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ATHANASSIOU 9781849802789 PRINT.Indd Index A-REITs 407, 408, 428–432 delegation provisions 458–459 Absolute Capital Management (fund) depositaries provisions 459–461 83–84 fi nal text of 452–453 Abu Dhabi 93, 327 remuneration provisions 463 Investment Authority see ADIA scope 455–455 activist funds third-country regime 461–463 benefi ts and risks of 206–214 valuation provisions 457–458 characteristics of 199–204 Almunia, J. 272, 276 data on 198–199 Alternative Investment Funds see AIF returns of 214–216 Alternative Investment Fund targets of 204–206 Managers Directive see AIFMD ADIA 95, 100 Amaranth Advisors (fund) 224, 293, 301 administrators see service providers collapse of 3, 7, 83, 306 AFSL 411, 412 lessons from 303–304 AIF 443, 445 trading strategy 301–302 and FSA, 142, 145–158, 160–167 American Bankers Association 485 and future in the EU 467–471 Asian countries see China (Peoples and liquidity concerns, 163–164 Republic of); Japan; Korea and retail investors 141–142, 146, (South); Malaysia; Taiwan; 148–150, 154–163, 166–168, Thailand 222, 391–392, 400, 408, 413, Asian Crisis 294, 303, 314, 335, 336, 418, 439, 463, 470 407, 475 and self-regulation see self- and role of hedge funds 315–317 regulation ASIC 410, 411, 412, 413, 414, 420, in Australia 414–439 425 in Germany 379–393 Association of German Banks 491, 492 in USA 15–26 ASX 433, 437, 438 regulatory principles 451–452 ATO 417, 425, 426, 428, 434, 440 short selling 376, 395, 396, 397, 402 Australia 453, 490 agricultural managed investment ‘side letters’ 164–165 schemes 432–436 valuation 163–164, 166, 251, 252, and hedge fund activity 414–420 419, 448, 453, 455, 457, 458, 464 and hedge fund regulation 412–413 AIFMD 144–145,148, 158, 167, infrastructure funds 436–439 251–252, 442 private equity and venture capital and comparison with new US industry 420–428 regulation 464 real estate investment trusts 428–432 and interplay with UCITS 467, see also AFSL; A-REITs; ASIC; 468–471 ASX; ATO and investor protection 450, 451, Australian Financial Services Licence 454, 469 see AFSL background to 444–447 Australian Real Estate Investment Commission proposal 444–451 Trusts see A-REITs 499 Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access MM28492849 - AATHANASSIOUTHANASSIOU 99781849802789781849802789 PPRINT.inddRINT.indd 449999 330/01/20120/01/2012 115:365:36 500 Hedge funds, private equity and alternative investments Australian Securities and Investments Center for International Securities and Commission see ASIC Derivative Markets (database) 30 Australian Stock Exchange see ASX CEPRES 118, 119 Australian Taxation Offi ce see ATO CFTC 19, 58, 236, 237, 303, 304, 305, Austria 83, 278, 346 366, 367, 368, 371 Austrian Banks case 278, 281, 282 Chad 98 Azerbaijan 98 Children’s Investment Fund (The) 67, 398 BaFIN 86, 345, 346, 380, 381, 385, China (Peoples Republic of) 91, 97, 386, 387, 388, 395, 396 98, 101 Bahamas 26, 27 China Investment Corporation see Bank for International Settlements see CIC BIS CIC 101 Bank of England 282, 314, 474 Citi (Citigroup) 71, 72, 74, 95, 299 Barclays Capital 74, 86, 493 code of conduct 265 Basel, Accord 481, 482, 486, 487, 488, see also SWFs 491, 492 Commodity Futures Trading Basel II 237, 475, 477, 481, 482, 493 Commission see CFTC Basel III 475, 493 competition Basel Committee on Banking and exchange of information 280 Supervision 296, 297, 474, 475, and fi nancial bubbles 273, 276–277, 479, 480, 481, 482, 487, 489, 490, 288–289 492, 493, and herd eff ects 273, 278 Report 295–296 and market power 270, 272, 276 Bayou Hedge Fund Group 224 competition law 268, 270, 278, Beacon Hill Asset Management (fund) and fi nancial institutions 278 225 and hedge funds 282, 288 Bear Stearns 51, 58, 74, 225, 283, 306, Cooper Review 439 320, 330 Corporations Act (Australia) 410, 412, Belgium 270 413, 426 Bermuda 26, 27, 66, 73 Counterparty Risk Management Bernanke, B. 245 Policy Group see CRMPG BIS 285, 479, 482 credit default swaps see CDS ‘Black Wednesday’ 335 Credit Suisse 72, 73, 74 BNY Mellon 71, 72 CRMPG 300 Brady, T. 343 Report 298, 300 bonds 332, 341, 343 Curaçao 26 Plan 342 custodians see service providers Bretton Woods Agreement 475, 486 Brown, G. 474 de Larosière Report 288 Bundesanstalt für deregulation 1, 2, 3, 50, 166, 275, 306, Finanzdienstlesitungsaufsicht see 494 BaFin Deutsche Bank (Group) 73, 74, 94, 97, 100, 119 Cambridge Associates 118 Deutsche Börse 397, 398 Canada 27, 93, 106, 109, 148, 429 Dodd-Frank Act 2, 4, 8, 53, 55, 56, 59, Cayman Islands 26, 27, 66, 70, 73, 87 60, 220, 223, 251, 293, 304–306, CDS 337, 341, 342, 345, 346, 347 355–356, 464, 486, 490 Centaurus (Fund) 302 and other