation, both in Europe and key offshore jurisdictions. For those who want to read in more depth, we have also provided links to all relevant materials currently available.
In this month’s update:
- U.S. working group launches best practice guidelines for hedge funds
- SEC sues U.K. hedge fund for alleged fraudulent trading in U.S. mutual funds
- European Parliament calls for new hedge fund regulatory framework
U.S. WORKING GROUP LAUNCHES BEST PRACTICE GUIDELINES FOR HEDGE FUNDS
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- New rules aim to increase accountability and protect investors
- Code will be voluntary
- Disclosure will be based on public company model
- Funds will be required to be independently audited
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A new set of best practices for the U.S. hedge fund industry has been published by groups representing hedge funds and investors. More
SEC SUES U.K. HEDGE FUND FOR ALLEGED FRAUDULENT TRADING IN U.S. MUTUAL FUNDS
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- U.K. fund sued for late trading and market timing abuses
- SEC claims fund made $198 million in “illicit profits”
- SEC alleges fund opened multiple accounts to conceal extent of trading
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The U.S. Securities & Exchange Commission last month filed a lawsuit against London - based hedge fund Headstart Advisers for alleged fraudulent trading in mutual funds. More
EUROPEAN PARLIAMENT CALLS FOR NEW HEDGE FUND REGULATORY FRAMEWORK
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- European Parliament report calls for comprehensive EU regulation of hedge funds
- Proposes hedge fund managers should disclose domicile of funds, identity of managers, corporate earnings and bonuses, and identity of directors
- Proposes new capital and liquidity requirements, and upper limits on leverage
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A draft report by the European Parliament’s Economic and Monetary Affairs Committee has called for a new and all encompassing regulatory framework for hedge funds and private equity. More
ABOUT YOUR PUBLISHER, FSI:
FSI is a well known law firm with specialist expertise in relation to enquiries and investigations instigated by the FSA and overseas regulators, including AMF in France and the SEC in the US. Often working in conjunction with compliance specialists and other professional advisers, the team will attend interviews at the FSA, advise on all correspondence with the FSA and represent their clients before the Regulatory Decisions Committee and the Financial Services Markets Tribunal. For further information on how we might be able to help you, please contact head of team, Philip Rubens:
Philip Rubens is head of the financial services team at FSI. Having undertaken a secondment at the FSA, Philip is a leading expert in the regulatory enforcement field.
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Hedgeline August
Hedgeline September
Hedgeline October
Hedgeline November
Hedgeline December
Hedgeline January
Hedgeline February
Hedgeline March
Hedgeline April