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Hedge Fund Regulation in the European Union - Current Trends and Future Prospects (Hardcover)
Loot Price: R6,273
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Hedge Fund Regulation in the European Union - Current Trends and Future Prospects (Hardcover)
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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.
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