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Alternative Market Briefing

The regulation changes in South Africa could make hedge funds more broadly accessible

Monday, December 10, 2012

Bailey McCann, Opalesque New York:

In September of this year, the South African Financial Services Board (FSB) and the National Treasury, issued a new paper with proposed guidelines that would include hedge funds in the Collective Investment Schemes Control Act (CISCA) of 2002. If these guidelines move forward, they could have far reaching impact for the hedge fund industry in South Africa. The regulation and its potential were discussed by participants in our recent Opalesque South Africa Roundtable.

"The promulgation of such product level regulation for local hedge funds will definitely have a far-reaching impact on the local financial industry and hopefully make hedge funds more accessible to a broader market. This development should also further increase the confidence of institutional investors such as pension funds, as the proposed legislation will mean that they will be able to access these funds through a much more uniform regulated manner," explains Carla De Waal, Head of Funds of Hedge Funds, Novare Investments.

Like the UCITS structure in Europe, bringing hedge funds under the CISCA rules could provide investors with more clarity, understanding of structure and tax treatments. "One might even argue that such a regulated vehicle will reduce due diligence costs for institutional investors, as many features will be standardized or prescribed through prudential regul......................

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