Hedge Fund Regulation: Systemic Risk and Investor Protection
Date Issued
2014
Date
2014
Author(s)
Chiang, Yu-Ju
Abstract
Hedge funds like to use the investment strategies which have relative high risk, and have connection with large financial institution. These characteristics of hedge funds put them in the position that is easier to cause the systemic risk. For example, the impending collapse of a hedge fund, Long-Term Capital Management, threatened the stability of international capital market in 1998. As this industry has grown steadily in the last decade, regulators pay more and more attention in hedge funds.
Hedge funds had been lightly regulated investment vehicles and the question is whether regulators should impose more regulation on hedge funds. This article will discuss this question from two approaches, the monitor of systemic risk and investors’ protection. In 2010, Europe Union released Alternative Investment funds Manager Directive (AIFMD). And Dodd-Frank Act was also signed into U.S. federal law by President Barack Obama in this year. Both AIFMD and Dodd-Frank Act try to monitor the systemic risk and protect investors by using hedge fund adviser registration and information disclosure. This article will focus on two questions: whether the regulation can achieve the regulation purpose and are applicable to hedge funds after considering all the conditions. And by analyzing AIFMD and Dodd-Frank Act, this article can examine the regulation environment in our country.
To begin with, chapter II introduces the basis conception of hedge fund. Second, chapter III debates the necessary of imposing more regulation on hedge fund, and concludes the criteria which can be used on judging application of regulation. Third, starting from hedge fund adviser registration, chapter IV will discuss the regulation of AIFMD and Dodd-Frank Act and use the criteria mentioned above to examine the application of the regulation. This article also pays attention on the information disclosure which was basic on manger registration. By the information hedge fund advisers gave, regulators can understand market and securities which hedge funds engaged in, and monitor systemic risk. Chapter V will use the same criteria to discuss the information that hedge fund advisers should offer and the frequency of reporting. Finally, chapter VI will make a conclusion about the regulation of hedge fund, including the future development of this industry.
Subjects
避險基金
系統性風險
投資人保護
經理人登記制度
資訊揭露
Type
thesis
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