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:
- Hedge funds in the spotlight following HBOS market raid
- FSA given power to offer immunity to whistle-blowers, Attorney General launches consultation on plea negotiation in fraud cases
- FSA Director insists no need for “significant” change to hedge fund regulation in the U.K.
HEDGE FUNDS IN THE SPOTLIGHT FOLLOWING HBOS MARKET RAID
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- FSA warns market over spreading of false rumours
- AIMA claims hedge funds unfairly targeted by media
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Hedge funds that use short-selling strategies have come under fire following the recent raid on shares in Halifax Bank of Scotland (HBOS). More
FSA GIVEN POWER TO OFFER IMMUNITY TO WHISTLE-BLOWERS, ATTORNEY GENERAL LAUNCHES CONSULTATION ON PLEA NEGOTIATION SYSTEM IN FRAUD CASES
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- Chancellor Alistair Darling announces FSA will be given power to offer immunity
- FSA to become “specified prosecutor”
- Attorney General proposes plea negotiation system in fraud cases
- Plea agreements will be subject to court approval
- Both changes welcomed by FSA enforcement division
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The FSA has welcomed two recent proposals that it believes will help it to secure more prosecutions in market abuse and insider dealing cases. More
FSA DIRECTOR INSISTS NO NEED FOR “SIGNIFICANT” CHANGE TO HEDGE FUND REGULATION IN U.K.
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- Hedge fund regulation working well in U.K. says FSA Director
- Specialist hedge fund supervisory team formed to monitor 35 top funds
- Key focus of regulation will continue to be relationship between hedge funds and prime brokers
- No need for hedge funds to provide more disclosure
- Hedge funds do not pose “systemic threat to stability”
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Speaking in a public hearing of the European Parliament’s Economic and Monetary Affairs Committee on 8 April, FSA Director of Retail Policy and Sector Leader for Asset Management Dan Waters said the FSA’s analysis of current market conditions did not suggest the need to “modify in any way” its approach to hedge fund regulation. 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