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Hedge Fund Regulation in the European Union

Hedge Fund Regulation in the European Union
Author: Phoebus Athanassiou
Publisher: Kluwer Law International B.V.
Total Pages: 384
Release: 2009-04-14
Genre: Law
ISBN: 904114465X

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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.


Regulating Hedge Funds in the EU

Regulating Hedge Funds in the EU
Author: Alexandros Seretakis
Publisher: Kluwer Law International B.V.
Total Pages: 298
Release: 2022-01-13
Genre: Law
ISBN: 940353513X

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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.


The Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive
Author: Dirk A. Zetzsche
Publisher: Kluwer Law International B.V.
Total Pages: 948
Release: 2015-09-14
Genre: Law
ISBN: 9041149953

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Apart from MiFID, the Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early twenty-first century. In this in-depth analytical and critical discussion of the content and system of the directive, thirty-eight contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, the requirements for depositaries and prime brokers, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: – connection with systemic risk and the financial crisis; - nexus with insurance for negligent conduct; - connection with corporate governance doctrine; - risk management; - transparency; - the cross-border dimension; - liability for lost assets; - impact on alternative investment strategies, and - the nexus with the European Regulation on Long-Term Investment Funds (ELTIFR). Nine country reports, representing most of Europe’s financial centres and fund markets add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Austria, France, Germany, Italy, Luxembourg, Liechtenstein, The Netherlands, Malta and the United Kingdom. The second edition of the book continues to deliver not only the much-needed discussion of the inconsistencies and difficulties when applying the directive, but also provides guidance and potential solutions to the problems it raises. The second edition considers all new developments in the field of alternative investment funds, their managers, depositaries, and prime brokers, including, but not limited to, statements by the European Securities and Markets Authority (ESMA) and national competent authorities on the interpretation of the AIFMD, as well as new European regulation, in particular the PRIIPS Regulation, the ELTIF Regulation, the Regulation on European Venture Capital Funds (EuVeCaR), the Regulation on European Social Entrepreneurship Funds (EUSEFR), MiFID II, and UCITS V. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, administrators, as well as regulators and academics in the field.


Alternative Investment Funds in Europe

Alternative Investment Funds in Europe
Author: Lodewijk Van Setten
Publisher: OUP Oxford
Total Pages: 0
Release: 2014-02
Genre: Law
ISBN: 9780199657728

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The first detailed analysis of the legal and practical implications of the AIFMD at regional and national level.


The Regulation of Hedge Funds

The Regulation of Hedge Funds
Author: Ana Maria Fagetan
Publisher: Springer Nature
Total Pages: 514
Release: 2020-12-28
Genre: Business & Economics
ISBN: 3030637069

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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.


The Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive
Author: Dirk Zetzsche
Publisher: Kluwer Law International B.V.
Total Pages: 1042
Release: 2020-09-17
Genre: Law
ISBN: 9403509155

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In the ten years since its coming into force, the Alternative Investment Fund Managers Directive (AIFMD), with almost EUR 7 trillion assets under management in its remit, has become an important piece of European regulation complementing the Undertakings for Collective Investment in Transferable Securities (UCITS) and the Markets in Financial Instruments (MiFI) frameworks. This third edition of the most comprehensive and in-depth analysis of the AIFMD and its related European investment fund legislation (including the European Venture Capital Fund Regulation, the European Social Entrepreneurship Fund Regulation, the European Long-Term Investment Fund Regulation and the European Money Market Fund Regulation among others) brings together fund industry experts, fund supervisors, consultants, lawyers and academics to discuss the content and system of the directive from every angle, including its relation not only to the UCITS and MiFI frameworks but also to pension funds, the Sustainable Finance Disclosure Regulation, the Securitization Regulation and the Cross Border Funds Distribution Directive and Regulation, as well as related pieces of tax regulation at the European level. Further, the third edition emphasizes the function of such factors in the financial services value chain as the following: the AIFMD’s approach to robo-advisors; digital asset funds; infrastructure investments in the context of real estate and sustainable investments; risk management; transparency; and impact on alternative investment strategies. Five country reports, focusing on the European Union’s five most important financial centres for alternative investment funds, deal with the potential interactions among the AIFMD and the relevant laws and regulations of France, Germany, Luxembourg, Ireland and The Netherlands. This thoroughly updated edition elaborates on potential difficulties encountered when applying the directive and provides potential solutions to the problems it raises. The book is sure to be warmly welcomed by fund lawyers and consultants, investors and their counsels, fund managers, depositaries, asset managers and administrators, as well as regulators and academics in the field.


