TY  - BOOK
AU  - Wulf Kaal
PY  - 2021
CY  - Berlin, Germany
PB  - Peter Lang Verlag
SN  - 0531-7339
TI  - Hedge Fund Regulation by Banking Supervision
T2  - A Comparative Institutional Analysis
UR  - https://www.peterlang.com/document/1100199
N2  - Hedge Fund regulation is a paradox. If regulators do not regulate Hedge Funds, markets may be at risk and investors could be insufficiently protected. On the other hand, if Hedge Funds are over-regulated jurisdictional arbitrage with all its economic detriments may occur. One way to address this dichotomy is to set up specific rules requiring disclosure and registration. So far only the German legislator and the US – SEC have decided to follow this path of regulation. The dissertation shows how these regulators and others have addressed the problem, underscoring the limited utility of such regulation. Using the analytical tool of New Institutional Economics (NIE) and Incomplete Contract Theory, this book demonstrates that indirect regulation of Hedge Funds via Basle II addresses the problem of jurisdictional arbitrage, limited transparency, and high transaction costs, whilst ensuring secrecy and high net returns. Basle II also indirectly addresses systemic risk problems and Hedge Fund’s level of leverage, as well as moral hazard problems by reforming lending practice and disclosure to Hedge Funds, thereby decreasing the capital – leverage ration of Hedge Funds.
KW  - Deutschland, USA, Hedge Fund, Großbritannien, Retailization, Basle II, New Institutional Economic, Regulierung, Financial Intermediary
LA  - English
ER  -