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Nothing herein should be construed as legal advice or as a legal opinion for any particular situation. Information is provided for general guidance and should not be substituted for formal legal advice from an experienced securities attorney. Jiří Król

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Nothing herein should be construed as legal advice or as a legal opinion for any particular situation. Information is provided for general guidance and should not be substituted for formal legal advice from an experienced securities attorney.

Jiří Król

The Alternative Investment Management Association (AIMA)

Developments in the Alternative Fund Management Space

13th October 2011


What do hedge fund managers need to be able to carry out their strategies?

  • Ability to short sell

  • Ability to buy/enter into complex instruments/contracts

  • Ability to use leverage

  • Ability to operate globally


Short selling regulation
Short selling regulation their strategies?

Public disclosure regime of individual short positions in shares above 0.5% of issued capital

‘Hard locate or reserve’ rule for uncovered short sales of shares

Expanded powers for ESMA to ban short selling of all kinds

Ban on naked sovereign CDS


MiFID their strategies? /MiFIR

  • ESMA will have powers to prohibit or restrict

    • the sale of financial instruments or financial instruments with certain features

    • a type of activity or practice

    • limit the ability of a person to enter into a commodity derivative contract


AIFMD and leverage their strategies?

  • Competent authorities could have powers to restrict leverage when the use of leverage:

    • could constitute an important source of risk to a financial institution

    • may contribute to the downward spiral in the prices of financial instruments or other assets


Third country issues their strategies?

  • AIFMD – investor access reduced?

  • EMIR – ability to clear outside EU uncertain?

  • MiFID/MiFIR – ability to trade with non EU counterparties/clients impossible?


Conclusion their strategies?

  • Key market features necessary for successful operation under serious threat in the EU

  • Uncertainty large as ESMA has no track record

  • Interventions risk to be politically motivated


Any Questions? their strategies?

Nothing herein should be construed as legal advice or as a legal opinion for any particular situation. Information is provided for general guidance and should not be substituted for formal legal advice from an experienced securities attorney.

Jiří Król

The Alternative Investment Management Association (AIMA)


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