Speaking at the Raging Bull Awards, co-hosted last week by the Personal Finance news service and the Association of Collective Investments, chairman of the South African Financial Services Board, Dr Cyrus Rustomjee revealed that the FSB plans to license hedge fund products within a year.
Although hedge funds are currently permitted to locate in South Africa, they are not regulated by the authorities, and are therefore not marketed to the country's investors.
However, under the guidelines formulated by the financial regulator following extensive consultation with the unit trust industry, such products will make their debut on the wider market in early 2006.
According to Personal Finance, which reported on the award ceremony, Dr Rustomjee urged the industry to move away from using the unregulated products as soon as the new regime is put in place.
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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