TAILIEUCHUNG - Academic Press Private Equity and Venture Capital in Europe_2

Tham khảo tài liệu 'academic press private equity and venture capital in europe_2', khoa học xã hội, kinh tế chính trị phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Closed-end funds and AMCs Principles and rules 49 A hedge fund is able to leverage unlike the other two types of funds described above. It can be either an open- or closed-end fund depending on its purpose. The fund supervisor decides who invests in the fund . according to EU regulations retail investors cannot invest in these funds due to the high risk . The vehicles used to invest in private equity are a double level system containing the AMC Closed-end fund AMC An AMC is a financial institution that hosts funds both closed- and open-end and manages financial services as defined by the Banking Acts . AMC may supply personal management of savings dealing brokerage or advisory . Rules concerning AMCs are the same throughout Europe. The set of rules for closed-end funds is very short with regulatory activity delegated to the country s supervisor and the internal code of activity of each fund created. This will be explained in more detail in the following paragraphs. AMCs can manage only one type of fund either an open- or closed-end. This country-specific rule is in place to better regulate the typical relationship between companies and the financial system. Rules for AMCs Minimum requisites to operate Governance Management The application of these rules is verified from the supervisor of the country in which the AMC operates and they can be partially modified from one country to another. Supervision is carried out for the life of the AMC. The minimum requisites to operate for AMC The minimum requisites to operate for AMCs are similar in all EU countries Regulatory capital should exceed 1 million or should be over million for the so-called short capital asset management company junior asset management company . Should prepare a detailed business plan that clearly shows Activities Services and products Organizational structure 50 CHAPTER 4 Legal framework in Europe for equity investors Future development of the company Economic and .

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