U.S. Regulation of Hedge Funds PDF Download

Author: Douglas L. Hammer
Publisher: American Bar Association
ISBN: 9781590312971
Category : Business & Economics
Languages : en
Pages : 398

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Book Description
This authoritative resource surveys federal securities laws and rules applicable to the organization, capitalization and operations of private U.S. domestic investment partnerships that invest and trade mainly in the public securities markets. Includes a detailed index.

Author: Scott J. Lederman
Publisher:
ISBN:
Category : Hedge funds
Languages : en
Pages : 650

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Book Description
Offering a comprehensive review of one the most dynamic sectors of the financial marketplace, Hedge Fund Regulation provides you with up-to-date insights into the ever changing world of hedge funds. Hedge Fund Regulation guides you through the complex interplay of the many federal and state laws and regulations-including the Securities Act of 1933, Securities Exchange Act of 1934, Investment Advisers Act of 1940, Investment Company Act of 1940, Commodities Exchange Act, State Blue Sky laws, Internal Revenue Code and ERISA-that must be considered in the structuring and operation of these investment vehicles, while also providing you with an understanding of the historical developments, current investment strategies and recent innovations that have seen hedge funds rise from relative obscurity to the forefront of the financial markets. This up-to-date resource also tracks the latest developments in the field, including the recent federal court reversal of the SEC's efforts to require registration of most hedge fund managers, the latest developments on soft-dollar arrangements and ERISA's plan asset rule and innovative methods by which investors can access hedge funds.

Author: Ana Maria Fagetan
Publisher: Springer Nature
ISBN: 3030637069
Category : Business & Economics
Languages : en
Pages : 514

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Book Description
This book analyses elements of international finance, comparing the regulation of hedge funds in United States, Europe, the UK, and off-shore jurisdictions in the aftermath of the financial crisis. It critically compares the Dodd- Frank Act in US with the Alternative Investment Funds Managers Directive in Europe. Moreover, it goes further by analyzing the implementation of the AIFM Directive in seven jurisdictions in Europe famous for the incorporation of hedge funds: the United Kingdom, Italy, France, Ireland, Malta, Luxembourg, and Switzerland. The book also analyses the effect of Brexit on the legislation in the UK regarding the application of the directive and the distribution of financial products in Continental Europe, and will be of particular interest to researchers, academics, and students of international finance and financial regulation.

Author: Douglas Cumming
Publisher: Oxford University Press
ISBN: 0199862575
Category : Business & Economics
Languages : en
Pages : 313

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Book Description
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.

Author: Phoebus Athanassiou
Publisher: Kluwer Law International B.V.
ISBN: 904114465X
Category : Law
Languages : en
Pages : 295

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Book Description
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.

Author: Jason A. Scharfman
Publisher: John Wiley & Sons
ISBN: 1119240239
Category : Business & Economics
Languages : en
Pages : 214

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Book Description
The long-awaited guide for modern hedge fund compliance program development Hedge Fund Compliance + Website provides straightforward, practical guidance toward developing a hedge fund compliance program, drawn from the author's experience training financial regulators, consulting with government entities, and analyzing hedge fund compliance structures across the globe. In-depth explanations of compliance principles are backed by illustrative case studies and examples. Highly in-demand templates of popular hedge fund compliance documentation provide actionable illustrations of key compliance policies. Designed to assist investors, fund managers, service providers, and compliance job seekers directly, this book describes the fundamental building blocks of the hedge fund compliance function. Compliance is one of the fastest growing areas in the hedge fund space. This reference book provides an essential foundation in modern hedge fund compliance, reflecting the recent changes of this dynamic field. Design and run a hedge fund compliance program Access templates of core compliance documentation and checklists Discover how investors can evaluate and monitor compliance programs Interviews with hedge fund compliance practitioners A steady stream of regulatory changes, combined with the enhanced enforcement efforts of regulators, ensure that hedge funds' compliance-related expenditures will continue to grow. While hedge fund compliance legislation continues to evolve globally, little practical guidance exists for those tasked with the boots-on-the-ground aspects of developing an actual compliance program to comply with best practices and regulatory guidance from leading hedge fund regulators including the US Securities and Exchange Commission, the National Futures Association, the Commodity Futures Trading Commission and the United Kingdom's Financial Conduct Authority. Hedge fund professionals and investors need a fundamental framework for establishing and evaluating an effective program, and when compliance is the issue, trial and error carries too much risk. Hedge Fund Compliance + Website provides clear guidance and practical tools to meet today's compliance professional needs.

