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Digital Subscriptions > The Hedge Fund Journal > Issue 111 - February 2016 > Compliance for Hedge Funds

Compliance for Hedge Funds

Building a best practice framework

In just a few short years, the global alternative investment market has had to adjust from being relatively unfettered to tightly regulated. Compliance is an everyday event. Regulatory examinations and audits have become a way of life. Meanwhile, institutional investors now account for the majority of capital flowing into hedge funds, and are thus in a position to demand – and get – greater transparency from fund managers.

The industry on the whole has adapted, though not without pain. Many firms report that the cost of compliance is a quantifiable drag on profitability. Fund managers are looking for ways to reduce the administrative burden and costs while fulfilling the requirements. Increasing efficiency through technology has the potential to offset some of the cost associated with compliance, while reducing regulatory risks. And a “culture of compliance” may well turn out to be good business for many managers – the ability to demonstrate disciplined processes and a sound operational infrastructure can be a key differentiator in investor due diligence.

REGULATORY UPDATE

To understand the operational and technology implications of compliance, it’s helpful to review the key regulations in both the EU and the US, the challenges they pose, and where they stand in their evolution.

AIFMD (the Alternative Investment Fund Managers Directive)

Implemented in 2013, AIFMD applies to alternative investment fund managers in European Union countries, as well as US and other non-EU managers who market their funds to European investors. It essentially confers a “passport” that allows complying firms to market their funds to professional investors across the EU.

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INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.
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