Читать книгу Alternative Investments - Hossein Kazemi - Страница 33
PART One
Introduction to Alternative Investments
CHAPTER 2
The Environment of Alternative Investments
2.3 Regulatory Environment
2.3.1 Five Primary Forms of Hedge Fund Regulation
ОглавлениеRegulations of hedge funds take four primary forms:
1. Requirements regarding establishing a hedge fund, including registration, licensing, minimum capital, and waiting periods
2. Registrations or restrictions on investment advisers and hedge fund managers
3. Restrictions on distribution and marketing of hedge funds, including which marketing channels may be used (e.g., banks), whether advertising is permitted, and to whom funds may be sold
4. Restrictions on operation of a hedge fund, including leverage, liquidity, risk, reporting, and location of outside service providers
5. Requirements regarding ongoing reporting
Hedge funds may also be subject to varying levels of taxation and to special taxes, fees, or licensing costs. Understanding regulations is a crucial aspect of alternative investing. The rest of this section provides an overview of global regulatory matters. The first part focuses on U.S. regulations, for which there is much detail due to the extensive history of alternative investing in the United States. The second part briefly discusses regulatory matters of other jurisdictions, including Europe.
