Operational risk: An alternative challenge



Download Changing rules (717kb)

The regulation, taxation and distribution of hedge funds around the globe


Since our last report (Sept 2008), deleveraging by financial institutions and a flight to cash by all investor classes have caused significant redemptions in the hedge fund sector and, together with the falls in securities markets worldwide, is estimated to have reduced assets under management by about 30% of the position at December 2007.

The draft EC Directive published in April 2009 proposes extensive changes to the way the industry works in Europe. Hedge fund managers need to get up to speed quickly with the proposed new rules. There is potential for a seismic shift in the industry and managers must both address the challenges and also seek the opportunities for achieving real competitive advantage.

This year’s report looks at:
  • Developments in the hedge fund world
  • Regulatory developments around the globe
  • Taxation of hedge fund managers - the changing global tax environment
  • Country-by-country overview: regulation and taxation of hedge funds and hedge fund investors as at June 2009
  • Channels of distribution of hedge funds by country as at June 2009
  • Regulation of hedge fund managers by country as at June 2009
  • Taxation of hedge funds and hedge fund managers