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This book provides a detailed guide to the regulation of hedge funds in key jurisdictions. It covers all the legal and regulatory matters in relation to hedge funds and discusses how funds can be operated to comply with laws and regulations in the most popular jurisdictions in which they operate. Written by experts from each jurisdiction, the book includes coverage of approximately 20 jurisdictions, with each chapter examining the following key issues in relation to hedge funds: authorization, establishment, and initial set-up; supervision and regulatory issues; enforcement; and taxation. The jurisdictions include the US, the UK, the Channel Islands/Isle of Man, the Cayman Islands, Bermuda, the British Virgin Islands, Australia, Ireland, Germany, Luxembourg, Asian jurisdictions, and Latin American jurisdiction.
Hedge funds now account for 25 percent of all NYSE trading volume and are one of the fastest growing sectors in today’s financial industry. Managing a Hedge Fund examines every significant issue facing a hedge fund manager, from management of numerous types of risk to due diligence requirements, use of arbitrage and other exotic activities, and more. Broad-based where most hedge fund books are narrowly focused, it provides current and potential managers with a concise but comprehensive treatment on managing—and maximizing—a hedge fund in today’s fiercely competitive investing arena.
This book uses data from a multitude of countries to explain how and why hedge fund markets differ around the world. The authors consider international differences in hedge fund regulation which include, but are not limited to, minimum capitalization requirements, restrictions on the location of key service providers, and different permissible distribution channels via private placements, banks, other regulated or non-regulated financial intermediaries, wrappers, investment managers and fund distribution companies.
Hedge funds remain the most controversial vehicles of the alternative investment funds universe. Their opaque nature, alleged role in major crises around the world and perceived lack of investor protection have repeatedly led to calls for greater regulation. Yet despite its tremendous growth, the hedge fund industry is still shrouded in a veil of mystery largely due to the highly complex and dynamic trading strategies employed by hedge funds and the scarcity of information about them. For the first time in one comprehensive volume, this concise but thorough guide explains how hedge funds work, analyses risk, compares the European Union (EU) and United States (US) systems and proposes reforms to the European framework in order to improve its resilience. Focusing on the contribution of the hedge fund industry to systemic risk, the author elucidates the complex world of hedge funds and the legal issues linked to it. The analysis proceeds as follows: introduction to the world of hedge funds – definition, main characteristics, organizational structure, investment strategies, and benefits; deeply informed exploration of the dangers posed by hedge funds; documentation and examination of the major incidents connecting hedge funds and financial crises; rationales for regulation of hedge funds; comparison of relevant legislative developments in the US and EU; and proposals for strengthening the current EU supervisory and regulatory framework. Guiding legislation, such as the EU Alternative Investment Fund Managers Directive and the US Dodd-Frank Act, is analysed, along with topical issues such as hedge fund activism. Because the direction that hedge fund regulation takes in the future has implications for the Eurozone and systemic risk in the wider financial system, this book will be of immeasurable value to professionals in both the legal and business communities. It will be welcomed by corporate lawyers, regulatory authorities, policymakers and academics in both business-related and finance-related disciplines.
One-stop-guide to the hedge fund industry, investment and trading strategies adopted by hedge funds and the industry's regulation. For anyone with an interest in investing or managing funds, it presents everything practitioners need to know to understand these investment vehicles from their theoretical underpinnings, to how they work in practice.
A well-rounded hedge fund guide for the serious financial professional Alternative investment strategies-hedge funds in particular-have experienced a significant resurgence recently, largely in response to the dramatic downturn of the global equity markets. In response to this explosion in popularity, this book focuses on many of the best moneymaking strategies related to these alternative investment vehicles. IMCA (The Investment Management Consultants Association) is a professional association established in 1985, representing the investment consulting profession in the U.S. and Canada. Kenneth S. Phillips is a member of the IMCA Advisory Council and Managing Principal of Capital Partners, LLC. Ron Surz, CIMA, is a member of the IMCA Board of Directors and the President of PPCA Inc.
Wherever they are established, the reach, influence and impact of hedge funds on companies and economies are global in nature. Understanding the interaction of the legal and regulatory frameworks that impact on hedge fund operations has become critical for hedge fund sponsors and managers, service providers and stakeholders. In its first edition, this practical handbook outlined for the first time key trends in the global hedge fund industry. This second edition updates its content reflecting the complexity of the markets following the implementation of transparency and application of new technologies. It reviews latest structuring and governance models, as well as operational, litigation, enforcement and key regulatory initiatives in the European Union and United States. The book also features an in-depth analysis of the law and regulation of hedge funds in a number of leading jurisdictions. Each country chapter follows a detailed template for ease of reference for the reader. Written by expert hedge fund lawyers and industry service providers - from Borden Ladner Gervais, Sullivan & Cromwell and White & Case, among other leading firms - this title provides up-to-date analysis and helpful, practical tools for participants in the hedge fund industry.
While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.
One-stop-guide to the hedge fund industry, investment and trading strategies adopted by hedge funds and the industry's regulation. For anyone with an interest in investing or managing funds, it presents everything practitioners need to know to understand these investment vehicles from their theoretical underpinnings, to how they work in practice.