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By Benedicte Gravrand, Opalesque London:
Peter O’Dwyer, director at Trinity Fund Administration, mused about the U.S. SEC which has become a scapegoat, “a bit unfairly I think,” he added. He reminded attendees at a briefing in London yesterday that the SEC had indeed researched extensively into the systemic risk coming from hedge funds, consulted a great number of participants, and concluded, among other things, that hedge funds advisers should indeed be registered as investment advisers in its resulting SEC Staff Report in 2003 (see Nixon Peabody’s summary here.) Then came the required registration in 2005, which was subsequently challenged by Philip Goldstein.
Meanwhile, many incentives from the HFSB, IOSCO, the EU, the FSF, and the PWG are afoot (see separate article above for further details).
Martin Cornish, from the London law firm Katten Muchin Rosenman Cornish LLP, commented on the fact that jurisdictions have different requirements, which is problematic. Not all jurisdictions for example require third party administrators. Malta, for example, allows self-administered funds.
And U.S. hedge funds (even onshore ones) are completely unregulated. So if you lose everything, bad luck. In contras...................... To view our full article Click here
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