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題名:避險基金之研究
作者:林黎華
作者(外文):Lin, Li-Hua
校院名稱:國立臺北大學
系所名稱:法律學系一般生組
指導教授:賴教授英照
學位類別:博士
出版日期:2012
主題關鍵詞:避險基金法律經濟分析公司治理系統風險槓桿放空衍生性商品法規套利交易成本社會成本利益衝突自律組織總體審慎規範hedge fundeconomic analysis of lawcorporate governancesystemic riskleverageshort salederivativesregulatory arbitragetransaction costsocial costconflicts of interestSelf-regulation organizationmacro-prudential regulation
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目前主要國家並未對「避險基金」賦予完整之法律定義,其特徵為從事積極與廣泛的交易策略,包括放空、槓桿以及衍生性商品等操作,避險基金因追求絕對報酬,績效表現良好,且規模大幅成長,但因近來發生數件重大避險基金舞弊事件,以及避險基金在2008年金融風暴中影響金融穩定,引發熱烈的關切及廣泛的討論。
本文之研究方法首先瞭解避險基金的問題,發現個別避險基金的失靈係由於避險基金的過度槓桿與未做好風險管理,以及政府的管理失靈所造成,但由於避險基金在市場流動性提供、吸收金融市場風險及增加資本市場之效率上,扮演一個重要的角色,且避險基金並非造成系統風險之主因,本文認為避險基金有存在的經濟利益與價值,惟其在公司治理、市場管理等之負面影響,亟待解決與改善。
另搜集國際組織、自律組織、美國及英國對於避險基金管理之建議,瞭解立法與規範的趨勢,並分析比較其異同,認為應該對避險基金予以適當的管理,並嘗試從法律經濟分析的角度,以市場健全與投資人保護為宗旨,進一步探討社會成本與資源有效配置的相關議題,再則檢視國內的規定,探討國內避險基金目前法令適用情形。
最後,分析本國法採行避險基金制度之可行性,並就長短期管理政策上,關於避險基金之應有法制與相關配套,提出建言,除避險基金或避險基金經理人應辦理登記外,須申報資訊與規定資本要求,增加資訊透明度,減少利益衝突,並建議應強化市場參與者之間接管理,及跨市場之管理,加強總體審慎規範彙整分析資訊,查緝不法行為,以及加強國際合作,避免法規套利,作為本文之結論。
There are no clear definitions for hedge funds among many countries. The essential characteristics of hedge funds are to actively use a range of investment strategies, including short selling, leverage and derivatives. The scales of hedge funds become very large and grow rapidly due to the pursuit of absolute return. They generates a lot of controversies and debates due to the scandals of hedge funds during the past few years and their perceived effect on the stability of financial market during the financial crisis in 2008.
At first, the study approach of the paper examines the issues of hedge funds and whether their failures are due to excess leverage, improper risk management, and failures of government oversight. Hedge funds play an important role in providing liquidity, neutralizing risks, increasing the efficiency of capital markets, but not the major contributor of systemic risk. Supposing hedge funds are of an economic interest and value, we should improve the flaws of corporate governance and market regulation.
I compiled regulatory reforms from other countries and organizations, such as the EU, SRO, US, and the UK, which make proposals for hedge funds regulation. Furthermore, I will study the trends of laws and regulations, analyze their rationale, and conclusively agree to regulate hedge funds. Then I will consider the extent of social cost and resource allocation towards the aim of investors’ protection and market integrity from the perspectives of economic analysis of law.
After reviewing the domestic regulations of hedge funds, I will analyze the possibility of introducing hedge funds regulation into Taiwan. Finally, I will present our recommendations of long-term and short-term policies that are to require the registration, documentation and capital requirements of hedge funds or hedge fund managers.
The intended goals are to enhance transparency, eliminate conflicts of interest, introduce indirect regulation of market participants, cross-market collaboration, adopt macro-prudential regulation, investigate and prosecute illegal activities, collaborate with other countries and international organizations, and constrain the regulatory arbitrage for the paper’s conclusion.
一、中文文獻
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17.陳靜芳於全球治理浪潮下談IOSCO 及檢視我國證券暨期貨相關規範是否符合IOSCO 三十項原則專案,證券暨期貨管理雜誌,第26卷第4期,第23-29頁,2008年4月。
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二、英文文獻
(一 )書籍
1.ATHANASSIOU, PHOEBUS, HEDGE FUND REGULATION IN THE EUROPEAN UNION-CURRENT TRENDS AND FUTURES PROSPECTS, Wolters Kluwer, 2009
2.BAUMS, THEODOR AND CAHN, ANDREAS, HEDGE FUNDS RISKS AND REGULATION, De Gruyter Recht, Berlin, 2004
3.CCH ATTORNEY-EDITOR STAFF, DODD-FRANK WALL STEET REFORM AND CONSUMER PROTECTION ACT-LAW, EXPLANATION AND ANALYSIS, Woltera Kluwer Law & Business, 2010
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(二)期刊
1.Bevilacqua, Jonathan , Convergence and Divergence: Blurring the Lines Between Hedge Funds And Private Equity Funds, 54 Buffalo L. Rev. 251, 2006-2007
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16.Kaal, Wulf A., Hedge Fund Regulation Via Basel III, 44 Vand. J. Transnat’l L.389, 2011, http://ssrn.com/abstract=1806252
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46.Zanoni, Andrea, Hedge Fund’ Empty Voting in Mergers and Acquisition: A Fiduciary Duty Perspective, 9 Global Jurist 4 , 2009, http://ssrn.com/abstract=1285589

