Busy hedge fund times
Introduction
In March 2006 the FSA published its feedback to discussion paper 05/4 ‘Hedge Funds: A discussion of risk and regulatory engagement’, which looked at the impact of hedge funds on the UK’s wholesale market. Also in March 2006 the FSA published feedback to discussion paper 05/3 ‘Wider range retail investment products: Consumer protection in a rapidly changing world’, which looked at issues concerning the marketing and selling of hedge funds in the UK retail market. On 5 September 2006 Norton Rose LLP held its annual hedge fund seminar at which various issues, including the FSA’s feedback statements were considered.
Since the last annual hedge fund seminar there have been many hedge fund related publications from both the European Commission and the FSA. For instance, CESR has published guidelines regarding whether hedge fund indices can be classified as financial indices for the purposes of UCITS. The Technical Committee of the International Organisation of Securities Commissions has published papers including one on good practice principles for valuing investment portfolios.
Both fund managers and prime brokers in the UK need to be on top of the regulatory issues. To help them achieve this we have set out in this briefing a summary of the hedge fund related publications that the Commission and the FSA have produced since September 2006. Should readers wish to find a publication we have set out a table of links which can be found at the end of this briefing.
Disclaimer
This publication is written as a general guide only. It is not intended to contain definitive legal advice which should be sought as appropriate in relation to a particular matter.
Extracts may be copied provided their source is acknowledged.
Website: http://www.nortonrose.com
Contact our 24 hour London switchboard:
Tel +44 (0) 20 7283 6000
Fax +44 (0) 20 7283 6500