Friday, 22 May 2015
Last updated 7 hours ago
May 23 2011 | 2:24pm ET
South Korea’s market regulator, the Financial Services Commission, wants to speed reforms that will allow the launch of the country’s first hedge fund this year.
Korea’s JoongAng Daily says an FSC official has confirmed the plan, which will see the regulator submitting revisions to the capital market law to the National Assembly in July or August.
Rather than rewriting the law, says the daily, the FSC will seek an amendment to the law’s enforcement decree, which could take two to three months.
The change is expected to allow hedge funds to borrow up to 400% of their assets and bet on financial derivatives.
The daily says the proposal has been greeted with enthusiasm by local brokerages, asset managers and consulting firms and that an estimated 20 to 40 institutional investors will qualify to enter the local hedge fund market.
Retail investors with a minimum of 1 billion wong ($912,000) are also expected to be granted access to hedge funds.
“It would be too much to open the door to the hedge fund market to all retail investors,” an unnamed senior financial official told the daily.
“In the case of retail investors, only those with the ability to invest a certain amount of money and some experience will be allowed.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…