(三)報告或論文
1.Blundell-Wignall, Adrian, An Overview of Hedge Funds and Structured Products: Issues in Leverage and Risk, OECD, 2007, http://www.oecd.org/dataoecd/36/62/40972327.pdf

2.Aglietta, Michel (Paris X Economix Et Cepii) & Rigot, Sandra (Paris X Economix) ,The Regulation of Hedge Funds under the Prism of the Financial Crisis Policy Implications, http:/`/Economix.U-Paris10.Fr/Pdf/Dt/2008/WP_Ecox_2008-20.Pdf
3.Alexander Juraj, A New Model of Hedge Fund Regulation: Shorting Federalism or Bernie’s Nightmare, Fordham University-School of Law, May 28, 2009, http://ssrn.com/abstract=1411310

4.Ang, Andrew, Gorovyy Sergiy and Inwegen , Greg Van Hedge Fund Leverage , 29 Novermb,2010, http://ssrn.com/abstract=1635284

5.Aragon, George O. & Strahan, Philip E., Hedge Funds as Liquidity Providers: Evidence from the Lehman Bankruptcy, August 2009, http://ssrn.com/abstract=1462315
6.Aragon, George O.& Qian, Jun, High-Water Marks and Hedge Fund Compensation, December 2009, http://ssrn.com/abstract=1540205
7.Armour, John and Cheffins, Brian R., The Rise and Fall (?) of Shareholder Activism by Hedge Funds, ECGI - Law Working Paper No. 136/2009, University of Oxford - Faculty of Law and University of Cambridge - Faculty of Law, September 2009, http://ssrn.com/abstract=1489336
8.Awrey, Dan, Macro-Prudential Financial Regulation: Panacea or Placebo?, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1410014
9.Awrey, Dan, Regulating Financial Innovation: A More Principles-Based Alternative?, Oxford Legal Studies Research Paper No. 79/2010, http://ssrn.com/abstract=1702457
10.Awrey, Dan, The Limits of EU Hedge Fund Regulation , Oxford Legal Studies Research Paper No. 8/2011, http://ssrn.com/abstract=1757719
11.Binney Miles Francis, Hedge Fund Regulation - in Response to the Financial Crisis, September 1, 2009, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1669123
12.Black, Julia, Making a Success of Principles-Based Regulation, 1(3) Law & Fin. Markets Rev. 191, May 2007, http://www.lse.ac.uk/collections/law/projects/lfm/lfmr_13_blacketal_191to206.pdf
13.Black, Julia, Restructuring Global and EU Financial Regulation, Coordination and Learning, LSE Law, Society and Economy Working Paper 18/2010, http://www.lse.ac.uk/collections/law/wps/WPS2010-18_Black.pdf
14.Bollen, Rhys, Setting International Regulatory Standards for Hedge Funds – Part 1, 2010, http://ssrn.com/abstract=1756693; Setting International Regulatory Standards for Hedge Funds – Part 2, 2010, http://ssrn.com/abstract=1756695
