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Hedge Fund Regulation In The European Union

Author : Phoebus Athanassiou
ISBN : 9789041144652
Genre : Law
File Size : 80. 77 MB
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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

Author : Alexandros Seretakis
ISBN : 9789403535135
Genre : Law
File Size : 88. 9 MB
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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.

Hedge Fund Regulation In Europe And Its Impact On Switzerland

Author : Karin Bosshard
ISBN : OCLC:793074712
Genre :
File Size : 74. 11 MB
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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.

The Regulation Of Hedge Funds In The United States Of America And The European Union

Author : Johannes Wolz
ISBN : OCLC:724678378
Genre : Financial crises
File Size : 36. 44 MB
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Multilingual Interpretation Of European Union Law

Author : Dirk A. Zetzsche
ISBN : 9789041147998
Genre : Law
File Size : 22. 74 MB
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The Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early 21st century. However, a preponderance of practitioners and academics in the field argue that, in its present form, the directive is seriously out of touch with both the system of European financial law and industry practice. In this first in-depth analytical and critical discussion of the content and system of the directive, thirty-four 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, 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; impact on money laundering and financial crime; nexus with insurance for negligent conduct; connection with corporate governance doctrine; risk management; transparency; the cross-border dimension; liability for lost assets; and impact on alternative investment strategies. Ten country reports 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 Italy, Switzerland, Luxembourg, The Netherlands, Austria, Liechtenstein, the United Kingdom, Germany, France, and Ireland. The former are Europe’s most vibrant financial centres and markets. Designed to spur a critical attitude towards the emerging new European financial markets framework presaged by the AIFMD, this much-needed discussion not only elaborates on the inconsistencies and difficulties sure to be encountered when applying the directive, but also provides potential solutions to the problems it raises. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, and administrators, as well as academics in the field.

Taming And Tending The Locusts

Author : Katharina Oberhofer
ISBN : OCLC:678452476
Genre : Hedge funds
File Size : 81. 10 MB
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Hedge Fund Regulation Via Basel Iii

Author : Wulf Kaal
ISBN : 3659434302
Genre :
File Size : 71. 78 MB
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Title IV of the Dodd-Frank Act in the United States and the Alternative Investment Fund Manager Directive in the European Union have introduced lasting changes to the regulatory framework for private funds. This book evaluates the impact of these rules and introduces the regulation of private funds via Basel III as a possible alternative. The increasing role of private funds in the credit derivatives market suggests that an increased emphasis on banks' lending exposure to private funds could be justified.

Financial Regulation In The Eu

Author : Raphaël Douady
ISBN : 9783319442877
Genre : Business & Economics
File Size : 67. 74 MB
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Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

The European Union And Global Financial Regulation

Author : Lucia Quaglia
ISBN : 9780191512537
Genre : Political Science
File Size : 25. 87 MB
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The European Union and Global Financial Regulation examines the influence of the European Union (EU) in regulating global finance, addressing several inter-related questions. Why does the EU 'upload' international financial regulation in some cases, 'download' it in other cases, and 'cross-load' either actively or passively in other instances? Has this changed over time, especially after the third stage of Economic and Monetary Union and the completion of the single financial market, or after the global financial crisis? Under what conditions is the EU more or less likely to upload, download or cross load rules? Through which mechanisms does this take place? Overall, does the EU act as a pace setter in regulating global finance, or is it mainly a follower? Why? The key explanatory variable used in this research is the concept of 'regulatory capacity', applied to the EU and the US, distinguishing between 'strong' and 'weak' regulatory capacity. The influence of the EU in global financial regulation depends on the combinations of EU and US regulatory capacities. When EU regulatory capacity is weak and US regulatory capacity is strong, the US will mainly upload its domestic rules internationally and/or actively cross load them to the EU, whereas the EU will mainly download international rules. When the EU regulatory capacity is strong and US regulatory capacity is weak, the EU is able to upload its rules internationally and/or actively cross load them to third countries. When the EU and the US regulatory capacities are weak, private sector governance prevails. When the EU and US regulatory capacities are strong, both jurisdictions seek to upload and cross load their domestic rules.

The Alternative Investment Fund Managers Directive

Author : Dirk Zetzsche
ISBN : 9789403509150
Genre : Law
File Size : 38. 34 MB
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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.

Investor Protection

Author : Hanneke Wegman
ISBN : 9789041186119
Genre : Law
File Size : 65. 72 MB
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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.

Research Handbook On Hedge Funds Private Equity And Alternative Investments

Author : Phoebus Athanassiou
ISBN : 9781849806084
Genre : Business & Economics
File Size : 68. 46 MB
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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.

