Christopher Hilditch

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On 23 June 2016, the British public voted to leave the European Union after 43 years of membership. Although the results of the referendum are not binding in law and there remains a possibility of a constitutional challenge, the early indications from Prime Minister Theresa May and leading figures within the ruling Conservative Party are…

As the hedge fund regulatory landscape evolves, U.K. regulators’ areas of scrutiny are in many cases similar to those of U.S. regulators, though with some differences of emphasis, detail and modus operandi. The key regulatory risk factors for U.K. hedge fund managers currently include outdated documents, general complacency, insufficient accountability and attempts at transferring responsibility…

The Alternative Investment Fund Managers Directive (“AIFM Directive“) of the European Union (“EU”) must be implemented into the national law of all EU countries by 22 July 2013. The AIFM Directive, which sets forth rules for the authorisation, operation and transparency (i.e., disclosure requirements) of managers of alternative investment funds (“AIFs”), will apply…

HM Treasury, which is the legislative body responsible for implementing the Alternative Investment Fund Managers Directive (“AIFM Directive”) into UK law, has just published a Q&A document on proposed amendments to the draft regulations “for the implementation of the AIFM Directive in the UK (the “Q&A Document”). The Q&A Document clarifies that HM…

The UK Financial Services Authority has recently published an important report that builds upon a series of late 2011 and early 2012 “thematic reviews” of FSA-authorised investment managers (the “Report”). The Report, which focuses (at length and with specific examples) on numerous failures to identify, monitor and mitigate conflicts of interest in ways that meet…

On 10 October 2012 the European Securities and Markets Authority (“ESMA”) published guidance in the form of Questions and Answers (the “Q&A”) on the implementation of the new EU Short Selling Regulation (the “Regulation”). The Regulation places new restrictions on short sales of securities traded in EU markets and EU sovereign debt, including credit default…