Details

Hedge Fund Compliance

Risks, Regulation, and Management
Wiley Finance 1. Aufl.

von: Jason A. Scharfman
50,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	11.11.2016
ISBN/EAN:	9781119240273
Sprache:	englisch
Anzahl Seiten:	208

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Beschreibungen

Titelbeschreibung

The long-awaited guide for modern hedge fund compliance program development Hedge Fund Compliance + Website provides straightforward, practical guidance toward developing a hedge fund compliance program, drawn from the author's experience training financial regulators, consulting with government entities, and analyzing hedge fund compliance structures across the globe. In-depth explanations of compliance principles are backed by illustrative case studies and examples. Highly in-demand templates of popular hedge fund compliance documentation provide actionable illustrations of key compliance policies. Designed to assist investors, fund managers, service providers, and compliance job seekers directly, this book describes the fundamental building blocks of the hedge fund compliance function. Compliance is one of the fastest growing areas in the hedge fund space. This reference book provides an essential foundation in modern hedge fund compliance, reflecting the recent changes of this dynamic field. <ul> <li>Design and run a hedge fund compliance program</li> <li>Access templates of core compliance documentation and checklists</li> <li>Discover how investors can evaluate and monitor compliance programs</li> <li>Interviews with hedge fund compliance practitioners</li> </ul> A steady stream of regulatory changes, combined with the enhanced enforcement efforts of regulators, ensure that hedge funds' compliance-related expenditures will continue to grow. While hedge fund compliance legislation continues to evolve globally, little practical guidance exists for those tasked with the boots-on-the-ground aspects of developing an actual compliance program to comply with best practices and regulatory guidance from leading hedge fund regulators including the US Securities and Exchange Commission, the National Futures Association, the Commodity Futures Trading Commission and the United Kingdom's Financial Conduct Authority. Hedge fund professionals and investors need a fundamental framework for establishing and evaluating an effective program, and when compliance is the issue, trial and error carries too much risk. Hedge Fund Compliance + Website provides clear guidance and practical tools to meet today's compliance professional needs.

