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On 23 June 2016, the British public voted to leave the European Union after 43 years of membership. Although the results of the referendum are not binding in law and there remains a possibility of a constitutional challenge, the early indications from Prime Minister Theresa May and leading figures within the ruling Conservative Party are that the United Kingdom will proceed with the so-called Brexit. Click here to read this article, in which SRZ partners Christopher
As the hedge fund regulatory landscape evolves, U.K. regulators’ areas of scrutiny are in many cases similar to those of U.S. regulators, though with some differences of emphasis, detail and modus operandi. The key regulatory risk factors for U.K. hedge fund managers currently include outdated documents, general complacency, insufficient accountability and attempts at transferring responsibility to other service providers. Click here to read the article in which The Hedge Fund Journal talks to partners Christopher Hilditch…
The Alternative Investment Fund Managers Directive (“AIFM Directive“) of the European Union (“EU”) must be implemented into the national law of all EU countries by 22 July 2013. The AIFM Directive, which sets forth rules for the authorisation, operation and transparency (i.e., disclosure requirements) of managers of alternative investment funds (“AIFs”), will apply to any US and other non-EU private fund manager (defined under the AIFM Directive as an alternative investment fund manager…
HM Treasury, which is the legislative body responsible for implementing the Alternative Investment Fund Managers Directive (“AIFM Directive”) into UK law, has just published a Q&A document on proposed amendments to the draft regulations “for the implementation of the AIFM Directive in the UK (the “Q&A Document”). The Q&A Document clarifies that HM Treasury will amend the current draft of The Alternative Investment Fund Managers Regulations 2013 (the “Regulations”) and will enable non-UK…
The UK Financial Services Authority has recently published an important report that builds upon a series of late 2011 and early 2012 “thematic reviews” of FSA-authorised investment managers (the “Report”). The Report, which focuses (at length and with specific examples) on numerous failures to identify, monitor and mitigate conflicts of interest in ways that meet the FSA’s expectations, is more direct in its tone and in its content than has been seen in such circulars…
On 10 October 2012 the European Securities and Markets Authority (“ESMA”) published guidance in the form of Questions and Answers (the “Q&A”) on the implementation of the new EU Short Selling Regulation (the “Regulation”). The Regulation places new restrictions on short sales of securities traded in EU markets and EU sovereign debt, including credit default swaps (“CDS”) that are referable to EU sovereign debt, as well as requiring certain private and public disclosures. Click here
The EU Regulation No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (the “Regulation”) and the subsidiary legislation made under it take effect in all 27 countries of the EU on 1 November 2012 and will replace all existing rules on short selling activities in EU countries. With respect to almost all securities listed on exchanges in the EU, the…