Covering one of the most dynamic sectors of the asset management industry, Hedge Fund Regulation (Second Edition) is a comprehensive guide providing insight into the history, investment strategies, structure, management, and market activities of hedge funds.  It addresses current regulatory concerns that impact these innovative investment vehicles, their managers, and investors. 

This seventeenth release to the treatise updates it with the latest considerations in structuring, launching, and operating a hedge fund. Highlights include:

• Chapter 4, Private Placement. Now discusses the recent adoption of new Rule 152 that contains a single safe harbor simplifying the integration framework for securities offerings under the Securities Act of 1933.
• Chapter 5, Commodity Pools. Revised in conjunction with other chapter updates.
• Chapter 6, Marketing the Manager. Significantly updated to address the new Marketing Rule under the Investment Advisers Act of 1940.
• Chapter 8, Anti-Money Laundering Regulations. Adds a discussion of the Anti-Money Laundering Act of 2020.
• Chapter 13, Compliance. Revised to reflect revisions to the SEC’s whistleblower program.
• Chapter 14, Books and Records. Updated with changes resulting from the SEC’s new Marketing Rule and revisions to CFTC Form CPO-PQR.
• Chapter 18, Commodity Pool Operators and Commodity Trading Advisers. Adds discussion of amendments to CFTC Regulation 3.10(c) that provides a registration exemption for non-U.S. commodity pool operators (CPOs); new NFA Compliance Rule 2-50 requiring registered CPOs to notify the NFA upon the occurrence of certain events affecting a commodity pool operated by the CPO; and a new NFA requirement requiring Registered CPOs and Commodity Trading Advisers to adopt a written supervisory framework for outsourcing the performance of regulatory functions to third parties.
• Chapter 24, Disclosures of Market Participation. Expanded discussion of Sections 13(d) and 16 under the Securities Exchange Act of 1934 and a new section addressing the CFTC’s Speculative Position Limits.
• Chapter 26, Derivatives Markets Participants. Revisions including those addressing final CFTC regulations imposing capital requirements on swap dealers and major swap participants that are not subject to the capital requirements of a prudential regulator, and those governing real-time swaps public reporting, swaps regulatory reporting, and swaps data verification.

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