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Hedge funds hit by passport rules

Financial news – Marketing restrictions are a key part of the Alternative Investment Fund Managers Directive, the controversial legislation aimed at regulating the hedge fund and private equity industries, which was transposed into national laws last July. Managers have a year’s grace to transition to compliance. The legislation affects not only European managers but also those based outside Europe.

Jerome Lussan, chief executive of Laven Partners, a consultant and law firm to the alternative investment industry, said: “If you’re going to sell a fund today, you need as much law as you need performance.”

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