Hedge funds and Private Equity - PES
Hedge funds and Private Equity - PES
Hedge funds and Private Equity - PES
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58<br />
Country<br />
France<br />
Italy<br />
Spain<br />
Subject to<br />
the full<br />
introduction<br />
of the<br />
new regulatory<br />
framework<br />
Country<br />
United<br />
Kingdom<br />
Manager<br />
authorization<br />
AMF<br />
Minimum capital<br />
requirement<br />
equal to the<br />
greater between<br />
25% of annualized<br />
expenditure<br />
€125,000 +<br />
0.02% of AUM ><br />
€250 Mln<br />
Bank of Italy<br />
Specialized<br />
asset management<br />
company is<br />
required<br />
Minimum<br />
capital requirement<br />
( €1 Mln)<br />
CNMV<br />
€300,000 + a<br />
% of AUM <strong>and</strong><br />
income generated<br />
by investment<br />
activity<br />
Manager<br />
authorization<br />
FSA<br />
Own <strong>funds</strong> of<br />
£50,000 plus<br />
3 months annualized<br />
expenditure<br />
Product<br />
regulation<br />
AMF<br />
Max leverage<br />
(200%)<br />
Diversification<br />
limits (Min 16<br />
underlying <strong>funds</strong>)<br />
Required the<br />
appointment of a<br />
depositary bank<br />
Bank of Italy /<br />
CONSOB<br />
No specific<br />
diversification<br />
limits<br />
Required the<br />
appointment of a<br />
depositary bank<br />
CNMV<br />
Diversification<br />
limits to be<br />
qualified<br />
Required the<br />
appointment of a<br />
depositary bank<br />
Onshore FoHFs<br />
Retail<br />
distribution<br />
Yes<br />
Only private<br />
placement<br />
to qualified<br />
investors<br />
Yes Nil<br />
Minimum<br />
investment<br />
threshold<br />
€10,000<br />
reduced to<br />
zero if it is<br />
forecasted<br />
capital<br />
protection<br />
€500,000<br />
Onshore Single Strategy <strong>Hedge</strong> Funds<br />
Product<br />
regulation<br />
FSA<br />
Qualified<br />
Investors<br />
Funds with<br />
no specific<br />
investment<br />
constraint<br />
Retail<br />
distribution<br />
Only private<br />
placement<br />
to qualified<br />
investors<br />
Minimum<br />
investment<br />
threshold<br />
Ranging<br />
from £250<br />
to £250,000<br />
Fiscal<br />
treatment<br />
of the fund<br />
Equal to UCITS<br />
<strong>funds</strong><br />
Equal to UCITS<br />
<strong>funds</strong><br />
Equal to UCITS<br />
<strong>funds</strong><br />
Fiscal<br />
treatment<br />
of the fund<br />
Equal to UCITS<br />
<strong>funds</strong> (transparency)<br />
Fiscal<br />
treatment<br />
of offshore<br />
underlying<br />
<strong>funds</strong><br />
Transparency<br />
Transparency<br />
Transparency<br />
Fiscal<br />
treatment<br />
for investors<br />
Favorable<br />
versus non<br />
resident<br />
offshore <strong>funds</strong>,<br />
but pension<br />
<strong>funds</strong> investors<br />
are tax exempt<br />
on both<br />
Continued on page 59
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