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Benedicte Gravrand, Opalesque Geneva:

Hedge funds and their service providers can look forward to the many regulatory challenges coming their way. Among the several developments, we can list:

• The Alternative Investment Fund Manager Directive (AIFMD) from the European Union, proposed in 2009 and which was final text was voted by the European Parliament last year;
• The Dodd–Frank Wall Street Reform and Consumer Protection Act in the U.S., proposed in 2009 and signed into law last year by President Obama;
• FIN 48, an official interpretation of U.S. accounting rules that requires businesses to analyze and disclose income tax risks, now effective for all entities adhering to US GAAP (Generally Accepted Accounting Principles);
• And FATCA (Foreign Account Tax Compliance Act). Enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, it is one of the efforts to combat tax evasion by U.S. taxpayers with investments in offshore accounts, according to the IRS. Under FATCA, U.S. taxpayers with financial assets outside the U.S. must report those assets to the IRS, and foreign financial institutions must report financial accounts held by U.S. taxpayers. Pr......................

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