Regulation of Hedge Funds and Private Equity in the Light of the Global Financial Crisis

Šinka, Michal

The aim of the thesis is to analyse the non-bank regulatory framework with particular attention devoted to hedge funds and private equity funds. The thesis describes functioning of the funds, discusses their performance during the global financial crisis of 2007-present and, predominantly, describes and analyses the EU and U.S. regulatory reforms with respect to these institutions which have arisen as a response to the crisis. Based on the analysis of the measures incorporated in these reforms, the thesis outlines its own proposal of an alternative investment fund regulatory framework which, if applied, would lead to a more efficient functioning of the alternative investment industry than what is likely to be the outcome of the already adopted reforms. The nature of the thesis is institutional; its methodology is characterized by a broad literature survey. Hedge funds and private equity funds are considered both in pre-crisis context as well as in circumstances that have been brought about by the crisis. Several hypotheses concerning systemic risk and the approach of the regulatory reforms to it are assessed. Mostly qualitative analysis is employed to evaluate the hypotheses.

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