ASIC has today refined the definition of a hedge fund to ensure our disclosure requirements are appropriately targeted at those funds that pose more complex risks to investors.
Following extensive consultation with industry, Class Order [CO 13/1128] Amendment of Class Order [CO 12/749] and an updated Regulatory Guide 240 Hedge funds: Improving disclosure (RG 240), make changes to the characteristics that prompt a registered managed investment scheme to be classified as a hedge fund.
‘Our changes will benefit the industry by relieving some lower-risk funds from the more extensive disclosure obligations imposed on a hedge fund under RG 240.
'This will also benefit investors by more clearly differentiating hedge funds from other types of managed investment schemes so that they can better understand and assess these products,’ ASIC Commissioner Greg Tanzer said.
ASIC's disclosure requirements for hedge funds commence from 1 February 2014.
Download:
Class Order [CO 13/1128] Amendment of Class Order [CO 12/749]