15.Borio, Claudio, Towards A Macroprudential Framework for Financial Supervision and Regulation?, BIS Working Papers No 128, February 2003
16.Brice, Lisa C., 2010 Financial Reform as It Relates To Hedge Funds, http://ssrn.com/abstract=1679191
17.Brice, Lisa C., Esq., Dodd-Frank Act As It Relates to Hedge Funds and Derivatives, September 10, 2010, http://ssrn.com/abstract=1679187
18.Brown, Gregory W., Green, J Eremiah, Hand, John R.M., Are Hedge Funds Systemically Important?, September 2010, http://ssrn.com/abstract=1689079

19.Brown, Stephen J.and Schwarz, Christopher, The Impact of Mandatory Hedge Fund Portfolio Disclosure, NYU Stern School of Business and University of California At Irvine , January 20, 2011, http://ssrn.com/abstract= 1683628

20.Bunting, William, The Trouble with Investment Banking:Cluelessness, Not Greed, http://ssrn.com/abstract=1660624
21.Carlson, Mark And Steinman, Jason, Market Conditions and Hedge Fund Survival, Finance and Economic Discussion Series, Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board , Washington, D.C., 2008
22.Chaher, Santiago J., Hedge Funds and Retail Business: Comparing German, Italian, Swedish and English Law, London School of Economics & Political Science (LSE), March 2006, http://ssrn.com/abstract=967662
23.Chapman, Bruce, Economic Analysis of Law and the Value of Efficiency, forthcoming in Arisides N. Hatzis ed. Economic Anlysis of Law:A European Perspective,(Cheltenham, U.K.: Elgar 2003), http://www.unisi.it/lawandeconomics/stile2004/chapman.pdf
24.Charles River Associates, Impact of the proposed AFIM Directive across Europe, October 2009, http://www.crai.com/uploadedFiles/Publications/Impact_of_AIFM_Directive.pdf?n=7353
25.Cheng, Clark, Securities & Hedge Funds:Creating a More Efficient Market, Intangis Funds, CFA, August 6, 2002
26.Chincarini, Ludwig B., Hedge Funds The Misunderstood Investment Vehicle Comments Welcome, March 16 2011, http://ssrn.com/abstract=1788473
27.Chincarini, Ludwig B., The Amaranth Debacle: Failure of Risk Measures or Failure of Risk Management?, April 5, 2007 , http://ssrn.com/abstract=952607
28.Chincarini, Ludwig B., The Failure of Long-Term Capital Management, October 8,1998, http://ssrn.com/abstract=952512
29.Coase, Ronald H., The problem of social cost, 1960, http://www.sfu.ca/~allen/CoaseJLE1960.pdf
30.Dai, Na, The Rise of the PIPE Market, COMPANION TO PRIVATE EQUITY, Douglas J. Cumming, ed., Wiley, 2009, http://ssrn.com/abstract=1350950

