Speaking last week, chief executive of Paris-based Olympia Capital Management, Marc Landeau slammed a loophole in the SEC's hedge fund registration plans which will allow certain funds to escape the requirement to provide the US regulator with more detailed information.
Under Section 3 of the 1940 Investment Company Act, hedge funds can choose to implement a two-year lockup period in order to dodge the registration requirement. In addition, there are reportedly 12 other possible exemptions contained within the legislation, including Section 3-c3, which exempts insurance company pooled funds and banks from SEC regulation.
According to Bloomberg, which reported on the industry conference at which he was speaking, Mr Landeau observed that:
"When you see scandals where people run off with the money and buy a Ferrari for their girlfriends, you know regulation is a good thing. I hope the loophole goes away."
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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