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Finance Broking Australia-regulatory guide 240 hedge funds improving disclosure

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Regulatory Guide 240 - Hedge funds: Improving disclosure CPD

This guide is for those involved in the issue and sale of hedge funds. It sets out ASIC’s guidance for improved disclosure to investors to help them understand and assess these products.

In seeking to improve disclosure, ASIC aims to ensure those investors and their advisers have the information they need to make an informed investment decision. However, this should not be regarded as an indication that ASIC consider these products to be suitable for all or most retail investors.

Hedge funds can pose more complex risks for investors than traditional managed investment schemes. This is because of their diverse investment strategies, in many cases involving the use of leverage, and complex and offshore structures.

The benchmarks and disclosure principles in RG 240 set out the specific features and risks of hedge funds that ASIC think should be addressed in a Product Disclosure Statement (PDS) for these products.

The benchmarks and disclosure principles are designed to improve disclosure so that investors can make more informed decisions about investing in products of this kind, and to make comparisons between the products and business models of different funds more straightforward.

In seeking to improve disclosure, ASIC aims to ensure that investors have the information they need to make an informed investment decision. However, this should not be regarded as an indication that they consider these products to be suitable for all or most retail investors.

Disclosure against the benchmarks and disclosure principles should be:
•    Addressed upfront in the PDS; and
•    Updated in ongoing disclosure as material changes occur (e.g. in a supplementary PDS).

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