The letter and the law

side letters

Hedge Funds Review: I see side letters continue to be a hot topic.

Richard Finlay, managing partner, Cayman Islands office, Conyers Dill & Pearman: They certainly are. We at Conyers Dill & Pearman have been urging caution about their use and talking about the issues they present for a number of years now. They started to get media attention early last year when they were described in the Wall Street Journal as the hedge fund industry's "ticking time bomb."

Earlier this year, the UK's FSA said

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