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July 7, 2008
Repeat the Part After, "Now Listen Carefully"
Chief: Now listen carefully: [gives a series of complex instructions] Did you get that?
Max: Not all of it.
Chief: Which part didn't you get?
Max: The part after 'Now listen carefully'.
From Get Smart (1965-1970)
You had to know hedge funds would find a way to mess up complying to new U.K. rules requiring more disclosure of short-sale positions. After all, reporting that sort of thing is so darn tricky, what with hedge funds not recording the positions in-house .... err... not using standard formats ... err ... not understanding written English .... err, nevermind. They're just up their usual tricks.
Rules introduced by the UK’s financial watchdog that force hedge funds to disclose short positions in companies holding rights issues have caused confusion among investors.
Nearly half the disclosures made by hedge funds since the Financial Services Authority announced the changes have contained errors as the funds struggle to get to grips with complex calculations.
According to analysis by the Financial Times, 20 of the 41 disclosures so far have missed filing deadlines, contained the wrong calculations or not been required.
[via FT]
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