Update on disclosure reforms
Disclosure benchmarks in the retail investment sector continue to rise as the Australian Securities and Investments Commission (ASIC) remains focused on ensuring investors are not misled by lengthy disclosure documents when making investment decisions. Here we provide a brief update on disclosure reforms relating to hedge funds and other retail-structured products that are deemed to be complex.
ASIC have established disclosure guidelines for nearly every type of retail investment product, yet the regulator and industry remain in debate over how and when to apply greater disclosure standards for hedge funds, also know as ‘absolute return’ funds that use much more complex investment strategies than traditional managed funds.
ASIC currently defines a hedge fund as a registered managed investment scheme that is promoted as being a ‘hedge fund’, or exhibits two or more of the following characteristics of a hedge fund: complexity of investment strategy or structure, use of debt, use of derivatives (subject to limited carve-outs), use of short selling, or has rights to charge a performance fee…
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