31.Dallas Lynne, Short-Termism, the Financial Crisis and Corporate Governance, San Diego Legal Studies Paper No. 11-052, March 2011, http://ssrn.com/abstract=1794190
32.Darolles, Serge and Vaissié, Mathieu, Do Funds of Hedge Funds Really Add Value? A 'Post' Crisis Analysis, September, 2010, http://ssrn.com/abstract=1670571
33.Das, Sanjiv Ranjan & Sundaram, Rangarajan K., On the Regulation of Fee Structures in Mutual Funds, New York University, Center for Law and Business, Working Paper No. 98-002, March 1998, http://ssrn.com/abstract=123176
34.Dimmock, Stephen G. and Gerken, William Christopher, Finding Bernie Madoff: Detecting Fraud by Investment Managers, January 16, 2011 , http://ssrn.com/abstract=1471631
35.Faff, Robert W., Parwada, Jerry T.& Tan, Kian M., Were Bank Bailouts Effective during the 2007-2009 Financial Crisis? Evidence from Contagion Risk in the Global Hedge Fund Industry , February 12, 2009, http://ssrn.com/abstract=1493004
36.Fein, Melanie L., Dodd-Frank Act: Implications for Securities Activities of Banks and Their Affiliates, August 11, 2010, http://ssrn.com/abstract=1657637
37.Fende, Ingo, The Future of Securitization: How to Align Incentives?, BIS Quarterly Review, September 2009, http://ssrn.com/abstract=1472970
38.Ferguson, Roger & Laster, David, Hedge funds and systemic risk, Financial Stability Review, April 2007, http://www.banque-france.fr/gb/publications/telechar/rsf/2007/etud5_0407.pdf
39.Ferran, Eilis, The Regulation of Hedge Funds and Private Equity: A Case Study in the Development of the EU’s Regulatory Response to the Financial Crisis, University of Cambridge Faculty of Law Research Paper No. 10/2011, February 15, 2011, http://ssrn.com/abstract=1762119
40.Fleischer, Victor, Regulatory Arbitrage, U of Colorado Law Legal Studies Research Paper No. 10-11, March 4, 2010, http://ssrn.com/abstract=1567212

41.G20 Working Group on Enhancing Sound Regulation and Strengthing Transparency(Final Report), February 2009
42.Galper, Josh, Short Sellers and Investor Protection, Finadium LLC, January 9, 2009
43.Geczy, Christopher, Thoughts on the Future of the Hedge Fund Industry, April 7, 2010, http://ssrn.com/abstract=179960
44.Geene, Jim, Defining Hedge Funds; Regulations and Strategies in Mature and Emerging, Markets, 2010, http://ssrn.com/abstract=1641592
45.Goetzmann, William N., Ingersoll, Jonathan E. Jr. & Ross, Stephen A., High-Water Marks and Hedge Fund Management Contracts, Yale ICF Working Paper No. 00-34, April 18, 2001, http://ssrn.com/abstract=57933
46.Gupta, Raj & Szado, Edward, Hedge Fund Legal Structure and its Impact on Performance, May 20, 2008, http://ssrn.com/abstract=1135664
47.Harding, Ted, Under the 'Volcker Rule' in the United States, it is Proposed that Banks Will No Longer Be Allowed to Own, Invest in, or Sponsor Hedge Funds, Private Equity Funds, or Proprietary Trading Operations for Their Own Profit, Unrelated to Serving Their Customers: Can this Be an Effective Regulatory Response to Risk Issues Exposed During the Financial Crisis that Commenced in the Autumn of 2008?, Osgoode CLPE Research Paper No. 33/2010, UCD Working Papers in Law, Criminology & Socio-Legal Studies Research Paper No. 37/2010, August 5, 2010, http://ssrn.com/abstract=1653971

48.Hornblower, Luke R., Outsourcing Fraud Detection: The Analyst as Dodd-Frank Whistleblower, 6(2) J. Bus. & Tech. L. 287, http://ssrn.com/abstract=1857889
49.Horsfield-Bradbury, John, Hedge Fund Self-Regulation in the US and the UK, Victor Brudney in Corporate Governance, April 28 2008, http://www.hfsb.org/sites/10109/files/hfwg_paper_part_1_final.pdf

