Hedge funds and Private Equity - PES
Hedge funds and Private Equity - PES
Hedge funds and Private Equity - PES
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Country<br />
Germany<br />
France<br />
Italy<br />
Spain<br />
Subject to<br />
the full<br />
introduction<br />
of<br />
the new<br />
regulatory<br />
framework<br />
Manager<br />
authorization<br />
BaFin<br />
Minimum<br />
capital equal to<br />
€ 730,000 + a %<br />
of AUM<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 />
Product<br />
regulation<br />
BaFin<br />
No specific<br />
investment<br />
constraint<br />
Investment<br />
manager <strong>and</strong><br />
custodian bank<br />
are required to be<br />
located <strong>and</strong> regulated<br />
in Germany<br />
AMF<br />
Three different<br />
categories of<br />
products with<br />
different investment<br />
constraints,<br />
among them only<br />
contractual <strong>funds</strong><br />
do not forecast<br />
any kind of<br />
investment<br />
constraint.<br />
Required the<br />
appointment of a<br />
depositary bank<br />
Bank of Italy /<br />
CONSOB<br />
No specific<br />
investment<br />
constraints<br />
Required the<br />
appointment of a<br />
depositary bank<br />
CNMV<br />
No specific<br />
investment<br />
constraints<br />
Required the<br />
appointment of a<br />
depositary bank<br />
Retail<br />
distribution<br />
Only private<br />
placement<br />
to qualified<br />
investors.<br />
Possibility<br />
to distribute<br />
single<br />
strategy<br />
<strong>funds</strong> via<br />
wrapper<br />
products<br />
Allowed<br />
subject to a<br />
minimum<br />
investment<br />
threshold<br />
ranging<br />
from<br />
€125,000<br />
to<br />
€250,000<br />
Only private<br />
placement<br />
to qualified<br />
investors<br />
Only private<br />
placement<br />
to qualified<br />
investors<br />
Minimum<br />
investment<br />
threshold<br />
Nil<br />
Ranging<br />
from<br />
€10,000<br />
to €30,000<br />
for qualified<br />
investors<br />
€500,000<br />
€50,000<br />
Fiscal<br />
treatment<br />
of the fund<br />
Equal to UCITS<br />
<strong>funds</strong>, but in<br />
Germany both<br />
UCITS <strong>and</strong><br />
<strong>Hedge</strong> <strong>funds</strong><br />
to be tax transparent<br />
have to<br />
meet some<br />
transparency<br />
requirements<br />
Equal to<br />
UCITS <strong>funds</strong><br />
(transparency)<br />
Equal to UCITS<br />
<strong>funds</strong><br />
Equal to UCITS<br />
<strong>funds</strong><br />
Fiscal<br />
treatment<br />
for investors<br />
Favorable<br />
versus non<br />
resident<br />
offshore <strong>funds</strong><br />
Favorable<br />
versus non<br />
resident<br />
offshore <strong>funds</strong><br />
Transparency<br />
Favorable<br />
versus non<br />
resident<br />
offshore <strong>funds</strong><br />
Part I – <strong>Hedge</strong> <strong>funds</strong> <strong>and</strong> private equity <strong>funds</strong> – how they work<br />
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