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From Benedicte Gravrand, Geneva:
Spain is the ninth-largest economy in the world but has waited a while before launching its financial markets in the risky world of hedge funds. But at the end of 2006, the first Spanish hedge funds were launched and approved by the regulators.
Following the evolving hedge fund regulation, Asterias has published a new edition of Spain: Outlook 2007, presenting the strengths of the new regulation, potential demand, and new actors. Gemma Faura, of Asterias Spain, gave Opalesque an overview of the current Spanish hedge fund market.
‘Hedge funds’ in Spanish: "Fondos de Inversión Libre" (Free investment funds)
Regulators decided against calling hedge funds ‘fondo de cobertura’ as there is no cover, or ‘speculative funds’ which would have entailed extra costs on the investors’ part.
New regulations from the Comisión Nacional del Mercado de Valores (CNMV) – Spain’s securities market regulator.
The latest institutional regulations which were published in March 07 give details on hedge funds. This will be the doorway to new funds which do not wish to be regulated by Spain’s general regulations. Hedge funds do not have the restrictions that other normal funds have. However they have more technical constraints in terms of "compliance" and risk control.
Spanish regulations – how do they work?
First of all, a law (in this co...................... To view our full article Click here
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