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See detailRegulating Hedge Funds in the EU
Seretakis, Alexandros UL

Doctoral thesis (2016)

Praised for enhancing the liquidity of the markets in which they trade and improving the corporate governance of the companies which they target and criticized for contributing to the instability of the ... [more ▼]

Praised for enhancing the liquidity of the markets in which they trade and improving the corporate governance of the companies which they target and criticized for contributing to the instability of the financial system hedge funds remain the most controversial vehicles of the modern financial system. Unconstrained until recently by regulation, operating under the radar of securities laws and with highly incentivized managers, hedge funds have managed to attract ever-increasing amounts of capital from sophisticated investors and have attracted the attention of the public, regulators and politicians. The financial crisis of 2007-2008, the most severe financial crisis after the Great Depression, prompted politicians and regulators both in the U.S. and Europe to redesign the financial system. The unregulated hedge fund industry heavily criticized for contributing or even causing the financial crisis was one of the first to come under the regulator?s ambit. The result was the adoption of the Dodd-Frank Act in the U.S. and the Alternative Investment Fund Managers Directive in the European Union. These two pieces of legislation are the first ever attempt to directly regulate the hedge fund industry. Taking into account the exponential growth of the hedge fund industry, its beneficial effects and its importance for certain countries such as U.S and Luxembourg, one can easily understand the considerable impact of these regulations. A comparative and critical examination of these major pieces of regulation and their potential impact on the hedge fund industry in Europe and the U.S. is absent from the academic literature something completely excusable when considering that the Dodd-Frank was adopted in 2010 and the AIFM Directive in 2009. Our Phd thesis will attempt to fill this gap and offer a critical assessment of both the Dodd-Frank Act and the AIFM Directive and their impact on the hedge fund industry across the Atlantic. Furthermore, our thesis will seek to offer concrete proposals for the amelioration of the current EU regime with respect to hedge funds building upon US regulations. [less ▲]

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See detailPrivate Equity in the United States and Europe: Market and Regulatory Developments
Seretakis, Alexandros UL

in Baker, Kent (Ed.) Private Equity: Opportunities and Risks (2015)

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See detailRegulating Hedge Funds in the EU? The Case Against the AIFM Directive
Seretakis, Alexandros UL

in Revue Trimestrielle de Droit Financier (2014), 2

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See detailHedge Fund Activism coming to Europe: Lessons from the American Experience
Seretakis, Alexandros UL

in Brooklyn Journal of Corporate, Commercial & Financial Law (2014), 8

Hedge fund activists are the bright new hope of the shareholder empowerment movement. Free from conflicts of interest and with high-powered compensation incentives, activist hedge funds are shaking up ... [more ▼]

Hedge fund activists are the bright new hope of the shareholder empowerment movement. Free from conflicts of interest and with high-powered compensation incentives, activist hedge funds are shaking up corporate boardrooms. The recent surge in activism has provoked criticism against activist investors portrayed as short-term agitators seeking to obtain short-term profits at the expense of long-term value. Although the view of hedge fund activists as short-term speculators has been discredited by empirical evidence, innovative tactics employed by hedge funds allow them to secretly accumulate large stakes in target companies within a short-time period. In response to the adverse effects of activist tactics on market transparency and fairness, European regulators have tightened disclosure obligations for major blockholders with US regulators following suit. While calls for tightening disclosure obligations in the US have been accompanied by a lively debate between proponents and opponents of tighter disclosure rules, the amendment of disclosure rules in Europe was not preceded by any meaningful empirical analysis of the benefits and costs of tighter disclosure rules. The result is that current European disclosure rules tilt the balance heavily against activist investor seeking to operate in Europe. In line with the growing debate across the other side of the Atlantic which has highlighted the importance of empirical analysis before proceeding with a modification of disclosure rules, the present article urges European regulators to reconsider the current disclosure regime by conducting a careful empirical analysis of their benefits for market transparency and fairness and their costs on shareholders and companies as a result of a reduction in the incidence of activist shareholdings. [less ▲]

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See detailTAMING THE LOCUSTS? EMBATTLED HEDGE FUNDS IN THE EU
Seretakis, Alexandros UL

in NYU Journal of Law and Business (2013), 10(1),

The recent financial crisis and the ongoing sovereign debt crisis have put the spotlight on the traditionally secretive and opaque hedge fund industry. Widespread financial losses have provoked popular ... [more ▼]

The recent financial crisis and the ongoing sovereign debt crisis have put the spotlight on the traditionally secretive and opaque hedge fund industry. Widespread financial losses have provoked popular suspicion against hedge funds, which are viewed as speculators that destabilize the financial system. Adhering to the pattern of crisis-driven financial regulation, the European Union has enacted legislation that is expected to radically transform the hedge fund industry in Europe. While it may seem at first glance that only the Alternative Investment Fund Managers Directive and its complex and burdensome requirements for hedge funds and their managers is expected to directly impact the hedge fund industry, the effect of the Short Selling Regulation and the Proposal for a Financial Transaction Tax will be equally devastating for hedge funds by curtailing their investment techniques and market operations. This article argues that the European Union has engaged in a crisis-driven regulatory spree and that this regulatory overhaul is founded on perceptions and popular beliefs rather than actual evidence. In regulating hedge funds, the E. U. has moved forward with regulating not only hedge funds and their managers, but also their investment techniques and market operations. The cumulative impact of the E. U.'s regulatory spree is expected to be a sharp increase in costs for hedge funds operating in Europe and a decline in investor returns with negative consequences for European investors and markets. Thus the term "embattled" hedge funds. [less ▲]

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See detailA COMPARATIVE EXAMINATION OF PRIVATE EQUITY IN THE UNITED STATES AND EUROPE: ACCOUNTING FOR THE PAST AND PREDICTING THE FUTURE OF EUROPEAN PRIVATE EQUITY
Seretakis, Alexandros UL

in Fordham Journal of Corporate & Financial Law (2013), 18(3),

Private equity has transformed from a small asset class into a major player in the global economy. Despite being a U.S. invention, the private equity model has also managed to spread throughout Europe ... [more ▼]

Private equity has transformed from a small asset class into a major player in the global economy. Despite being a U.S. invention, the private equity model has also managed to spread throughout Europe. Recently, the spotlight has been put on the private equity industry for a number of reasons: the recent financial crisis; the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the U.S. and the Alternative Investment Fund Managers Directive in the E.U.; and the run of Mitt Romney, founder of the prestigious U.S. private equity firm Bain Capital, for President of the United States. Despite this attention, a comparative examination of private equity regulation is absent from academic literature. This paper seeks to fill that gap and offers a comparative assessment of the legal framework governing private equity firms and transactions in both Europe and the U.S. This comparative examination will reveal that Europe has a particularly restrictive legal environment, which one would assume would inhibit European private equity activity and cause it to substantially lag behind the U.S. Nonetheless, underlying economic forces have provided and continue to provide a boost to the European market, allowing Europe to compete with the U.S. on an equal footing. Unraveling these underlying economic forces shall be the other major goal of this paper. When it comes to European private equity, there is no causation between the strictness of the legal regime and economic development. Rather, economic development shapes its own path and is unaffected by the prevailing legal regime. [less ▲]

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See detailHostile Takeovers and Defensive Mechanisms in the UK and the US: A Case Against the United States Regime
Seretakis, Alexandros UL

in The Ohio State Entrepreneurial Business Law Journal (2013), 8(2),

Detailed reference viewed: 124 (11 UL)