The End of the Unregulated Fund
jeudi 23 octobre 2014Historically, collective investment funds could be categorized
by whether they
operated within or outside the domain of a regulator. Under
this widely accepted
taxonomy, retail products were regulated and private or
institutional funds were
subject to little or no regulation. With their qualified
investor base, alternative funds
including private equity, real estate and hedge funds,
historically operated in the
realm of an unregulated market. But now, as a result of a
mosaic of new regulations
including the Alternative Investment Fund Manager Directive
(AIFMD), Dodd-Frank
and FATCA, alternative funds are emerging from the shadows of
their retail fund
counterparts and are the direct and intentional subject of
government oversight. With
a few exceptions, there is essentially no such thing as an
unregulated collective