WEST PALM BEACH, FL (www.hedgeco.net) – The Hong Kong Securities and Futures Commission (SFC) said it would review the countries hedge fund laws so as to enhance investor protection. Alexa Lam, theExecutive Director of Intermediaries and Investment Products explained that the new changes would help to strengthen the assessment criteria of managers of SFC-authorized hedge funds, and providegreater flexibility in recognizing the experience of fund managers’ key personnel.<\/p>\n
According to the SFC\u00c3\u00af\u00c2\u00bf\u00c2\u00bds released remarks, the agency wants to increase the level of transparency provided to investors by hedge fund operators in the country. Lam also said, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdThe new changes would help the agency to codify existing practices of the SFC in authorizing hedge funds and provide additional guidance to the interpretation of the provisions in the guidelines covering hedge funds.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
The Hong Kong\u00c3\u00af\u00c2\u00bf\u00c2\u00bds current Hedge Fund laws came into effect in 2002. According to published reports, the SFC has so far authorized about 13 hedge fund managers to operate in the country\u00c3\u00af\u00c2\u00bf\u00c2\u00bds retail hedge fund markets. About five of the hedge funds authorized in Hong Kong are single manager hedge funds, while the rest are fund of hedge funds.<\/p>\n
Hedge Funds operating in Hong Kong manage an estimated $1.2 billion in overall investor assets. Lam said, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdThe new reviews were needed because of the rapid expansion of the country\u00c3\u00af\u00c2\u00bf\u00c2\u00bds hedge fund sector.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd She said, “We seek to adopt a more pragmatic approach on individual assessment of hedge fund applications to ensure that the right balance is struck between market facilitation and investor protection.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
She added, “Investment units are priced, and are purchased and redeemed by retail investors on the basis of the valuation of the fund. The manager\u00c3\u00af\u00c2\u00bf\u00c2\u00bds fees are also based on this valuation. Therefore, it serves a key function of investor protection that the fund is independently valued.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd The SFC invited comments from the general public on the proposed changes.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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