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.
October's
update:
- Swiss regulator calls for more incentives to attract foreign hedge fund managers
- New Companies Act increases scope for shareholder activism
- Dubai to launch new hedge fund code
- FSA enforcement director announces new crackdown on insider trading
Swiss regulator calls for more incentives to attract foreign hedge fund managers
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- Swiss federal banking commission wants fewer licensing restrictions on foreign fund managers
- Also calls for new hedge fund tax regime
- Switzerland continues to push for hedge fund market share
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The Swiss Federal Banking Commission (SFBC), the country’s financial services regulator, has called for more to be done to attract hedge fund managers and hedge funds to locate in Switzerland. In a new report, the SFBC notes the “limited opportunity” for managers of foreign hedge funds to be licensed by the SFBC, under current rules. More...
New Companies Act increases scope for shareholder activism
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- Greater scope for "derivative" claims by investors under new Companies Act
- Company directors potentially liable even if no bad faith shown
- Directors now under statutory duty to "promote success of company"
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The scope for hedge funds to use litigation, or the threat of litigation, against company directors has increased following recent changes to U.K. company law. More...
Dubai to launch new hedge fund code
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- Additional regulatory regime for Dubai hedge funds
- Principles-based approach comes into force early 2008
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The Dubai Financial Services Authority (DFSA) is developing a new code of practice for hedge funds operating in the country’s International Financial Centre (DIFC). The new code, which will operate in tandem with the country’s existing Collective Investment Fund (CIF) regime, is expected to be in force early in 2008. More...
FSA enforcement director announces new crackdown on insider dealing
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- Criminal prosecution will be "real part" in FSA enforcement
- New enforcement powers will be sought
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In a speech to the American Bar Association on 4th October, Margaret Cole, Director of Enforcement at the U.K. Financial Services Authority (FSA) signalled a more aggressive approach by the FSA towards insider trading and pledged to use all the tools at its disposal. The speech follows a recent FSA study that identified suspicious share price movements before nearly a quarter of all takeover announcements in 2005. 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.
MISSED AN EDITION?
Want to catch up on a previous edition of Hedgeline? Click on the links below
Hedgeline August
Hedgeline September