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Author :
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (951 download)
Download or read book European Directive on Alternative Investment Fund Managers and Future Shape of European Hedge Fund Sector written by and published by . This book was released on 2011 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Phoebus Athanassiou
Publisher : Kluwer Law International B.V.
ISBN 13 : 904114465X
Total Pages : 384 pages
Book Rating : 4.0/5 (411 download)
Download or read book Hedge Fund Regulation in the European Union written by Phoebus Athanassiou and published by Kluwer Law International B.V.. This book was released on 2009-04-14 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Alexandros Seretakis
Publisher : Kluwer Law International B.V.
ISBN 13 : 940353513X
Total Pages : 298 pages
Book Rating : 4.4/5 (35 download)
Download or read book Regulating Hedge Funds in the EU written by Alexandros Seretakis and published by Kluwer Law International B.V.. This book was released on 2022-01-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Dirk Zetzsche
Publisher : Kluwer Law International B.V.
ISBN 13 : 9403509155
Total Pages : 1042 pages
Book Rating : 4.4/5 (35 download)
Download or read book The Alternative Investment Fund Managers Directive written by Dirk Zetzsche and published by Kluwer Law International B.V.. This book was released on 2020-09-17 with total page 1042 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Dirk A. Zetzsche
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041149953
Total Pages : 948 pages
Book Rating : 4.0/5 (411 download)
Download or read book The Alternative Investment Fund Managers Directive written by Dirk A. Zetzsche and published by Kluwer Law International B.V.. This book was released on 2015-09-14 with total page 948 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Phoebus Athanassiou
Publisher : Edward Elgar Publishing
ISBN 13 : 184980608X
Total Pages : 521 pages
Book Rating : 4.8/5 (498 download)
Download or read book Research Handbook on Hedge Funds, Private Equity and Alternative Investments written by Phoebus Athanassiou and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Great Britain: Parliament: House of Lords: European Union Committee
Publisher : The Stationery Office
ISBN 13 : 9780108459429
Total Pages : 84 pages
Book Rating : 4.4/5 (594 download)
Download or read book Directive on alternative investment fund managers written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2010-02-10 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this report the European Union Committee warn that unless the Directive on alternative investment funds is compatible with a global regulatory approach it will seriously damage the EU and UK economies. The UK Government should not agree with the Directive unless it is compatible with equivalent legislation in third countries and in particular the United States. It is essential to ensure that EU alternative investment fund managers do not lose competitiveness at a global level. This is a particular concern for the UK and the City of London which has a large alternative investment fund industry that employed an estimated 40,000 people in 2009. The Committee recognise the risk the aggregate activity of hedge funds could cause to financial stability and welcome the principle of EU regulation of the managers. The Directive has the potential to reduce risk posed by fund managers and be beneficial to the single market and the EU economy as a whole. The Committee stress that the requirements on provision of information should be proportionate and carefully thought out to ensure Supervisors are provided with the relevant data. The Committee also criticise the "one size fits all" approach of the Directive. The Directive covers a wide variety of fund managers including hedge funds, private equity and infrastructure funds, and its detailed requirements must differentiate between types of managers to avoid unwanted outcomes that could restrict the operation of fund managers unnecessarily.
Author : Thomas Bernhardt
Publisher : BoD – Books on Demand
ISBN 13 : 384410285X
Total Pages : 230 pages
Book Rating : 4.8/5 (441 download)
Download or read book The European Alternative Investment Fund Managers Directive (AIFMD) written by Thomas Bernhardt and published by BoD – Books on Demand. This book was released on 2013-10-29 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Alternative Investment Fund Managers Directive (AIFMD) has been formulated as a response to the global financial crisis, which climaxed in the collapse of Lehman Brothers on 15 September 2008. The securitisation of real estate risks that came about by launching financial innovations such as asset-backed securities (ABS), mortgage-backed securities (MBS), collateralised debt obligations (CDO) or structured investment vehicles (SIV) contributed particularly to the fast worldwide circulation of ‘poisoned’ papers. Assuming that the financial crisis of 2008/2009 was the consequence of wrongfully set incentives that primarily concerned the fund managers’ remuneration, the European Commission followed the ideas of Jacques de Larosière, Klaus-Heiner Lehne and Poul Nyrup Rasmussen and set the legal focus on the fund managers, as these entities launch and distribute financial products such as those mentioned above and also decide on the investment strategy that might bear systemic risks. Due to their financial market potential and in view of the design of financial products, these entities admittedly have a strong impact on the financial market development and may jointly be responsible for the realisation of systemic risks of transnational dimensions. In particular, in the view of a steady credit supply of the real economy, the enormous transnational mobility of capital and the global competition of financial market regulations, it seems doubtful whether one can identify the fund managers as those responsible for the financial market crisis of 2008/2009. This thesis highlights the history, symptoms and supposed core reasons of the financial crisis of 2008/2009 and critically assesses whether the AIFMD can reach its objective to effectively contain systemic risks in the context of a globalised financial system.
