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New Managers November 2012

Rules & Regulations - Recent UCITS developments that will impact emerging hedge fund managers

Lucy Frew

 

 

 

 

 

This article was authored by Lucy Frew, a senior financial services lawyer specialising in financial services regulation and investment management. She is Head of Investment Funds and Financial Regulation, London, at Gide Loyrette Nouel LLP, a law firm. She has extensive expertise in advising leading international financial institutions on complex UK and European financial services regulation and has frequently been involved in advising investment fund managers on establishing and obtaining regulatory authorisation for their businesses.

This article provides an overview of the key developments in UCITS investment restrictions that fund managers should take note of.

Recent UCITS developments will have lasting impact for those hedge fund managers offering their strategies in UCITS funds. There will also be ramifications for those with non-UCITS alternative investment funds ("AIFs") under the incoming AIFMD.

UCITS and AIFMD regulations are moving in harness with each other. Many recent UCITS developments arise from implementation of the AIFMD, itself borrowing heavily from UCITS provisions. When regulators focus on a particular area in the UCITS sphere, this indicates what may be coming for AIFs and vice versa.  Below are some key developments regarding UCITS investment restrictions which managers should note.

Background

Following the introduction of the UCIT......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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