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Matthias Knab reports live from the Hedge Funds World conference in Madrid: According to Jesus Mardomingo from the law firm Cuatrecasas, the first Spanish onshore hedge fund may launch in the fourth quarter of 2006. The new regulation (law 35/2005) was approved 4. Nov. 2005, however the industry is still awaiting a much expected circular from the regulatory body CNMV.
According to the lawyers, the new regulatory framework is “finely detailed”. It regulates regulates persons, advisors, prime brokers with the aim of developing local talents and a local industry. The regulator is “aware that the hedge fund universe is different from the traditional asset management”. José Miguel Maté, CEO of Tressis (Spain) characterized the rules as “ ambitious and flexible”, and predicts a proliferation of multi strategy hedge funds in Spain.
Before actually the first fund can be set up, a number of issues still need to be clarified, for example the requirements a local management company must fulfil in order to be authorized to manage hedge funds (fondos libres) and fund of hedge funds (fondos de fondos libres).
Mardomingo pointed out the regulator’s overall focus is investor protection and is concerned about possible conflicts of interests relating to the role of the depositary.
He wrote “the new Spanish regulation is very detailed and aims at the creation of a strong “national” hedge fund industry, promoting the setting up of Spanish vehicles. Meanwhile it is not clear which wou...................... To view our full article Click here
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