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17 Towards a Unified Theory for Private Investment Funds

From: The Law of Private Investment Funds (3rd Edition)

Timothy Spangler

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 13 June 2024

Regulated activities — Hedge fund — Private fund

This chapter considers future legal and regulatory responses to private investment funds in the context of a country’s current political dynamics. It begins with a discussion of the regulatory policy issues surrounding private investment funds before and after the global financial crisis, criticisms against private equity funds and hedge funds, and lessons from the Alternative Investment Fund Managers Directive. It then examines indirect regulation of private investment funds as a way forward, along with financial innovation and regulatory arbitrage. In particular, it explains how the global financial crisis has exposed the complexity of modern financial markets, noting that one of the primary drivers of this complexity has been financial innovation. The chapter concludes by analysing investor-centric approaches to addressing the governance challenge present in private investment funds.

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