Inhaltsverzeichnis

Preface xi Chapter 1 Introduction to Hedge Fund Compliance 1 Introduction 1 Differences in Hedge Fund and Other Alternative Fund Compliance 1 Hedge Fund Compliance Is Not Specific to One Country 4 Do Alternative Investments Merit Special Compliance Considerations? 5 Understanding the Hedge Fund Compliance Framework 9 Introduction to the Hedge Fund Compliance Function 10 Distinguishing the Legal and Compliance Departments 11 Key Players in Compliance 12 Standard Areas Covered by a Hedge Fund Compliance Function 14 Compliance Function Roles and Authority 16 Chapter Summary 17 Notes 17 Chapter 2 Introduction to Hedge Fund Regulation and Examination 18 Introduction 18 Different Types of Regulation for Different Financial Entities 18 Why Regulation Is Needed 20 Where Do Compliance Rules Come From? 22 National and Global Jurisdiction 23 Common Regulatory Interaction with Hedge Funds 24 Regulatory Examinations 25 Chapter Summary 28 Notes 28 Chapter 3 The Chief Compliance Officer and Regulatory Reporting 30 Introduction 30 Introducing the Chief Compliance Officer 30 Regulatory Reporting 34 Regulatory Reporting in Multiple Jurisdictions 34 Common Regulatory Reporting Questions 35 A Multistep Process 35 Chapter Summary 40 Notes 41 Chapter 4 In-House Compliance Professionals and Hedge Fund Committees 42 Introduction 42 Common Compliance Function Tasks 43 Firm Committees as Compliance Mechanisms 49 Chapter Summary 53 Note 54 Chapter 5 Hedge Fund Compliance Technology 55 Introduction 55 Understanding the Hedge Fund Information Technology Function 55 Primary Compliance Uses of Technology 58 Compliance Considerations for Use of Electronic Data 59 Compliance Oversight of Nonelectronic Data 64 Business Continuity and Disaster Recovery Planning 64 Chapter Summary 65 Notes 66 Chapter 6 Compliance Consultants and Other Compliance-Related Service Providers 67 Service Provider Compliance 67 Classification of Compliance Service Providers 67 Service Provider Compliance Work 68 Hedge Fund Compliance Consultants 69 Chapter Summary 82 Note 82 Chapter 7 Understanding Key Compliance Documentation 83 Reasons for Documenting Compliance Policies and Procedures 83 Understanding the Goals of Compliance Documentation 84 Jurisdictional Differences in Compliance Documentation 85 Understanding Boilerplate Documentation 85 Core Compliance Documentation 88 Chapter Summary 97 Note 98 Chapter 8 Investor Evaluation of Hedge Fund Compliance Functions 99 Introduction 99 Compliance Evaluations in Investor Due Diligence 99 Initial and Ongoing Compliance Analysis 101 Evaluating Best Practice Compliance 104 Key Compliance Analysis Areas 109 Chapter Summary 118 Note 118 Chapter 9 Case Studies and Example Scenarios in Hedge Fund Compliance 119 Introduction 119 Compliance Scenario 1 119 Compliance Scenario 2 122 Case Studies 123 Chapter Summary 129 Notes 129 Chapter 10 Common Compliance Pitfalls and How to Avoid Them 131 Introduction 131 Pitfall 1: Small Firms Build Large Firm Compliance Infrastructures 131 Pitfall 2: Underspending on Compliance 133 Pitfall 3: Lack of Independent Compliance Reporting 134 Pitfall 4: Outsourcing All Compliance 135 Pitfall 5: Relying on Technology and Compliance Automation 136 Pitfall 6: Letting Investor Opinion Drive Compliance Priorities 137 Chapter Summary 138 Notes 139 Chapter 11 Interviews with Compliance Service Providers 140 Introduction 140 Interview with Kent Wegrzyn (ACA Compliance Group) 140 Interview with Vinod Paul (Eze Castle Integration) 160 Chapter Summary 171 Chapter 12 Trends and Future Developments 172 Introduction 172 Chief Compliance Officers Personal Liability Concerns 172 Increased Senior Manager Regulatory Accountability 174 Compliance-Related Insurance 175 Increasingly Coordinated Hedge Fund Regulation in Europe 176 Chapter Summary 177 Notes 178 About the Author 181 Index 183

Autorenportrait

JASON A. SCHARFMAN is managing partner of Corgentum Consulting, a consulting firm specializing in operational due diligence reviews and background investigations of fund managers on behalf of investors. A leading expert in the field of due diligence, he is author of Hedge Fund Governance, Private Equity Operational Due Diligence, and Hedge Fund Operational Due Diligence.

Back cover copy

What began as a repetitive exercise in following established regulatory rules has evolved into one of the most high-profile and complex practices in hedge fund management. Part of what makes compliance so tricky is the constantly changing landscape of regulatory activity, including enforcement and surveillance initiatives and laws, but with Hedge Fund Compliance you can create a state-of-the-art compliance program that gives you peace of mind and enhances your hedge fund. This authoritative guidebook shares the wisdom, insight, and practical understanding of an industry specialist whose experience includes training financial regulators, consulting with government entities, developing compliance functions, and analyzing thousands of hedge fund compliance structures around the globe. His straightforward advice goes beyond the specifics of particular regulations to provide an overhead perspective on how the fundamental building blocks of hedge fund compliance fit together for optimal performance. Whether you’re an active or prospective investor, fund manager, or service provider, this endlessly useful resource serves as a step-by-step road map to implementation as well as a comprehensive reference conveniently organized by key compliance topic. Historical case examples and illustrative hypothetical scenarios open up a real-world perspective on what to expect during every aspect of the compliance process. Put yourself ahead of the curve with an insider’s look at: <ul><li>The role of the overall internal compliance mechanism, including Chief Compliance Officer (CCO), all shared and dedicated compliance personnel, and fund committees</li> <li>How investors conduct due diligence on hedge fund compliance, with a focus on policies for employee personal account dealing and material non-public information</li> <li>Insightful interviews highlighting the latest ways hedge funds are strategically using third-party compliance service providers to establish and run compliance programs</li></ul> Complete with practical templates and powerful tools built for everyday performance, Hedge Fund Compliance is a powerful advantage to give your fund in an increasingly multidimensional world.