Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
21/10/2009
Aima set to investigate Obama SEC proposals
Concerns that the Obama Administration’s proposed hedge fund regulations would see some non-US managers with US investment forced into dual-registration will be investigated by an Alternative
Investment Management Association (Aima) working group.
The legislation, introduced in July, would require all non-US hedge fund managers with over 10% in US-based investment and/or more than 15 clients to register with the Securities and Exchange
Commission (SEC), as well as adhering to their domestic regulations.
“We’re currently evaluating the proposal,” Aima chief executive Andrew Baker told HFMWeek. “We’ll be seeking to find some kind of compromise formula which
doesn’t infringe on the jurisdiction of the SEC but, equally, doesn’t mean we have to apply two completely different and competing types of authorisation. No-one over here
[in the UK] wants to go back to that, because it’s painful.”
[in the UK] wants to go back to that, because it’s painful.”
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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