Reforming financial markets I: Hedge funds

This is one of a series of notes which looks at actual or proposed reforms of either certain parts of the financial services sector or reforms of certain activities. Whilst the 'rescue and recovery' phase of the financial crisis is mainly past, the legislative phase - introducing new rules and law to prevent further crises, is now in full swing. These notes attempt to describe the progress made on individual issues through these phases. This note focuses on the regulation of hedge funds by the Alternative Investment Fund Managers Directive.