Regulating Hedge Funds in the EU

Name: Regulating Hedge Funds in the EU
Brand: Wolters Kluwer
Price: 122.99 EUR
Availability: OnlineOnly

Alexandros Seretakis(Autor*in)

Wolters Kluwer (Verlag)

Erschienen am 13. Januar 2022

272 Seiten

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978-94-035-3513-5 (ISBN)

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Beschreibung

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; andproposals 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.

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Inhalt

Intro
Half-Title Page
Title Page
Copyright Page
About the Author
Table of Contents
List of Abbreviations
Foreword by Steef M. Bartman
Foreword by Blanaid Clarke
Acknowledgements
Introduction
Background
Chapter 1 The Hedge Fund Phenomenon
1.1 Introduction
1.2 Hedge Funds: A Primer
1.2.1 A Brief Overview of the History of Hedge Funds
1.2.2 Hedge Funds: Definition and Characteristics
1.2.2.1 In Search of a Definition of Hedge Funds
1.2.2.2 Common Characteristics
1.2.3 Hedge Fund Organizational Structures and Service Providers
1.2.4 Hedge Fund Investment Strategies
1.2.5 The Benefits of Hedge Funds
1.3 Hedge Funds in Popular Imagination (And Crises)
1.3.1 Hedge Funds and Currency Crises
1.3.1.1 Black Wednesday
1.3.1.2 The East Asian Currency and Financial Crisis
1.3.1.3 When Genius Failed: The Rise and Fall of Long-Term Capital Management
1.3.1.4 The Collapse of Amaranth
1.3.1.5 Hedge Funds and the Financial Crisis
1.3.1.6 Hedge Funds and the Sovereign Debt Crisis
1.4 Conclusion
Chapter 2 Regulating Hedge Funds?
2.1 Introduction
2.2 The Dark Side of Hedge Funds
2.2.1 Investor Protection
2.2.2 Market Integrity
2.2.3 Systemic Risk
2.2.3.1 Too Big to Fail: LTCM
2.2.3.2 Too Many to Fail: Hedge Funds, the Financial Crisis and Fire Sales
2.2.3.3 Hedge Funds and SIFIs: The Case of Bear Stearns
2.2.3.4 Hedge Funds and Short Selling
2.2.3.5 Hedge Funds and Systemic Risk: Lessons Learned
2.2.4 Hedge Fund Activism
2.3 What Type of Hedge Fund Regulation?
2.3.1 Self-Regulation Versus Government Regulation
2.3.2 Direct Versus Indirect Regulation
2.4 Conclusion
Chapter 3 Hedge Fund Regulation in the US and the EU in the Aftermath of the Financial Crisis
3.1 Introduction
3.2 Hedge Fund Regulation in the European Union
3.2.1 The History of Hedge Fund Regulation in the EU
3.2.2 The AIFM Directive
3.2.2.1 The AIFM Directive's Provisions
3.2.2.2 An Assessment of the AIFM Directive
3.2.3 Hedge Funds and Bank Structural Reform in Europe
3.2.4 Bank Recovery and Resolution and Hedge Funds
3.3 Hedge Fund Regulation in the United States
3.3.1 History of Hedge Fund Regulation in the US
3.3.2 The Dodd-Frank and Hedge Funds
3.3.2.1 Hedge Funds and Investment Adviser Regulation
3.3.2.2 Hedge Funds as SIFIs
3.3.2.3 Hedge Funds and the Volcker Rule
3.3.2.4 Orderly Liquidation Authority
3.4 Conclusion
Chapter 4 A Modest Proposal for Improving the Current EU Supervisory and Regulatory Regime
4.1 Introduction
4.2 Introducing the Volcker Rule in Europe
4.2.1 The Case for Prohibiting the Sponsorship and Ownership of Hedge Funds by SIFIs
4.2.2 Introducing the Volcker Rule in Europe
4.3 Towards a New Hedge Fund Systemic Risk Architecture
4.3.1 Centralizing Hedge Fund Supervision in the Eurozone
4.4 Hedge Funds and Resolution
4.4.1 Bankruptcy, Bailouts or Resolution?
4.4.2 Hedge Funds and Resolution in the EU
4.5 Conclusion
Concluding Remarks
Bibliography
Table of Statues
Index
EUROPEAN COMPANY LAW SERIES

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