The article discusses some of the challenges that liquid hedge funds face when investing in illiquid assets, such as private equity. It notes that while some hedge funds have increasingly invested in illiquid assets, housing them in liquid funds presents issues related to taxation, liquidity, valuation, compensation, and expectations. The article explores some common structures used, such as side pockets, as well as related tax implications and regulatory concerns. It ultimately argues that while convergence between hedge funds and private equity funds has been discussed, illiquid assets may not be a natural fit for liquid funds.
U.S. Regulation 101: Guide to U.S. Oversight of the Hedge Fund IndustryManagedFunds
With many regulations (both new and old), rules, and regulators, it is easy to get turned around when looking for the right answers regarding hedge fund regulation in the United States. Our presentation lays out those answers in a user-friendly format that explains how hedge funds are regulated and by what regulatory entities.
From the Securities and Exchange Commission to the Commodity Futures Trading Commission and more, hedge funds are subject to myriad regulations. And, with the Dodd-Frank Wall Street Reform and Consumer Protection Act still being implemented across many government agencies, the amount of scrutiny placed on hedge funds will only increase.
Short Selling: A Brief Overview and Regulatory UpdateManagedFunds
For those hoping to learn more about this important function in our markets, this new presentation offers helpful information on what short selling is and how it works, different types of short selling, and provides an overview of the regulatory actions taken both in the U.S. and in Europe.
Other topics covered in the presentation include:
The benefits of short selling and how it is used as a hedge
How short selling is regulated in the United States
A brief overview of current EU short selling regulations
The economic effects of short selling bans in the U.S. and Europe
An overview of MFA’s global advocacy on short selling issues
This presentation highlights a number of the most important policy issues on which MFA remains focused. Issues covered in this document include, among others:
• Promoting non-discriminatory tax policy.
• Taxation of partnerships
• CFTC reauthorization
• Regulating systemic risk
• Protecting investors
• Promoting the stability of markets through central clearing of derivatives
• Capital formation and the JOBS Act implementation
• Equity market structure
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
U.S. Regulation 101: Guide to U.S. Oversight of the Hedge Fund IndustryManagedFunds
With many regulations (both new and old), rules, and regulators, it is easy to get turned around when looking for the right answers regarding hedge fund regulation in the United States. Our presentation lays out those answers in a user-friendly format that explains how hedge funds are regulated and by what regulatory entities.
From the Securities and Exchange Commission to the Commodity Futures Trading Commission and more, hedge funds are subject to myriad regulations. And, with the Dodd-Frank Wall Street Reform and Consumer Protection Act still being implemented across many government agencies, the amount of scrutiny placed on hedge funds will only increase.
Short Selling: A Brief Overview and Regulatory UpdateManagedFunds
For those hoping to learn more about this important function in our markets, this new presentation offers helpful information on what short selling is and how it works, different types of short selling, and provides an overview of the regulatory actions taken both in the U.S. and in Europe.
Other topics covered in the presentation include:
The benefits of short selling and how it is used as a hedge
How short selling is regulated in the United States
A brief overview of current EU short selling regulations
The economic effects of short selling bans in the U.S. and Europe
An overview of MFA’s global advocacy on short selling issues
This presentation highlights a number of the most important policy issues on which MFA remains focused. Issues covered in this document include, among others:
• Promoting non-discriminatory tax policy.
• Taxation of partnerships
• CFTC reauthorization
• Regulating systemic risk
• Protecting investors
• Promoting the stability of markets through central clearing of derivatives
• Capital formation and the JOBS Act implementation
• Equity market structure
How Passage of the JOBS Act Impacts Regulation D: Private Placement and Gene...ManagedFunds
The recently enacted Jumpstart Our Business Startups (JOBS) Act contained a provision directing the Securities and Exchange Commission to amend Regulation D to remove the ban on general solicitation and advertising of private offerings. This change will allow alternative investment managers and others conducting private offerings to have increased legal certainty when communicating with investors and the general public, which will enable these managers to share more information and promote greater understanding of the industry. Amending Regulation D will not change the type of investor – institutions and high net-worth individuals – able to buy into a private offering, but it will lead to more transparency in the alternative investment industry.
Under the Basel II framework, Standardized Approach for Credit Risk allows consideration of External Credit Ratings for the calculation of risk weighted assets/capital charge. This presentation provides an overview of the approach as prescribed for Indian Banking Industry by RBI.
Under the Basel II framework, Standardized Approach for Credit Risk allows consideration of External Credit Ratings for the calculation of risk weighted assets/capital charge. This presentation provides an overview of the approach as prescribed for Indian Banking Industry by RBI.
The Yellow Brick Road of Semiconductor Technology
The talk provides a historical perspective on how the computer industry has taken advantage of Moore's Law and how we got to the era of multi-core processors. The talk will also address some of the challenges facing the industry in the future.
This presentation offers users a simple guide to learning the basic structure of hedge funds. Guiding users through hedge fund structures, covering topics such as:
• Hedge funds’ typical partnership structure
• Organizational structure at many hedge funds
• Due to their structure, only certain types of investors can invest with hedge funds
• The role of portfolio managers
• The typical role of general counsels, auditors, and administrators at hedge funds
• How prime brokers interact with hedge funds
• Executing brokers and their role in the hedge fund industry
• Fee structure at hedge funds
Learn more about the global hedge fund industry at: www.hedgefundfundamentals.com.
This helpful presentation takes an in depth look into the many issues surrounding this important topic in the hedge fund industry, clearing up misconceptions and offering a thorough explanation of the reasons behind offshore investing.
Included in this presentation among other topics, users will find information regarding:
How hedge funds are structured
The composition of hedge fund investors
Reasons why investors choose offshore hedge funds
The various domiciles in which hedge funds operate
How hedge funds accommodate the needs of various investors
Learn more about the global hedge fund industry at: www.hedgefundfundamentals.com.
Hedge Fund Association SEC Comment Letter on Definition of Accredited InvestorsMitch Ackles
On behalf of the private investment fund industry (hedge funds, private equity funds, venture capital funds and real estate funds) and other growing operating businesses seeking capital in the United States from private investors rather than banks, the Hedge Fund Association (HFA) is concerned with the U.S. Securities and Exchange Commission’s (SEC) discussion of proposed changes to the definition of an “accredited investor” under Rule 501 of Regulation D. The HFA strongly and respectfully urges the SEC to reject an increase in the current requirements, originally set in 1982, to account for inflation. It is important to note that the definition was significantly narrowed when the value of an investor’s primary residence was excluded under The Dodd–Frank Wall Street Reform and Consumer Protection Act. Such a change would fundamentally undermine the private placement market which infused nearly $50 billion into the United States’ economy in 2013 and will materially and negatively impact small business growth by reducing the number of accredited investors in the United States by more than half.
EUROPEAN UNION REGULATION AND THE USE OF UCITS FUNDS: AN EFFECTIVE MEANS OF INVESTOR PROTECTION OR A FALSE SENSE OF
SECURITY? PHILIPPA-LUCY ROBERTSON AND DOMINIC LAWTON-SMITH OF JP FUND FOUNDATIONS ASSESS THE OPTIONS