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El. knyga: Hedge Fund Regulation in the European Union: Current Trends and Future Prospects

  • Formatas: 384 pages
  • Išleidimo metai: 14-Apr-2009
  • Leidėjas: Kluwer Law International
  • Kalba: eng
  • ISBN-13: 9789041144652
Kitos knygos pagal šią temą:
Hedge Fund Regulation in the European Union: Current Trends and Future ProspectsDidesnis paveikslėlis
  • Formatas: 384 pages
  • Išleidimo metai: 14-Apr-2009
  • Leidėjas: Kluwer Law International
  • Kalba: eng
  • ISBN-13: 9789041144652
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For policy makers, supervisors, and academics, this volume examines hedge fund regulation in Europe. It discusses regulatory systems in Europe and to what extent the exclusion of hedge funds from harmonized European regulation is justifiable; whether their differences validate separate regulatory treatment; and whether EU-wide regulation is possible and in what form. It profiles the features of the contemporary global and European hedge fund markets; considers the conceptual underpinnings of regulation, their treatment under the law, and related initiatives and reflections of the European institutions; and outlines proposals for regulation, the conditions needed for their intended effects, and objections. Athanassiou is an attorney at the European Central Bank. Annotation ©2009 Book News, Inc., Portland, OR (booknews.com)
Preface xv
Acknowledgements xvii
About the Author xix
List of Abbreviations and Acronyms xxi
Table of Legal Acts xxiii
Table of Cases xxix
Introduction 1
Part One Contemporary Hedge Fund Industry Profile and Conceptual Underpinnings of Hedge Fund Regulation 9
Chapter 1 Hedge Funds: Definition, Features, Evolution and Future Prospects
11
1.1 Introduction
11
1.1.1 Definition of Hedge Funds
11
1.1.2 Origins of the Hedge Fund Industry
17
1.1.3 Structural and Organizational Features Common to Hedge Funds
20
1.1.4 Hedge Fund Investment Strategies
26
1.1.5 Contemporary Hedge Fund Industry Size and Profile
30
1.1.5.1 Size and Profile of the Global Industry
30
1.1.5.2 Size and Profile of the European Industry
33
1.2 Contemporary Hedge Fund Industry Evolution and Growth Prospects
36
1.2.1 Global Hedge Fund Industry Evolution and Growth Prospects
36
1.2.2 European Hedge Fund Industry Evolution and Growth Prospects
43
1.3 Concluding Remarks
47
Chapter 2 The Case for Hedge Fund Regulation
51
2.1 Introduction
51
2.1.1 Principal Rationales for Financial Regulation and their Applicability
51
2.1.1.1 Investor Protection
52
2.1.1.2 Market Integrity and Fraud
59
2.1.1.3 Systemic Stability
64
2.1.1.3.1 Hedge Fund Default Episodes and their Lessons
67
2.1.1.3.2 Hedge Fund Growth and Declining Profitability as Destabilizing Factors
77
2.1.1.3.3 Hedge Funds and CRT Markets: Lessons from the Crisis
79
2.1.2 Residual Rationales: The Case of 'Fund Activism'
84
2.1.3 Conclusions
90
2.2 Hedge Fund Benefits as Sui Generis Regulatory Rationales
91
2.2.1 Impact of Hedge Fund Benefits on the Debate
92
2.2.1.1 Contributions to Risk-sharing, Market Efficiency and Liquidity
93
2.2.1.2 Contribution to Resolving Europe's Pension 'Time Bomb'
96
2.3 Concluding Remarks
98
Part Two Hedge Funds under Community and Domestic Law 101
Chapter 3 Hedge Funds and Community Law
103
3.1 Introduction
103
3.1.1 Hedge Funds and the UCITS Framework
104
3.1.2 Hedge Funds and the MiFID
109
3.1.3 Hedge Funds and Other Community Legal Rules
113
3.1.4 Private Placements as a Hedge Fund Distribution Channel?
117
3.2 Concluding Remarks
121
Chapter 4 Hedge Fund Regulation in Selected European Jurisdictions
125
4.1 Introduction
125
4.1.1 'Established' European Hedge Fund Jurisdictions
126
4.1.1.1 Overview of Hedge Fund Regulation in Ireland
126
4.1.1.2 Overview of Hedge Fund Regulation in Luxembourg
129
4.1.2 'Emerging' European Hedge Fund Jurisdictions
132
4.1.2.1 Overview of Hedge Fund Regulation in Italy
132
4.1.2.2 Overview of Hedge Fund Regulation in France
135
4.1.2.3 Overview of Hedge Fund Regulation in Spain
138
4.1.2.4 Overview of Hedge Fund Regulation in Germany
141
4.2 Hedge Fund Regulation in the UK
145
4.3 Differences and Similarities between European Regulatory Schemes
150
4.3.1 Main Differences between European Hedge Fund Regulatory Schemes
150
4.3.2 Main Similarities between European Hedge Fund Regulatory Schemes
154
4.3.3 Conclusions drawn from the Comparison of Domestic Schemes
157
4.4 Concluding Remarks and Hedge Fund Regulation in the US
158
Chapter 5 European Hedge Fund Initiatives and Regulatory Proposals
165
5.1 Introduction
165
5.1.1 The Purvis Report and the European Parliament Resolutions
166
5.1.2 The European Commission's Involvement in the Regulatory Debate
168
5.1.3 The Alternative Investment Expert Group Report
172
5.1.4 The ECOFIN's Involvement in the Regulatory Debate
175
5.1.5 The ECB's Approach to Hedge Funds
177
5.2 Concluding Remarks and Recent Developments in the US
181
Part Three Europe's Onshore Hedge Fund Industry: A Normative Proposal 191
Chapter 6 Harmonized Hedge Fund Regulation in the European Union
193
6.1 Introduction
193
6.1.2 Regulatory Architecture
193
6.1.2.1 The Geographical Dimension of Hedge Fund Regulation
193
6.1.2.2 Type of Regulation
215
6.1.2.2.1 External Versus Self-regulation
216
6.1.2.2.2 Direct Versus Indirect Regulation
226
6.2 Proposed Set-up and Contents of a European Framework
236
6.2.1 A Self-contained or a Subordinate Regulatory Framework?
236
6.2.2 A Single, All-Encompassing Regime or a Partial Solution?
240
6.2.3 Proposed Contents of European Hedge Fund Regulatory Framework
242
6.2.3.1 Systemic Stability-inspired Direct Regulatory Measures
243
6.2.3.2 Systemic Stability-inspired Indirect Regulatory Measures
252
6.2.3.3 Investor Protection-inspired and Transparency-motivated Direct Regulatory Measures
258
6.3 Concluding Remarks
263
Chapter 7 Hedge Fund Regulation and Europe's Supervisory and Financial Stability Arrangements
267
7.1 Introduction
267
7.1.1 Impact of Supervisory Arrangements on the Efficiency of Harmonized Regulation
268
7.1.2 Impact of Europe's Financial Stability Framework on Information Sharing
278
7.2 Concluding Remarks
293
Chapter 8 Endnote - What Objections to Hedge Fund Regulation?
295
8.1 Introduction
295
8.1.1 'Hedge Fund Risks Have Not Been Clearly Demonstrated'
295
8.1.2 'There is No Definition of Hedge Funds'
298
8.1.3 'Regulation is Incompatible with Hedge Funds'
299
8.1.4 'Regulation will drive Hedge Funds Offshore'
301
8.1.5 'The Crisis has shown Hedge Fund Regulation to be Unnecessary'
304
8.2 Concluding Remarks
308
List of References 311
Index 343
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