Author: Andrew W. Lo
Publisher: Princeton University Press
ISBN: 140083581X
Category : Business & Economics
Languages : en
Pages : 388

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Book Description
The hedge fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrecy, they have developed a mystique and allure that can beguile even the most experienced investor. In Hedge Funds, Andrew Lo--one of the world's most respected financial economists--addresses the pressing need for a systematic framework for managing hedge fund investments. Arguing that hedge funds have very different risk and return characteristics than traditional investments, Lo constructs new tools for analyzing their dynamics, including measures of illiquidity exposure and performance smoothing, linear and nonlinear risk models that capture alternative betas, econometric models of hedge fund failure rates, and integrated investment processes for alternative investments. In a new chapter, he looks at how the strategies for and regulation of hedge funds have changed in the aftermath of the financial crisis.

Author: E. Wymeersch
Publisher:
ISBN: 9789041136909
Category : Futures
Languages : en
Pages : 0

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Book Description
In the wake of the recent global financial crisis regulators and supervisors became aware that the 'risk appetite' of hedge funds and private equity funds was to a significant extent shielded from public scrutiny, as it was only through banks' financing of these funds that public authorities could obtain a view on the role of these funds in the wider financial system. In order to disperse this lack of reliable and comprehensive data, measures were adopted both in the European Union - the Alternative Investment Management Funds Directive - and to a lesser extent in the United States to impose a risk-sensitive framework. Individual EU Member States and other countries followed suit. This book reprints reports delivered by representatives of fifteen countries at the Eighteenth International Congress of the International Academy of Comparative Law, held in Washington on the 29th of July 2010. The reports present a wealth of information on the different approaches and the specific rules that a variety of national legislators have adopted on the regulation of hedge funds and private equity funds. They greatly clarify the current understanding of such factors as the following: the nature of the systemic risk created by these funds; how activist investors challenge the incumbent management of well-established companies; effects of aggressive intervention in the business organization of a firm; how some funds achieve excess returns even during the crisis; ; advance information obtained through insider rings or other social networks; and safeguards that limit the investor's risk (e.g., allowing only "funds of funds"). With its comparative analysis of rules (and their degree of stringency) adopted by states on offering these products to the retail investor, this book is of great importance for legal practice in the areas of investor protection, financial services, and regulation of securities and banking. Although the present crisis has fundamentally challenged public authorities in every country, it is important to know what has been introduced or modified and which pre-existing measures have been retained as a result of new measures. The national reports reproduced in this book provide the clearest and fullest commentary available on this and other aspects of the 'new' global financial regulatory scheme.

Author: Stephanie R. Breslow
Publisher:
ISBN: 9781588523372
Category : Hedge funds
Languages : en
Pages : 0

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Book Description
Hedge funds covers hedge fund investment strategies, domestic /off-shore hedge fund structure/tax considerations, terms, fees, related considerations for sponsors and investors, and more.

Author: Jason A. Scharfman
Publisher: John Wiley & Sons
ISBN: 0470372346
Category : Business & Economics
Languages : en
Pages : 324

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Book Description
How to diagnose and monitor key hedge fund operational risks With the various scandals taking place with hedge funds, now more than ever, both financial and operational risks must be examined. Revealing how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds, such as multi-jurisdictional regulatory coordination, organizational nesting, and vaporware, Hedge Fund Operational Due Diligence includes real-world examples drawn from the author's experiences dealing with the operational risks of a global platform of over 80 hedge funds, funds of hedge funds, private equity, and real estate managers.