SEC rules hit European FoHFs


LONDON – European hedge fund managers who have never sold to US clients may still be subject to registration with the Financial Services Authority (FSA) by February 2006.

Cynthia Fornelli, former deputy director of the investment management division of the Securities and Exchange Commission (SEC) says: "The rules, which came out at the beginning of December, treat the clients of fund of hedge funds (FoHFs) as the clients of the single-manager hedge fund. A manager must look through the FoHF to

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