Duncan Black
Abstract:
This paper looks at the draft EU Directive on Alternative Investment Fund Managers in the form published on 30th April, 2009. It reviews the history of Hedge Fund regulation in the UK and examines the aims and outcomes of such regulation. Industry and government reaction to the proposals is analysed and the next developments are considered. A post-script, dealing with developments up to 30th November, 2009, is at the end.
Keywords:
EU Draft Directive, alternative investment management, non-UCITS, financial services regulation, Financial Services Authority (FSA), lobbying, Hedge Funds, private equity
Duncan Black is a partner in the Financial Services and Funds Group at Field Fisher Waterhouse in London. He specialises in regulatory enforcement and contentious matters in the financial services sector. Many of his clients are alternative asset managers or financial institutions facing them and his work very often involves regulatory or litigation issues associated with structured products or derivatives. He has defended asset managers and brokers in FSA enquiries. He advises on market abuse, insider dealing and money laundering. He co-authored Enforcement of a Judgment (Sweet & Maxwell, 1997) and contributed to Law and Regulation of Investment Management (Sweet & Maxwell, 2004).