A slow start for hedge funds

As Spain's Comisión Nacional del Mercado de Valores becomes the latest European regulator to implement a regime for fund of hedge fund managers looking to tap retail interest, market participants are divided over its impact on the market for hedge fund-linked products. By Amanda Lee

After years spent contemplating the idea of establishing a domestic market for hedge funds, Spain's Comisión Nacional del Mercado de Valores (CNMV) last month finally published separate requirements for fund groups targeting institutional and retail investors. The Spanish regulator is notoriously cautious about retail structured products and has been slow to react to the level of innovation in the market.

The new regulations were originally due to come into effect in April 2004 and the delay has

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