N2 raises compliance issues among hedge fund businesses

Hedge fund management businesses need to make changes to their systems and processes in order to comply with N2. The FSA assumed its full powers under the Financial Services and Markets Act 2000 on 1 December 2001 but compliance consultant Stephen Woolfe said many small hedge fund businesses are not aware of what they have to do. He said: 'There is a review period, but by 1 December 2001 firms ought to have done a review of their complaints procedure for instance, and sent letters to all their

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