regulatory changes see also Amaranth 374–377 Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access MM28492849 - AATHANASSIOUTHANASSIOU 99781849802789781849802789 PPRINT.inddRINT.indd 550000 330/01/20120/01/2012 115:365:36 Index 501 and repeal of ‘14-or fewer clients Luxembourg; Netherlands; exemption’ 359–361 Portugal; Spain; Sweden; expanded manager reporting rules Switzerland, UK 366–368 European Economic Area see EEA overview 361–366 European Parliament 81, 249, 345, 443, systemic risk regulation 368–371 486 swaps and derivatives regulation European Securities Markets Authority 371–372 see ESMA Dow Jones Credit Suisse (database) 30, European Systemic Risk Board see 319, 321, 322 ESRB Dubai 174, 332, 335, 336 European Union Dyestuff s case 279 regulatory approach to hedge funds 81–82, 248–250 E-Commerce Directive 149 regulatory approach to SWFs ECB 253, 263, 346, 348 109–110 Executive Board 274 policy of liberalization 142, 160, 167 economic and monetary union see see also fi nancial crisis, hedge funds EMU excessive defi cit procedure see EDP Ecuador 98, 341 Exchange Traded Funds see ETFs EDP 337, 338 exempt reporting advisers (US) EEA 142, 149, 158 363–365 Elliot Associates L.P. v the Republic external infl uences argument see FSA of Peru and the National Bank of Peru 341 FAIFs 157–158, 160, 163, 167 EME 92, 94, 96, 97, 98, 99, 101, 103, FDIC 370 105, 110 Federal Deposit Insurance emerging-market economy see EME Corporation see FDIC EMU 333, 336, 337, 338, 339, 340, 342, Federal Reserve Bank of New York 348, 349 294, 299 Enron 54, 488 fi nancial crisis ESMA 454, 462, 463, 466, 467, 468, and contagion 347, 351 471 and credit ratings 332, 334, 339, 352 ESRB 252, 471 and EMU sovereign default crisis ETFs 4, 15, 26, 28, 29 336–340 Eurekahedge (database) 75, 76, 78, 79, and role of vulture funds 332, 87 340–344 EuroHedge 84 and short-selling 340, 345–346, database 64, 75, 76, 77, 78, 87 349–350 European Commission 142, and sovereign debt default 333–346 and AIFMD 454, 466 and speculation 335, 339, 342, 350 and ‘golden shares’ 110 impact on EU regulatory approach and hedge fund risks 324 to hedge funds 174, 251–253, and short sales 396 323–324, 345–346, 442–465 competition policy 271, 272, 278, impact on US regulatory approach 280, 282 to hedge funds 251, 361–368 European Central Bank see ECB see also Greece; Iceland; Dubai; European Council 337 Portugal; hedge funds; European countries see Austria; European Union; USA Belgium; France; Germany; Financial Industry Regulatory Greece; Iceland; Ireland; Italy; Authority see FINRA Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access MM28492849 - AATHANASSIOUTHANASSIOU 99781849802789781849802789 PPRINT.inddRINT.indd 550101 330/01/20120/01/2012 115:365:36 502 Hedge funds, private equity and alternative investments fi nancial innovation 1, 255, 274, 304, Funds of Alternative Investment 305, 478 Funds see FAIFs Financial Services and Markets Act funds of funds see FoFs (UK) 146, 151, 154, 260 Financial Services Authority see G-7 94 FSA G-10 475, 481, 484, 486, 487 Financial Stability Board see FSB G-20 324, 490, 492 Financial Stability Oversight Council GCC 91 see FSOC Geithner, T. 478, 491 FINRA 236, 378 Germany 8, 83, 86, 97, 110, 149, 157, FoFs 124 199, 207, 248, 270, 274, 338, 344, foreign private adviser exemption 345, 346, 379, 429, 453, 456, 466, 362–363 493 Form ADV 219, 220, 223, 237, 238, and certifi cates 387–389 239, 240, 356–357, 365, 366 and ‘locusts’ debate 397–398 fraud 2, 6, 20, 165, 189, 201, 218, 219, regulation of hedge funds 380–384 246, 375 regulation of private equity funds and operational fl ags 237–240 390–391 and performance fl ags 226–236 regulation of real estate funds and rationale for hedge fund 391–393 regulation 52, 54, 223–224 see also BaFIN; Investment Act; cases of 51–52, 83–86, 224–225 locusts debate; Sondervermögen detection of 219–221 mit zusätzlichen Risiken; see also Absolute Capital Spezialfonds Management; K1 Group; KL GIC 93 Group; Madoff , B.; Peloton Glass-Steagall Act 1, 474, 478, 485 Partners; Weavering Capital global fi nancial crisis see fi nancial crisis FSA 5, 142 Goldman Sachs 44, 51, 58, 72, 73, 74, Code of Market Conduct 249 84, 283, 300 Conduct of Business Sourcebook Goldstein, P. 20 151, 249 see also Phillip Goldstein et al. vs supervisory approach to AIF the Securities and Exchange 145–150, 249–250 Commission FSB 479, 482, 490 Government Investment Company see FSOC 56, 251, 367, 368, 369, 370, GIC 373 Great Depression 16, 42, 474 fund performance Greece 321, 331 and hedge funds see hedge funds and sovereign debt crisis 336–339 and private equity funds see private Greenspan, A.
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