This paper describes the current status of the Securities & Investments Board (SIB) Regulations relating to futures and options funds (FOFs) and geared futures and options funds (GFOFs) and addresses the need for amendments to accommodate guarantees and performance fees. It also considers the position of trustees in relation to futures brokers' terms of business and outlines ways in which trustees of GFOFs can protect themselves against having to bear an excess of liabilities over assets.
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