Hedgeline
WELCOME to HEDGELINE - a new FREE publication by FSI you'll have to REGISTER FOR if you want to receive again. 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:
- London offers hedge funds new listing regimes
- FSA clarifies its approach on shareholder activism
- AIMA publishes best practice guide for European hedge fund managers
- FSA to open funds of hedge funds to U.K. retail investors
London offers hedge funds new listing regimes
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- London Stock Exchange (LSE) launches lightly regulated market for specialist funds; eligibility restricted to “institutional, professional and highly knowledgeable investors”
- FSA announces unitary regime for funds on LSE main market; lifts prohibition on feeder funds
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The London Stock Exchange (LSE) has launched a new Specialist Fund Market (SFM) aimed at hedge funds and other specialist funds. The SFM, which opens in November 2007, will offer hedge funds a lightly regulated market with only the minimum regulatory standards required under the European Markets in Financial Instruments Directive (MiFID).More...
FSA clarifies its approach on shareholder activism
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- Useful FSA guidance on when shareholder activism likely to be viewed as market abuse
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The FSA has provided clarification for hedge funds on what it regards as acceptable shareholder activism and, on the other hand, what types of conduct might be deemed market abuse. More...
AIMA publishes best practice guide for European hedge fund managers
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- Leading industry guidance on risk management, compliance and operations processes for hedge funds
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The Alternative Investment Management Association (AIMA) has published a new “Guide to Sound Practices for European Hedge Fund Managers,” updating its 2002 version. According to AIMA, the 65-page guide is intended to be a “practical business tool” for hedge fund managers and provides a comprehensive list of best practices relevant to all hedge funds. More...
FSA to open funds of hedge funds to U.K. retail investors
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- U.K. retail funds expected to get green light to invest in hedge funds by end of 2007
- Retail schemes will be permitted to invest 100 percent in alternative investment funds
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The FSA has issued proposals introducing a new category of funds known as Funds of Alternative Investment Funds (FAIFs) aimed at retail investors. The introduction of FAIFs will bring the UK into line with other jurisdictions such as France, Germany, Italy and Ireland where retail funds of hedge funds are already permitted. More...
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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.