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Alternative Investment Fund Regulation

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ISBN13: 9789041136909
Published: February 2012
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: £144.00



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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.

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Subjects:
Banking and Finance
Contents:
Chapter 1 General Report: The Regulation of Private Equity, Hedge Funds and State Funds Eddy Wymeersch.
Chapter 2 Belgian Report Philippe Malherbe.
Chapter 3 Croatia Edita Čulinović Herc & Mihaela Braut Filipović.
Chapter 4 Denmark Simon Krogh.
Chapter 5 France Alain Couret.
Chapter 6 France: Taxation of Hedge Funds and Their Managers Georges A. Cavalier.
Chapter 7 Germany Holger Fleischer & Jan Hupka.
Chapter 8 Greece Christos S. Chrissanthis.
Chapter 9 Hungary Endre Hugó Ferenczy & Mihály Ormos.
Chapter 10 Italy Raffaele Lener.
Chapter 11 Luxembourg Isabelle Lebbe & Philippe-Emmanuel Partsch.
Chapter 12 Poland Mariola Lemonnier.
Chapter 13 Spain Reyes Palá Laguna.
Chapter 14 Switzerland Myriam Senn.
Chapter 15 Taiwan Ching-Ping Shao.
Chapter 16 United Kingdom Harry McVea.
Chapter 17 United States Henry Ordower.
Chapter 18 The European Alternative Investment Fund Management Directive Eddy Wymeersch.