tailieunhanh - OECD Working Papers on Insurance and Private Pensions No. 12: Pension Fund Investment in Hedge Funds

Title IV of the Act - entitled “Regulation of Advisers to Hedge Funds and Others”1 - eliminates the “private adviser” exemption from registration under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The “private adviser” exemption, formerly contained in Section 203(b)(3) of the Advisers Act, generally exempted from SEC registration any investment adviser that, in the course of the preceding twelve months, (i) had fewer than 15 clients and (ii) did not hold itself out to the public as an investment adviser or act as an investment adviser to any registered investment company or business development. | Please cite this paper as Stewart F. 2007 Pension Fund Investment in Hedge Funds OECD Working Papers on Insurance and Private Pensions No. 12 OECD Publishing. doi 086456868358 OECD Working Papers on Insurance and Private Pensions No. 12 Pension Fund Investment in Hedge Funds Fiona Stewart OECD JEL Classification G11 G18 G23 J31 OECI PUBLISHING OECD France PENSION FUND INVESTMENT IN HEDGE FUNDS Fiona Stewart September 2007 OECD WORKING PAPER ON INSURANCE AND PRIVATE PENSIONS No. 12 Financial Affairs Division Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal Paris 75116 France daf fin daf fin wp 1 ABSTRACT RÉSUMÉ Pension fund investment in hedge funds Having outlined the potential concerns relating to pension fund investment in hedge funds the OECD carried out a survey to investigate what information pension fund regulators have on these investments and how they are being controlled. The survey confirms that pension fund regulators have little information regarding how pension funds in their jurisdiction are investing in hedge fund products in terms of size of investments the types of hedge funds pension funds are exposed and to what type of product . Only the Slovak Republic and Mexico for the mandatory system prevent pension funds from investing in hedge funds. Although the level of such investment is still very low in other countries it is almost universally expected to increase. Few countries impose specific quantitative investment restrictions on pension fund investment in hedge funds with most regulators exercising control via general investment restrictions and requirements for diversification transparency through the prudent person rule etc. . Some regulators have provided pension funds with further guidance as how to handle these instruments. In terms of policy issues most concern centre around financial risk control and how to improve transparency and

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