Microfinance Eu Structural Funds And Capacity Building For Managing Authorities

Author : Pasqualina Porretta
ISBN : 9781137536020
Genre : Business & Economics
File Size : 34. 91 MB
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In recent years, the European Commission has attached increasing importance to the use of financial engineering instruments rather than traditional grant-based financing for the microcredit sector, considering these to be the most efficient option available. This book presents a study of capacity building and structural funds in public managing authorities for the microcredit sector. It presents two surveys to highlight the strengths and weaknesses of the managing authorities' capacity building. The first survey investigates the authorities' need for and interests in capacity building activities, assessing the areas in which capacity building support is needed, and explores the different types of support offered. The second survey analyses the results of the microcredit and microfinance programming activity, investigating its target groups and other operational features. It examines the key monitoring and reporting issues involved in this activity, before analysing the regulatory framework of the microcredit and microfinance sector. This book presents an in-depth analysis of structural funds and their management by policy-makers in the European convergence regions. It explores the interests of managing authorities, microcredit institutions, operators and other financial intermediaries involved in microcredit programming activities, and offers some core strategic and operational recommendations for the use of structural funds in the microcredit sector.

European Union

Author : International Monetary Fund. Monetary and Capital Markets Department
ISBN : 9781475533101
Genre : Business & Economics
File Size : 68. 5 MB
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This article reviews the European Securities and Markets Authority (ESMA) of the European Union. ESMA performed a role in the regulation and supervision of the securities market. ESMA was created to supervise the financial system to enhance financial markets. In crisis management, ESMA focused on coordination, and identified and monitored risks. It also played an important role in the single rule book credit rating agency supervision. The assessment of the ESMA in the European Union is a next level in economic development.

The Anatomy Of European Investment Fund Law

Author : Dirk A. Zetzsche
ISBN : OCLC:1305306648
Genre :
File Size : 60. 26 MB
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As of 31 December 2016 investment fund managers in the European Union (EU) and the European Economic Area (EEA) managed more than €14trillion, equivalent to 33.2% of worldwide investment fund assets. More importantly all asset classes and fund types experience significant growth for more than a decade. While outside of Europe most commentators point to the UCITS brand's success to explain the development, little is known about the legal fundamentals underpinning European investment law. This article holds that at least to some extent the remarkable growth story of European investment funds is due to unique features of European investment fund law and regulation. Drawing on this hypothesis, this article introduces to the principles of European investment law, summarizes the most important legislation and highlights to what extent European investment law differs from other fund management legislation. After providing an overview of the relevant sources of law, we introduce to the regulatory objectives of European investment law. Next we explain the pillars of European investment fund law, including the investment triangle, and the joint basis of European manager, depositary, sales and product regulation. We go on to discuss the crucial definitions of and difference between UCITS and AIF, prior to unvealing the unique features of the UCITSD, and hence the UCITS product. We conclude with an analysis of the future trajectory of European's investment fund law.

Taming The Locusts? Embattled Hedge Funds In The E U

Author : Alexandros L. Seretakis
ISBN : OCLC:1308859642
Genre :
File Size : 40. 70 MB
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The recent financial crisis and the ongoing sovereign debt crisis have put the spotlight on the traditionally secretive and opaque hedge fund industry. Widespread financial losses have provoked popular suspicion against hedge funds, which are viewed as speculators that destabilize the financial system. Adhering to the pattern of crisis-driven financial regulation, the European Union has enacted legislation that is expected to radically transform the hedge fund industry in Europe. While it may seem at first glance that only the Alternative Investment Fund Managers Directive and its complex and burdensome requirements for hedge funds and their managers is expected to directly impact the hedge fund industry, the effect of the Short Selling Regulation and the Proposal for a Financial Transaction Tax will be equally devastating for hedge funds by curtailing their investment techniques and market operations. This article argues that the European Union has engaged in a crisis-driven regulatory spree and that this regulatory overhaul is founded on perceptions and popular beliefs rather than actual evidence. In regulating hedge funds, the E. U. has moved forward with regulating not only hedge funds and their managers, but also their investment techniques and market operations. The cumulative impact of the E. U.'s regulatory spree is expected to be a sharp increase in costs for hedge funds operating in Europe and a decline in investor returns with negative consequences for European investors and markets. Thus the term "embattled" hedge funds.

Hedge Funds Regulation In Europe

Author : Associazione del Risparmio Gestito
ISBN : OCLC:64661661
Genre : Hedge funds
File Size : 53. 60 MB
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Hedge Funds

Author : Florentino Carreño
ISBN : 1905783795
Genre : Hedge funds
File Size : 67. 79 MB
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Thispractical new handbook outlines key trends in the global hedge fund industry, including latest structuring and governance models, as well as operational, litigation, enforcement and key regulatory initiatives in the European Unionand 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."

Directive On Alternative Investment Fund Managers

Author : Great Britain. Parliament. House of Lords. European Union Committee
ISBN : OCLC:767828994
Genre : Hedge funds
File Size : 72. 29 MB
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This report examines the proposed Alternative Investment Fund Managers Directive which introduces an EU-wide approach to the regulation of Alternative Investment Fund Managers, including hedge fund and private equity fund managers. The Directive aims both to increase the stability of the financial system and to facilitate the single market in Alternative Investment Funds. The report argues that the Directive will seriously damage the EU and UK economies unless it is fully compatible with the global approach to the regulation of fund managers and the Government should withhold agreement on the Directive until these concerns are addressed.

Directive On Alternative Investment Fund Managers

Author : Great Britain: Parliament: House of Lords: European Union Committee
ISBN : 0108459403
Genre : Political Science
File Size : 67. 59 MB
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Directive on alternative investment fund Managers : 3rd report of session 2009-10, Vol. 2: Evidence

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