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The Alternative Investment Management Association (AIMA) released an updated version of the Guidance Note published in October 2007. It sets out the issues which staff should consider in order to avoid the risk of dealing on the basis of inside information.
The expansion by European hedge fund managers into business areas such as secondary market loan trading, private equity-style investing, and shareholder activism has resulted in increased scrutiny from the Financial Services Authority (FSA) and other European regulators of how hedge fund managers use the information they acquire in the course of business activity.