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ARTICLE · 09 FEBRUARY 2007

Canadian Securities Administrators Issue Hedge Fund Notice

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On January 12, 2007 the Canadian Securities Administrators (the "CSA") published Staff Notice 81-316 – Hedge Funds (the "Notice"), which sets out the results of a review by the CSA of the hedge fund sector (including principal protected notes) and outlines some general concerns and courses of action which the CSA intend to pursue with respect to these products and the manner in which they are distributed.

CanadaFinance and Banking
Michael Burns
Michael Burns
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Background

On January 12, 2007 the Canadian Securities Administrators (the "CSA") published Staff Notice 81-316 – Hedge Funds (the "Notice"), which sets out the results of a review by the CSA of the hedge fund sector (including principal protected notes) and outlines some general concerns and courses of action which the CSA intend to pursue with respect to these products and the manner in which they are distributed. The issuance of the Notice by the CSA follows a period of compliance and disclosure reviews as well as general information gathering that took place between 2005 and 2006.

The general conclusion reached by the CSA following their review was that the existing regulatory regime in Canada is appropriate to deal with hedge funds but that certain areas within the regulatory framework could be improved. One of the most important pieces of information contained in the Notice was a confirmation that the CSA intend to introduce a registration requirement for fund managers (those

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