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From Precy Dumlao, Opalesque Asia:
A prominent asset manager in Tokyo, Japan expressed confidence that the recent approval of the Financial Instruments and Exchange Law (FIEL) will have a minimal impact on the Japanese hedge fund sector and described the law as "more a tidying up of a variety of existing laws and grey areas within the regulatory framework."
Rory Kennedy, COO for Rogers Investment Advisors, an emerging alternative asset management based in Tokyo, said at the recent Opalesque Roundtable in Japan (report here) said that the FIEL was not a game-changing legislation for the hedge fund industry.
The FIEL is one of Japan's main legislations governing M&A, which imposes administrative monetary penalty system in connection with shareholders who neglect to submit reports to regulators. Under the FIEL, a holder of more than 5% of the shares of a listed company is generally required to submit a large shareholding report.
Short selling still active in Japan
Kennedy said that despite the global crisis of 2008, Japanese regulators had not ban short selling but only introduced a restriction on naked shorting and added some additional reporting requirements that can be handled easily by any organized hedge fund.
According to Kennedy, prohibiting short selling is a disru...................... To view our full article Click here
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