50.Hu, Henry T.C.& Black, Bernard S., The New Vote Buying: Empty Voting and Hidden (Morphable) Ownership, University of Texas Law, Law and Econ Research Paper No. 53 , 2006, http://ssrn.com/abstract=904004
51.Hua, Thao, European plan threatens U.S. alternatives firms; New proposal would restrict fundraising, hike operating costs, Pensions & Investments, May 18, 2009, http://www.pionline.com/article/20090518/PRINTSUB/305189980
52.Hunt, John P., Hedge Fund Regulation: The President’s Working Group Committees’ Best Practices Reports–Raising the Bar but Missing Risks, The Berkeley Center For Law, Business and the Economy, June 2008, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1279870
53.IOSCO, Hedge Fund Oversight, Final repot, June 2009
54.Johnson, Kristin, Things Fall Apart: Regulating The Credit Default Swaps Commons, Seton Hall Public Law Research Paper No. 2010-23 , 2011, http://ssrn.com/abstract=1572467
55.Jorion, Philippe, Risk Management Lessons from Long-Term Capital Management, University of California, Irvine - Paul Merage School of Business, June 1999, http://ssrn.com/abstract=169449
56.Kaal, Wulf A., Hedge Fund Valuation: Retailization, Regulation, And Investor Suitability, Mississippi College – School Of Law ,Legal Studies Research Paper No.2009-06, July 1, 2009, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387
57.Kambhu, John, Schuermann, Til, and Stiroh, Kevin J., Hedge Funds, Financial Intermediation, and Systemic Risk, 13(3) FRBNY Econ. Pol'y Rev. 1, December 2007 , http://www.newyorkfed.org/research/epr/07v13n3/0712kamb.pdf
58.Kaplow, Louis and Shavell, Steveb, Economic Analysis of Law, 1999, http://www.law-economics.cn/book/69.pdf
59.Karmel, Roberta S., Regulation by Exemption: The Changing Definition of an Accredited Investor, Brooklyn Law School, Legal Studies Paper No. 102 , April 2008, http://ssrn.com/abstract=1115409
60.Kurdas, Chidem, Does Regulation Prevent Fraud? The Case of Manhattan Hedge Fund , 13 Independent Rev. 325, Winter 2009, http://www.independent.org/pdf/tir/tir_13_03_1_kurdas.pdf
61.Lyons, William T. O., Are Newcits the Future of Hedge Funds or Does the AIFM Directive Provide a More Attractive Framework for Hedge Fund Managers and Investors?, March 2, 2012, http://ssrn.com/abstract=2014882.
62.Moshirian, Fariborz, The Global Financial Crisis and the Evolution of Markets, 35(3) J. Bank.& Fin. 502, 2011, http://ssrn.com/abstract=1667824
63.Nabilou, Hossein, Market Failure in Hedge Fund Industry: A Need for Regulation?, January 23, 2012, http://ssrn.com/abstract=1990406
64.Nicholas Joseph G., Hedge Fund of Funds Investing, Bloomberg Press New York, 2004
65.Oesterle, Dale A., Regulating Hedge Funds, Ohio State Public Law Working Paper No. 71, June 2006, http://ssrn.com/abstract=913045
66.Ordower, Henry, The Regulation of Private Equity, Hedge Funds and State Funds , Saint Louis U. Legal Studies Research Paper No. 2010-22, July 23, 2010, http://ssrn.com/abstract=1654628
67.Raaijmakers, Geert T. M. J. & Maatman, Rene, Hedge Funds in Company Law: Virus or Vaccine?, 2006, http://ssrn.com/abstract=931884
68.Ramirez, Steven A., Dodd-Frank as Maginot Line, Loyola University Chicago School of Law Research Paper No. 2011-016 , 2011, http://ssrn.com/abstract=1896564
69.Romano, Robertra, Against Financial Regulation Harmonization: A Comment, November 20,2010, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1697348
70.Roth, Jean-Pierre, Highly Leveraged Institutions and Financial Stability: A Case for Regulation?, U. of St. Gallen Law & Economics Working Paper No. 2008-18, http://ssrn.com/abstract=1138204
71.Schwarcz, Steven L and Anabtawi, Iman, Regulating Systemic Risk: Towards An Analytical Framework, UCLA School of Law, Law-Econ Research Paper No. 10-11, January 3, 2011, http://ssrn.com/abstract=1670017

