EXEMPTION OF CATEGORY OF PERSONS CONDUCTING BUSINESS OF HEDGE FUND FROM CERTAIN PROVISIONS OF CISCA
Earlier this year, CISCA Notice 141 declared the business of a hedge fund to be a collective investment scheme to which the provisions of the Collective Investment Schemes Control Act (CISCA) apply. The transitional arrangements provide that a person conducting the business of a hedge fund must, on or before 30 September 2015, lodge with the Registrar an application for registration as manager to operate a hedge fund.
However, recently issued Board Notice 140 of 2015 now provides an exemption to persons who intend to transition their unregulated hedge funds to operate as portfolios under collective investment schemes registered by other managers.
Please refer to the Board Notice for the conditions and extent of the exemption.
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