The Hedge Fund Law Report

The definitive source of actionable intelligence on hedge fund law and regulation

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By Topic: Green Bonds

  • From Vol. 8 No.39 (Oct. 8, 2015)

    E.U. Action Plan to Unify Capital Markets May Affect Hedge Fund Managers

    On September 30, 2015, the European Commission (Commission) launched an Action Plan on Building a Capital Markets Union (Action Plan).  At their core, these measures are designed to stimulate long-term investment and growth in the European economy by improving debt and equity market functioning throughout Europe.  The Action Plan is divided into six sections, embodying the priority action areas identified by the Commission to achieve Capital Markets Union (CMU) in Europe.  This article focuses on the areas relevant to hedge fund managers and others undertaking investment activity in Europe, specifically addressing the Action Plan’s approach to long-term investment, infrastructure and sustainable development; fostering retail and institutional investment; and facilitating cross-border investing.  These sections bring hedge fund managers valuable insight regarding the Commission’s priorities in order to assess their impact and evaluate potential opportunities.  The remaining sections of the Action Plan deal with initiatives in financing for innovation, start-ups and non-listed companies; facilitating capital raising on public markets; and leveraging banking capacity to support the wider economy.  For more on the CMU, see “European Commissioner Calls for Economic and Regulatory Coordination,” in this issue.  For more from the Commission, see “E.U. Commission Publishes Regulations Setting Forth Clearing Obligations for Hedge Funds and Other Counterparties,” The Hedge Fund Law Report, Vol. 8, No. 32 (Aug. 13, 2015).

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  • From Vol. 8 No.11 (Mar. 19, 2015)

    What Are “Green Bonds” and Are They Materially Different from Other Investments?

    In the past few years, there has been tremendous growth in the issuance of so-called “Green Bonds,” a catchall term for debt issued to finance environmentally-friendly infrastructure and other projects.  A recent program explored the concept of Green Bonds, summarized the “Green Bond Principles” and described the current state of the private and municipal markets for such bonds.  The program featured Stuart K. Fleischmann and Robert N. Freedman, partners at Shearman & Sterling; Gordon G. Raman, a partner at Borden Ladner Gervais; and Tatjana Misulic, of counsel at Ballard Spahr.  Green Bonds may offer opportunities for hedge fund managers looking to market to pension funds and other institutions with investment guidelines that incorporate “environmental, social and governance” considerations.  See “United Nations White Paper Explains How Hedge Fund Investors Can Layer Environmental, Social and Governance Factors into Manager Selection,” The Hedge Fund Law Report, Vol. 5, No. 46 (Dec. 6, 2012).

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