AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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Asia Pacific Asset Management regulation


Australia

Hong Kong

India

Singapore


Australia

The regulatory regime in Australia is governed by the Corporations Act 2001(Cth) (Act).  All financial products and services are subject to regulation underthe Act.  Providers of financial services and issuers of financial products are required to hold an Australian financial services licence, issued by the Australian regulator -the Australian Securities and Investments Commission (ASIC).

Australia’s regulatory regime does not currently distinguish between hedge funds and other managed funds. Therefore, hedge funds do not receive specific regulatory treatment under the Act - instead, the rules applicable to traditional equity funds apply equally to hedge funds.  If hedge funds are offered to retail investors in Australia then, as with all other funds, they will typically need to be registered "managed investment schemes", irrespective of whether or not they are funds of funds.  Hedge funds fall under the scope of the Act just like all other funds and the provisions that apply depend on whether they are structured as managed investment schemes (such as trusts) or companies.  ASIC has released proposals which specifically relate to hedge funds, aimed at improving disclosure provided to retail investors who invest in hedge funds, however these proposals have yet to be finalised.


Key legislative documents

Corporations Act 2001


Hong Kong

The Hong Kong legal and regulatory regime governing the offer, distribution and marketing of interests in a collective investment scheme (CIS) (including a hedge fund) in Hong Kong is primarily contained in (i) the Companies Ordinance (the CO) where the CIS is structured as a company; and (ii) the Securities and Futures Ordinance (SFO) which regulates to a large extent the marketing activities associated with the offering of 'securities' generally, including a CIS structured as a company, limited partnership or a unit trust. Accordingly, the offering, distribution and marketing of a hedge fund in a corporate form will be governed by both the CO and the SFO. The SFO (with subsidiary legislation and rules) also sets out the licensing and operational requirements on managers/advisers.


Key legislative documents

Securities and Futures Commission Companies Ordinance
Securities and Futures Ordinance (in force since 1 April 2003) with subsidiary legislation and rules


India

In 2011, the Securities and Exchange Board of India (SEBI) published a concept paper on its proposed SEBI (Alternative Investment Funds) Regulations.  Under the proposed AIF regulations, it would be mandatory for all types of private pools of capital or investment funds to seek registration with SEBI.


Relevant consultations

SEBI Concept Paper on proposed alternative investment fund regulation (2011)

 


AIMA documents

Response to Concept Paper on proposed alternative investment fund regulation (August 2011)

Singapore

The Monetary Authority of Singapore (MAS) has proposed legislative amendments to give effect to the revised regulatory regime for fund management companies, as well as additional proposals to further enhance the business conduct requirements for fund management companies. MAS proposes to require fund management companies to introduce a risk management framework for their fund management operations in order to identify, address and monitor the risks associated with the assets that they manage. MAS also propose to require fund management companies which operate under the notification regime to undergo independent annual audits.


Consultation documents

Consultation Paper on Proposed Enhancements and Draft Legislative Amendments to Give Effect to the Regulatory Regime for Fund Management Companies (September 2011)

Consultation on the Review of the Regime for Fund Management 2010 (April 2010)


AIMA documents

Response to MAS Review of the Regulatory Regime for Fund Management Companies and Exempt Financial Intermediaries (May 2010)

Position Paper - Fund Manager Registration (August 2009)

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  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
        1. EMIR Level 1
        2. EMIR Level 2
        3. EMIR UK Implementation
        4. ESMA technical advice on equivalence
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
      7. Singapore
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
      2. CPSS-IOSCO
      3. Financial Stability Board
      4. UK
      5. USA
    8. Short Selling
      1. EU Short Selling Regulation
        1. SSR Docs
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      2. Hong Kong Short Selling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Securities Settlement
    10. Shadow Banking
      1. International Shadow Banking
      2. EU Shadow Banking
    11. Trading
      1. MiFID / MiFIR
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        2. MiFIDII MiFIR Level 2 Consultations, legislative process and related AIMA documents
      2. Dodd-Frank Act
  4. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. FATCA
      2. Other Hot Asset Management Topics
      3. Other Hot Markets Topics
      4. UK Partnership Tax Review
      5. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme