There are two views of the European Union which appear at initial reading to be different from each other. The first is a vision of a free‐trading group, a Europe of nations, and the second is a vision of a European nation‐state. In the calculations of gains and losses, the former is often...

Purpose – The purpose of this article is to describe the process for forming and registering a new investment company (or mutual fund) or converting an existing hedge fund into a mutual fund and registering the converted fund. This article discusses the timing, tax and regulatory implications...

Purpose – This paper seeks to discuss the Guidance Note on disclosure of hedge fund side letters issued by the UK's Alternative Investment Management Association (AIMA) in September 2006. Design/methodology/approach – Explains the meaning of “material” and “non‐material” and...

Purpose – The purpose of this paper is to to summarize Advisers Act registration implications for non‐US advisers that now rely on the “private adviser” exemption from Advisers Act registration and to summarize the principal changes affecting investors in funds managed by non‐US...

Purpose – The purpose of this paper is to describe the Financial Industry Regulatory Authority's new rule for IPO allocation and the requirements for compliance with the rule. Design/methodology/approach – The paper provides an overview of the new FINRA Rule 5131, containing, among other...