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Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 14

CHAPTER 14 Managed Futures Funds and Other Fiduciary Products: The Australian Regulatory Model. This chapter investigates the Australian regulatory model for managed futures funds and other fiduciary investment products whose returns are derived from the trading of futures products. | 14 Managed Futures Funds and Other Fiduciary Products The Australian Regulatory Model Paul U. Ali This chapter investigates the Australian regulatory model for managed futures funds and other fiduciary investment products whose returns are derived from the trading of futures products. All fiduciary investment products are regulated in the same manner in Australia under a combination of the managed investment scheme and financial product provisions of the Australian corporations legislation. The difficulties of applying this model to the diverse range of fiduciary futures products is discussed and recent proposals to reform the regulation of individually managed futures accounts are examined. INTRODUCTION Hedge funds and other alternative fiduciary investment products products where investors have provided funds to a professional fund manager to invest on their behalf are coming under increasing regulatory scrutiny especially in the United States. The U.S. Treasury Department has proposed a series of measures under the PATRIOT Act that will require the operators of onshore as well as offshore wholesale hedge funds commodity pools and private equity funds to provide the department with certain basic information about the fund manager the investors in the fund and the value of assets under management measures that are likely to undermine the confidentiality now enjoyed by these funds see Financial Crimes Enforcement Network 2002 . In addition the National Association of Securities Dealers NASD has expressed concern that its members may not be fulfilling their legal obligations to customers particularly retail customers when promot 259 260 MANAGED FUTURES INVESTING FEES AND REGULATION ing hedge funds and funds of hedge funds to them see NASD 2003 . More recently the Securities and Exchange Commission SEC has raised concerns about the increasing retailization of hedge funds commodity pools and private equity funds the unregulated nature of these products and the .