Spanish regulators reinforce hedge funds' exposure limits

Spain's regulator is forcing some open-ended Ucit fund of funds to eliminate or at least reduce their holdings in protected products as exposure to these vehicles is forcing some to overstep the legally allowed investments into hedge funds.

The problem is occurring because protected products are counted in Spain, along with pure hedge fund holdings, towards statutory limits on allocations by Ucit-approved funds to hedge funds.

Gracia Rubio de Cases, international partner with Spanish legal firm Ba

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