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Erisa Rules For Hedge Funds In Allegheny
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State:
Multi-State
County:
Allegheny
Control #:
US-001HB
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FAQ
Hedge funds are a type of alternative investment fund (AIF) that invest in a variety of assets with a large degree of flexibility. While hedge funds themselves are not directly supervised in the UK, hedge fund managers are authorised and regulated by the FCA.
AIFMs are not investment firms and therefore are not subject to the Mifid II inducement rules (except in relation to the Article 6(4) Mifid-like activities that hedge fund managers may be carrying on in respect of managed accounts and/or funds that they manage under delegation).
The rule is triggered if you raise enough dollars through retirement accounts. Generally speaking, it is wise to stay below 25% of retirement plan assets unless you qualify for an exception. For "fund of funds", the fund acts as an ERISA investor.
Under ERISA, each fund is subject to additional requirements and obligations once more than 25 percent of the fund's assets under management (AUM) are subject to ERISA (the 25 percent threshold).
In addition to potential SEC oversight, many hedge funds operating in the U.S. are regulated by the Commodity Futures Trading Commission (CFTC), including advisers registered as Commodity Pool Operators (CPO) and Commodity Trading Advisors (CTA). Funds may also be subject to state-level regulations.
The Investment Advisers Act requires hedge fund managers with over $100 million in assets under management to register with the SEC as investment advisers. Registered advisers are subject to periodic examinations and must maintain detailed records of their activities.
Under ERISA, each fund is subject to additional requirements and obligations once more than 25 percent of the fund's assets under management (AUM) are subject to ERISA (the 25 percent threshold).
Specifically, hedge funds are restricted under Regulation D under the Securities Act of 1933 to raising capital only in non-public offerings and only from “accredited investors,” or individuals with a minimum net worth of $1,000,000 or a minimum income of $200,000 in each of the last two years and a reasonable ...