Author : Ana Maria Fagetan
Publisher : Springer Nature
ISBN 13 : 3030637069
Total Pages : 514 pages
Book Rating : 4.0/5 (36 download)
Download or read book The Regulation of Hedge Funds written by Ana Maria Fagetan and published by Springer Nature. This book was released on 2020-12-28 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Lodewijk D. Setten
Publisher :
ISBN 13 :
Total Pages : 493 pages
Book Rating : 4.:/5 (98 download)
Download or read book Alternative Investment Funds in Europe written by Lodewijk D. Setten and published by . This book was released on 2014 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Great Britain. Parliament. House of Lords. European Union Committee
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (767 download)
Download or read book Directive on Alternative Investment Fund Managers written by Great Britain. Parliament. House of Lords. European Union Committee and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Karin Bosshard
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (793 download)
Download or read book Hedge Fund Regulation in Europe and Its Impact on Switzerland written by Karin Bosshard and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Lodewijk Van Setten
Publisher : OUP Oxford
ISBN 13 : 9780199657728
Total Pages : 0 pages
Book Rating : 4.6/5 (577 download)
Download or read book Alternative Investment Funds in Europe written by Lodewijk Van Setten and published by OUP Oxford. This book was released on 2014-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first detailed analysis of the legal and practical implications of the AIFMD at regional and national level.
Author : Marco M. Sperlich
Publisher : Diplomica Verlag
ISBN 13 : 9783836688611
Total Pages : 56 pages
Book Rating : 4.6/5 (886 download)
Download or read book Alternative Investments: Existing and expected legal framework for the operations of hedge funds in European and German law written by Marco M. Sperlich and published by Diplomica Verlag. This book was released on 2010-06 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last 15 years the hedge fund industry has become one of the most creative and rapid growing areas within the financial industry and has made it hard for regulators to mitigate the potential risks posed to investors and the financial system. In light of the financial crisis, international interest in the supervision and regulation of the financial industry has increased rapidly, particularly with regard to hedge funds and there is no doubt that international and European initiatives will influence hedge fund operations in European and German law. The aim of this thesis is to introduce the reader from a legal perspective to the general characteristics of hedge funds as well as the existing and expected legal schemes for the operations of hedge funds in European and German law. The thesis explains the characteristics of hedge fund schemes by describing their origin and terms of hedge funds used. In general, the reader will be introduced to the European and German legal landscape as well as to market participants in the hedge funds business by analysing applicable German law as well the practability of existing EU Directives and Regulations. Furthermore a brief summary of the financial supervisory framework will be presented as well as the role of hedge fund associations. The reader will also find a chapter analyzing and describing the proposed Directive for Alternative Investment Fund Managers (AIFM) by following its table of contents resulting in a comparative summary on expected European regulation and possible impacts to German law. Finally, I highlight two conclusions. First on the proposed AIFM Directive, which is still in draft, and therefore a statement of political intent, has no binding effect and I expect that the proposed regulations encompassed in the Directive will evolve significantly prior to the passage of new legislation due to lobbying by hedge fund associations and the United Kingdom (UK) government. The second conclusion is that Germany is already prepared to provide a regulatory framework for the operations of hedge funds in the context of the AIFM Directive. Also, existing hedge fund providers in Germany are already able to provide the required regulatory infrastructures when entering or offering hedge funds business in Germany, which could result in a competitive advantage to other EU Member States.
Author : Miguel Hernandez
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.:/5 (761 download)
Download or read book The Directive on Alternative Investment Fund Managers written by Miguel Hernandez and published by . This book was released on 2011 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Haiko R. M. Buettner
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The European Alternative Investment Fund Manager Directive (AIFMD) written by Haiko R. M. Buettner and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : E. Wymeersch
Publisher :
ISBN 13 : 9789041136909
Total Pages : 0 pages
Book Rating : 4.1/5 (369 download)
Download or read book Alternative Investment Fund Regulation written by E. Wymeersch and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