72.Scott, Hal S., The Reduction of Systemic Risk in the United States Financial System, February 26, 2010, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1602145
73.Shadab, Houman B., Coming Together After the Crisis: Global Convergence of Private Equity and Hedge Funds, Northwestern Journal of International Law & Business, Vol. 29, 2009 , http://ssrn.com/abstract=1340731
74.Shadab, Houman B., Fending for Themselves: Creating a U.S. Hedge Fund Market for Retail Investors, New York University Journal of Legislation and Public Policy, Vol. 11, No. 2, Winter 2008, http://ssrn.com/abstract=1160069
75.Shadab, Houman B., Hedge Funds and the Financial Crisis, Mercatus on Policy, No. 24, Jan. 2009, http://ssrn.com/abstract=1564847
76.Sjostrom, WK, Private Investment in Public Equity, http://www.qfinance.com/contentFiles/QF02/gjbkw9a0/17/0/private-investments-in-public-equity.pdf

77.Sjostrom. William K. Jr. , A Brief History of Hedge Fund Adviser Registration and its Consequences for Private Equity and Venture Capital Advisers, Harvard Business Law Review Online, Arizona Legal Studies Discussion Paper No. 11-06, February 2011, http://ssrn.com/abstract=1754012
78.Skeel, David A. Jr., The New Financial Deal: Understanding The Dodd-Frank Act and its (Unintended) Consequences, U of Penn, Inst for Law & Econ Research Paper No. 10-21, November 2010, http://ssrn.com/abstract=1690979
79.Smith, Edward (Ned), Intermediaries, Mediators, and Market Change in the Hedge Fund Industry, July 22, 2010, http://ssrn.com/abstract=1646332
80.Smith, Herbert , Principles-Base Regulation –In Principle and in Practice, LSE, February 2007
81.Stewart, Fiona, Pension Fund Investment in Hedge Funds, OECD Working Papers on Insurance and Private Pensions No.12, 2007
82.Strömqvist, Maria, Economic Commentaries: Hedge funds and the financial crisis of 2008, http://www.riksbank.com/upload/Dokument_riksbank/Kat_publicerat/Ekonomiska%20kommentarer/2009/ek_kom_no3_eng.pdf

83.Tannenbaum, Mickael G., Sec Investment Adviser Registration for Hedge Fund Managers- The Private Fund Rule, 2006, http://www.thsh.com/documents/IA40.pdf
84.The OECD Steering Group on Corporate Governanc, The Role of Private Equity And Activist Hedge Funds In Corporate Governance–Related Policy Issues, January 2008
85.Trichet, Jean-Claude, Macro-Prudential Oversight and the Future European Systemic Risk Board,19 November 2010, http://www.ecb.int/press/key/date/2010/html/sp101119_2.en.html
86.Tuch, Andrew, Conflicted Gatekeepers: The Volcker Rule and Goldman Sachs, Harvard John M. Olin Center for Law, Economics, and Business Fellows' Discussion Paper No. 37 , April 13, 2011, http://ssrn.com/abstract=18092171
87.Tuchschmid, Nils S., Wallerstein Erik, Zalolin Louis, Will Alternative UCITS Ever be Loved enough to Replace Hedge Funds?,30th September 2010, http://ssrn.com/abstract=1686055

