In our March 2007 Investment Management Advisory of the same name, we reported on how proposed National Instrument 31-103 Registration Requirements, as it was then drafted, would most impact the hedge fund industry. With the newest iteration of the draft Instrument now out for comment, the impact appears at first blush to have lessened. For example, non-resident investment fund managers will not be expected to register under the Instrument. Also, "fit and proper" and conduct requirements have been reduced for exempt market dealers who do not handle client assets. This Advisory summarizes the impact that this second version of proposed NI 31-103 will have on the hedge fund industry and points out important changes from the initial draft.

type Investment Management Advisory - April 2008 - Proposed National Instrument 31-103: Impact On The Hedge Fund Industry