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New Regulatory Framework for Units of Nonregulated Collective Investment Schemes in Japan

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Authors
Kansaku, Hiroyuki
Issue Date
2007
Publisher
BK 21 law
Citation
Journal of Korean Law, Vol.7 No.1, pp. 229-250
Keywords
Collective Investment SchemeHedge FundPrivate Equity FundSecuritiesSecurities Regulation
Abstract
Collective investment schemes (CIS), including hedge funds and private equity funds that are not strictly regulated by special laws and regulations for CIS (hereinafter “non-regulated CIS”), are at the center of international debate as to how they should be regulated. According to the reports of the International Organization of Securities Commissions (IOSCO)1) and Financial Stability Forum (FSF), there is over US$1.6 trillion in hedge fund assets under management worldwide and the number of funds has steadily grown to more than 9000,2) the vast majority managed in the USA and the United Kingdom.3) Hedge funds are not legally defined in any country, and are characterized by high management fees and a number of different complex and active strategies aiming for a high yield. They are frequently structured

in such a way as to avoid or minimize regulation. They are therefore usually exempt from direct regulation and are not constrained by regulatory capital requirements and public disclosure requirements.4)
ISSN
1598-1681
Language
English
URI
http://hdl.handle.net/10371/85131
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College of Law/Law School (법과대학/대학원)The Law Research Institute (법학연구소) Journal of Korean LawJournal of Korean Law Volume 07 Number 1/2 (2007)
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