88.Verret, J. W., Christ Katelyn, A Self-Regulatory Proposal for the Hedge Fund Industry, Jan 13, 2010, http://mercatus.org/publication/self-regulatory-proposal-hedge-fund-industry
89.Vinod, Hrishikesh D., Financial Reform, Innovative Hedging and the Volcker Rule, May 1, 2010, http://ssrn.com/abstract=1597450
90.Whitehead, Charles K., The Volcker Rule and Evolving Financial Markets, Cornell Legal Studies Research Paper No. 11-19, 2011, http://ssrn.com/abstract=1856633
91.Wongsunwai, Wan, Sunder, Jayanthi and Sunder, Shyam V., Debtholder Responses to Shareholder Activism: Evidence from Hedge Fund Interventions, January 2011, http://ssrn.com/abstract=1737962

92.Wyatt, Edward, S.E.C. Changes Policy on Firms’ Admission of Guilt, January 6 2012, http://www.nytimes.com/2012/01/07/business/sec-to-change-policy-on-companies-admission-of-guilt.html?scp=1&sq=sec%20changes%20policy%20&st=cse
93.Wymeersch, Eddy, The Regulation of Private Equity, Hedge Funds and State Funds, Financial Law Institute Working Paper No. 2010-06, Ghent University - Financial Law Institute, April 2010, http://ssrn.com/abstract=1685202


(四)網路資料
1.Advisors Tell SEC to Rethink Proposed Custody Rule, http://www.hedgefundlawblog.com/overwhelming-majority-of-investment-advisors-disagree-with-proposed-changes-to-custody-rule.html
2.AIMA Issues Revised Sound Practices Recommendations for Hedge Fund Managers, May 22, 2007, http://www.canadianhedgewatch.com/content/news/general/?id=1662
3.AIMA Publishes Business Continuity Guide for Hedge Fund Managers, 16 June 2006, http://www.aima.org/en/media_centre/press-releases.cfm/id/BB1DD450-9D77-4E1A-BE204F7A130E8F82
4.AIMA’s Guide to Sound Practices for Business Continuity Management for Hedge Fund Managers, June 2006, http://www.hedgefundmatrix.com/aimahfm/filemanager/root/site_assets/matrix_primary_source_documents/aima_guide_to_business_continuity_management_for_hfm_june_2006.pdf
5.AIMA’s Guide to Sound Practices for Hedge Fund Valuation , March 2007, http://tw.wrs.yahoo.com/_ylt=A3eg86tJ5YJMLS4BJbtr1gt.;_ylu=X3oDMTBydTdmYjgyBHNlYwNzcgRwb3MDMQRjb2xvA3R3MQR2dGlkAw--/SIG=12udvsggl/EXP=1283733193/**http%3a//www.aima.org/download.cfm/docid/CB1B1807-35ED-452E-9FEF4BD31D6BAA06
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43.Macro-prudential oversight and the future European Systemic Risk Board, http://www.icffr.org/Resources/ICFR-Updates/Macro-prudential-Oversight-and-the-Future-European.aspx
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52.Schapiro, Mary L., Testimony Concerning Regulation of Systemic Risk, July 23,2009, http://www.sec.gov/news/testimony/2009/ts072309mls.htm
53.SEC APPROVES SHORT SELLING RESTRICTION, http://www.sec.gov/news/press/2010/2010-26.htm
54.Shah, Sal, MFA's Sound Practices for Hedge Fund Managers Updates Standards of Excellence for Better Market Discipline and Report, http://mcgladrey.com/pdf/09_2008___alt_inv_watch.pdf
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57.The European AIFM Directive- New Distribution Opportunities for Hedge Funds, January 2011, https://thehfa.org/articlePDFs/The%20European%20AIFM%20Directive%20-Jan%202011.pdf

58.The New EU Directive on AIFMs, http://goliath.ecnext.com/coms2/gi_0199-13908515/The-New-EU-Directive-on.html
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