Research Handbook on Hedge Funds, Private Equity and Alternative Investments

Research Handbook on Hedge Funds, Private Equity and Alternative Investments
Author: Phoebus Athanassiou
Publisher: Edward Elgar Publishing
Total Pages: 521
Release: 2012-01-01
Genre: Business & Economics
ISBN: 184980608X

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This unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions. Expert contributors offer an unparalleled perspective on the contemporary alternative funds industry, the main areas of regulatory policy concern surrounding its activities, and the role that alternative funds have played in recent financial crises, as well as an account of the rules governing their operation in selected jurisdictions. Providing insight and analysis of the contemporary investment funds industry at a time of crisis and transition, the Research Handbook on Hedge Funds, Private Equity and Alternative Investments will be a valuable tool for scholars, practitioners and policymakers alike.


Hedge Fund Regulation in Europe and Its Impact on Switzerland

Hedge Fund Regulation in Europe and Its Impact on Switzerland
Author: Karin Bosshard
Publisher:
Total Pages:
Release: 2011
Genre:
ISBN:

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This thesis aims to examine the legal and economic impact of the European Union's Alternative Investment Fund Manager Directive (AIFMD) on the Swiss hedge fund landscape in order to understand how the Swiss policy maker can ideally react to the changed regulatory framework in the European Union. The legal impact of the AIFMD on Swiss hedge fund managers and advisors is derived from the interpreting relevant legislative texts and is supplemented by the opinions of experts. An economic analysis contains an evaluation of the options available to hedge fund managers or advisors for reacting to the changes in the Swiss legal framework, supported by estimations of industry experts, hedge fund managers and advisors. An empirical analysis tested the hypotheses derived from the evaluation's findings in order to enhance the validity of this thesis' results. The data was gained from a survey conducted amongst hedge fund managers and advisors in Switzerland. The legal analysis found that the AIFMD requires Switzerland to adapt its laws to an equivalent level until 2013 provided that Switzerland wants to maintain market access to the European Union's alternative investment market. A first proposal of the Federal Department of Finance incorporated the requirements of the AIFMD into the Swiss Collective Investment Schemes Act (draft CISA) implying a significant change to the regulatory framework for hedge funds in Switzerland. The draft foresees that the management of offshore hedge funds - irrespective of their size - and the distribution of offshore hedge funds to qualified investors will become subjects to FINMA authorisation. Additionally, the draft de facto prohibits the active distribution of offshore hedge funds in Switzerland. The economic analysis found that the changing legal framework is likely to trigger a trend towards onshore structures of hedge fund vehicles and their managers. Thereby Swiss hedge fund managers prefer EU domicile.


Alternative Investment Fund Regulation

Alternative Investment Fund Regulation
Author: E. Wymeersch
Publisher:
Total Pages: 0
Release: 2012
Genre: Futures
ISBN: 9789041136909

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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.


Investor Protection

Investor Protection
Author: Hanneke Wegman
Publisher: Kluwer Law International B.V.
Total Pages: 362
Release: 2015-11-24
Genre: Law
ISBN: 9041186115

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The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can be established both inside and outside the EU, they may be subject to different investor protection regulations, depending on where the fund is located. Accordingly, different levels of investor protection may exist between investors investing in EU funds and investors investing in non-EU funds, including US funds. This book investigates whether there is a level playing field between EU investors investing in EU funds and EU investors investing in US funds and if not, if there is a legal basis in current EU law for the EU regulator to adopt additional investor protection rules applying to investment funds. The analysis considers the basic characteristics of investment funds, how they function in practice, and how they are regulated relating to investor protection issues. Factors examined in depth include the following: – features of funds most relevant to the protection of retail investors; – operational structure, investment strategies, fee structure, and legal structure of funds; – internal control systems; – transparency and disclosure rules; – conduct of business rules; and – depositary monitoring rules. The author examines relevant EU directives and rules and the particular remit of each, as well as US law applying to investment funds that are active in the EU. Case law and relevant literature in the field is also drawn on. As an assessment of the current degree of protection applying to funds that are available to EU retail investors – as well as an up-to-date overview of regulatory requirements and procedures concerning the protection of EU investors in investment funds – this book is unsurpassed. Especially valuable is the closing discussion about whether the EU regulatory system provides for a level playing field of protection for EU retail investors, and if not which additional rules can be adopted by the EU regulator in this area. Lawyers and other professionals in all areas of law and policy concerned with investment and finance will find this book of great value.