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By Benedicte Gravrand, Opalesque London:

Following yesterday’s article about ComplianceAsia raising the issue of Hong Kong and Singapore not being well represented by the hedge fund associations’ regulatory proposals ahead of the G20 summit (Opalesque Exclusive: ComplianceAsia wants adequate representation of Hong Kong and Singapore in draft of hedge funds policies for upcoming G20 summit Source), another point that ComplianceAsia raised was that new regulations in this part of the world could change the Asia hedge fund landscape dramatically.

Typically, Hong Kong or Singapore companies advise offshore managers of offshore funds. Hong Kong advisors must be licensed with the SFC, and Singapore advisors must register with the MAS.

If proposed changes in terms of registration of managers and disclosure of information are enacted, then in Hong Kong, there would be “greater focus on regulation of the fund and probably a regulatory view that the offshore manager should be essentially ignored, unless there is a clear commercial reality to its offshore business. Structures where the offshore manager is really a brass plate of the Hong Kong advisor may become obsolete from a regulatory perspective. There is an integral link between taxation issues and the offshore manager and maybe the current aggressive regulatory environment regarding offshore tax arrangements re......................

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