(ii) providing a draft indemnity letter to the insured for approval and (i) making recommendations on indemnity - including indemnity claim reserve Initial advice will principally be for the purpose of: Depending on circumstances and complexity of claim - this may be an abridged version. Hall & Wilcox to provide to underwriters: Underwriters will have a better handle on the issues and so are able to provide prompt instructions once written advice provided. To fast track indemnity decision and give underwriters notice of what is likely to be the advice of Hall & Wilcox. Preliminary opinion to be communicated through short form (email) report with telephone call if convenient. Hall & Wilcox to provide a preliminary opinion to underwriters on indemnity. Relevant regulatory team + relevant indemnity coverage team as necessary To obtain a better understanding of the claim and the policy response. Interview to take place for two purposes: (b) review further documents provided by insured. (a) to interview the insured, including key witnesses and employees and Otherwise relevant indemnity coverage team member (c) What questions need to be put to the insured. (b) what information is needed in the short term from the insured and (a) the nature of the claim for indemnity Hall & Wilcox to promptly have sufficient information to understand: Hall & Wilcox to determine whether or claim is appropriate for FLIP plan or if timeline needs to be varied due to complexity.

(c) review documents provided by underwriters. (b) make contact with the insured and arrange interviews and (a) perform and communicate to underwriters the results of a conflict check Upon receiving instructions from underwriters: How has the definition of ‘Hedge Fund’ changed? PHASE As ASIC Commissioner Greg Tanzer stated, “Our changes will benefit the industry by relieving some lower-risk funds from the more extensive disclosure obligations imposed on a hedge fund.” It is intended that that the re-worked definition of ‘hedge fund’ will allow the more accurate targeting of the types of funds which pose more complex risks for investors. ASIC has since consulted significantly and widely with industry to refine the definition. The transition date had to be extended to 1 February 2014 as it became clear that the original definition of ‘hedge fund’ was too broad and unworkable. At the last minute, ASIC issued interim relief to exclude ‘hedge funds’ from the application of the shorter PDS regime and to allow those ‘hedge funds’ that had prepared shorter PDSs until 22 June 2013 to transition back to a long form PDS. The shorter PDS regime applying to simple managed investment products commenced on 22 June 2012. The troubled history of this definition is reflected in the number of delays in its finalisation. The original ‘hedge fund’ definition was unclear and too broad which had the unintended consequence of capturing many types of funds that should not have be treated as hedge funds. The Australian Securities and Investments Commission ( ASIC) has finally released (3 October 2013) the long-awaited changes to the definition of a ‘hedge fund’ (and ‘fund of hedge funds’) for the purposes of determining the application of the shorter Product Disclosure Statement ( PDS) regime, and the application of enhanced PDS disclosure under ASIC Regulatory Guide RG240.

Hedge funds meaning