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Alternative Market Briefing

Australian regulator issues hedge funds guide for improving disclosure

Thursday, October 04, 2012

From Komfie Manalo, Opalesque Asia - The Australian Securities and Investments Commission (ASIC) released "Regulatory Guide 240 – Hedge funds: Improving disclosure" in September. This guide offers benchmarks and disclosure principles related to the issue of Product Disclosure Statements (PDS).

According to ASIC, this guide is for those involved in the issue and sale of hedge funds. It sets out the regulator’s guidance for improved disclosure to investors to help them understand and assess these products.

According to Triple A Partners’ latest newsletter, Australian Hedge, the guide covers benchmarks for valuation of assets and periodic reporting, and disclosure principles on investment strategy, manager, fund structure, valuation/location/ custody of assets, liquidity, leverage, derivatives, short selling and withdrawals.

The new guide also defines 'hedge fund’ and 'fund-of-hedge-fund’ for the first time: a "hedge fund" as a registered MIS that is promoted by the responsible entity as being a hedge fund (using that expression); or has two or more of the defined characteristics of a hedge fund.

ASIC has been strengthening its hedge fund rules to better protect investors, ......................

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