The Law of Private Investment Funds

Third Edition

Timothy Spangler

The clearest and most concise dual US/UK and pan-asset analysis of the legal and regulatory issues affecting a range of private investment funds
Written by an enormously experienced, leading practitioner with both funds management experience in the US and the UK and legal academic standing (PhD London School of Economics)
Includes a detailed discussion of the regulatory and fiduciary duties of private fund managers

New to this Edition:

Coverage of the Dodd Frank regulations in the US and the Alternative Investment Fund Manager Directive (AIFMD)
Perspectives on the lasting changes that resulted from the Global Financial Crisis, particularly in the negotiating leverage between fund managers and fund investors
Inclusion of a new chapter on litigation and regulatory enforcement in the aftermath of the Global Financial Crisis
Expanded treatment of general themes relevant to third countries, particularly the Middle East and Asia
Discussion of the impact of 'Brexit' on the United Kingdom private funds industry and the future of the AIMFD and European private funds

The Law of Private Investment Funds

Third Edition

Timothy Spangler

Description

Now in its third edition, The Law of Private Investment Funds provides the clearest and most concise dual US/UK and pan-asset analysis available on the legal and regulatory issues that arise in connection with private investment funds. The book advises legal practitioners on the structuring, formation, and operation of a range of asset classes, including hedge funds, private equity funds, real estate funds, and other non-retail collective investment vehicles.

This edition has been thoroughly revised to reflect the numerous and significant developments in financial services regulation on both sides of the Atlantic since the publication of the second edition. More elements of the Dodd Frank financial regulatory reforms, which increased the scope and reach of regulation applicable to private funds, have been implemented and commented on in this edition. In relation to European regulation, the impact of the commencement of the Alternative Investment Fund Manager Directive (AIFMD) has also now been analysed.

The US/UK approach is maintained, but this edition now also includes consideration of third countries, particularly the Middle East and Asia. An entirely new chapter is dedicated to litigation and regulatory enforcement, and significant treatment is given to the effects of the Global Financial Crisis, in particular the regulatory response and the changes to negotiating leverage of fund managers and fund investors. The potential impact of 'Brexit' on the United Kingdom private funds industry and the future of the AIMFD and European private funds is also examined.

The Law of Private Investment Funds

Third Edition

Timothy Spangler

1:Introduction to Private Investment Funds
2:Marketing Private Investment Funds
3:Taxation of Private Investment Funds
4:The Legal Duties Arising from the Provision of Investment Advisory and Management Services
5:The Regulatory Duties Arising from the Provision of Investment Advisory and Management Services
6:Governance Issues in Partnerships Used as Private Investment Funds
7:Governance Issues in Offshore Companies used as Private Investment Funds
8:Investor Protection Failures in Private Investment Funds
9:US and EU Regulatory Responses to the Global Financial Crisis
10:Self-Regulation and Private Actors
11:Side-Letters as a Means of Mitigating the Governance Challenge
12:Board of Directors Composition as a Means to Mitigating the Governance Challenge
13:Listings of Private Investment Funds as Means of Mitigating the Governance Challenge
14:Evaluating and Implementing Private Monitoring Solutions
15:Litigation and Enforcement involving Private Funds after the Global Financial Crisis
16:The Global Frontiers of Private Investment Funds
17:Towards a Unified Theory for Private Investment Funds

The Law of Private Investment Funds

Third Edition

Timothy Spangler

Author Information

Timothy Spangler

Timothy Spangler is a Partner in the Financial Services Group at Dechert LLP, a leading international law firm. He regularly advises sponsors on the formation, structuring and negotiation of a wide variety of private investment funds. He is admitted to practice in New York and California, and is also a practicing English solicitor. He earned his PhD in Law at the London School of Economics. Timothy has worked on a wide range of funds, including hedge funds, private equity funds, venture capital funds and funds of funds. His clients have included a full range of parties associated with private funds - promoters, managers, advisers and investors.

The Law of Private Investment Funds

Third Edition

Timothy Spangler

Reviews and Awards

"Overall, this book provides an excellent summary of the relevant regulations pertaining to private investment funds in the UK and US, along with an interesting methodology towards investor protection by way of private monitoring solutions. The area of fund governance is an often-ignored topic that deserves greater prominence both academically and in practice. ... the chapters comprise an insightful and erudite window into the law and governance of private investment funds. This book would be especially valuable to any researchers or students in the field as well as presenting an essential introduction for funds lawyers and practitioners commencing their careers in the world of private investment funds." - Bobby V. Reddy, Journal of International Banking Law and Regulation