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Specialist Fund Market: A Lawyer’s Perspective Structure and Process. 19 February 2008 Sebastian Rice. Introduction. Regulatory Regime Structure Process Continuing Obligations. Background: Principles - Based Regulation. EEA Regulated Market Minimum Prospectus Directive Compliance
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Specialist Fund Market: A Lawyer’s PerspectiveStructure and Process 19 February 2008 Sebastian Rice
Introduction • Regulatory Regime • Structure • Process • Continuing Obligations
Background: Principles - Based Regulation • EEA Regulated Market • Minimum Prospectus Directive Compliance • Transparency Directive • MiFID Compliance • Market Abuse Directive
Structure • Collective investment undertakings of a closed-ended type • Flexibility • No Domicile Restrictions • Tax Structuring • No Sponsor Required • Limited Partnerships • Unusual Corporate Governance Structures • Lack of Manager Track Record • No/Limited Diversification of Risk • Flexibility on Changes to Investment Policy
Process • Parties • Pre-kick off • Kick-off • Prospectus • Roadshow • Listing
Process (cont’d) • Parties • Closed-Ended Fund • Investment Manager • Directors • Existing Shareholders • Lawyer • Auditors • Investment Advisor • Placing Agent Option (Sponsor/Nomad role?) • Registrar
Process (cont’d) • Pre-kick off • Constitutional Documents • Structuring (e.g. fees, investment management agreement) • Corporate Governance • Board Members • Existing Listings
Process (cont’d) • Kick-off • Lawyers: Local/Offshore • Auditor • Placing Agent (?) • Administrator • Public Relations Firm
Process (cont’d) • Prospectus • Prospectus Rules: Annexes II, III, XV • Substantial Investments Disclosure – 20% • LSE Admission and Disclosure Standards • Verification
Process (cont’d) • Roadshow • Presentations • Disclosure Consistency • Investors • Placing Agent Option
Process (cont’d) • Listing • Public Relations • Exposure • Wide Investor Base
Continuing Obligations • LSE Admission and Disclosure Standards • Disclosure and Transparency Rules • Annual/Half-Yearly Reports • Management Statements • Insider List/Information • Notification of Investments
Conclusion • Summary • Minimum Prospectus Directive Compliance • Market Practice/Investor Expectations • Structuring • Role of Parties
Akin Gump Strauss Hauer & Feld CityPoint, Level 32 One Ropemaker Street London EC2Y 9AW Simon Thomas: swthomas@akingump.com 020 7012 9627 Sebastian Rice: srice@akingump.com 020 7012 9618