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.
TOP ADVISER CALLS FOR STRICTER HEDGE FUND CODE
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- Hedge fund working group proposals too vague
- Needs to be more explicit disclosure of fund investment objectives in offering memorandum; boilerplate language should not be used
- Third-party administrators should be responsible for valuing fund’s portfolio and calculating management and performance fees payable to managers
- Hedge fund boards of directors should meet quarterly and face-to-face
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Investment consultant Albourne Partners, the world’s largest hedge fund advisory firm, has told the U.K. Hedge Fund Working Group (HFWG) to tighten up its proposed Hedge Fund Code by including more specific recommendations. The proposed code, published last October by HFWG is based on input from 14 leading hedge funds; the final report is expected later this month. More
BARCLAYS SUES BEAR STEARNS FOR “SHOCKING FAILURE” OF HEDGE FUND
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- Barclays alleges it was "repeatedly and fraudulently" misled by Bear Stears Asset Management (BSAM)
- Alleged cover up by BSAM
- Bear Stearns also facing new wave of investor claims
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In the most high-profile lawsuit to date resulting from the $1.6 billion collapse of two Bear Stearns’ hedge funds, last month Barclays filed a 75-page claim against Bear Sterns Asset Management (BSAM) in the U.S. District Court (Southern District of New York) for unspecified damages. More
FSA CHIEF SETS OUT “TWO-PRONGED” APPROACH TO HEDGE FUND REGULATION
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- FSA monitoring prime brokers’ hedge fund exposures
- FSA will increase sanctions and use of “criminal powers”
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Subprime collapse not caused by hedge funds
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Giving a keynote address to the recent EDHEC Hedge Fund Summit, FSA Chief Executive Hector Sants outlined what he described as a two-pronged approach to hedge fund regulation in the United Kingdom. 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:
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Want to catch up on a previous edition of Hedgeline? Click on the links below
Hedgeline August
Hedgeline September
Hedgeline October
Hedgeline November
Hedgeline December