Cesr releases consultation on Ucits risk management

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PARIS - The Committee of European Securities Regulators (Cesr) has released a consultation paper in response to the European Commission's request for technical advice on Level 2 implementing measures for modifications to the Ucits directive.

Changes to risk management guidelines would affect the many hedge funds and investment managers that use Ucits - ostensibly designed for retail products - to transform their strategies to offer institutional investors a regulated investment product.

The paper, which Cesr describes as "an interim step", focuses on risk measurement under Ucits and using risk models, with an emphasis on value-at-risk techniques, to calculate global exposures.

Hedge fund managers are increasingly worried by potential for creating parallel regulatory frameworks as changes are introduced to the Ucits regulations - which are also widely recognised as a global brand, particularly in Asian markets - while arguments continue over the vaunted draft proposed directive to regulate investment fund managers across the European Union.

Cesr said it wants to collect industry comments via its website by July 15. It will then release a further consultation paper, also in July, to set out its proposed advice.

Click here to read Cesr's paper.

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