{
  "$schema": "https://hedgefund.wiki/api/schema.json#/definitions/Regulation",
  "endpoint": "https://hedgefund.wiki/api/regulations.json",
  "version": "2026.05.0",
  "count": 18,
  "regulations": [
    {
      "id": "investment-advisers-act",
      "name": "Investment Advisers Act of 1940",
      "long_name": "Investment Advisers Act of 1940",
      "jurisdiction": "US",
      "regulator": "SEC",
      "year_enacted": 1940,
      "summary": "The foundational US statute governing investment advisers, requiring registration, fiduciary duty, and a regulated compliance program.",
      "scope": "Applies to any person who, for compensation, advises others on investments in securities. Hedge fund managers fall under it.",
      "applies_to": ["registered investment advisers (RIAs)", "exempt reporting advisers (ERAs)"],
      "key_provisions": [
        "Section 206 — antifraud, fiduciary duty",
        "Rule 206(4)-7 — written compliance program",
        "Rule 206(4)-8 — antifraud rule for advisers to pooled investment vehicles",
        "Section 204 — books and records (Rule 204-2)",
        "Custody Rule 206(4)-2 — surprise audit, qualified custodian"
      ],
      "filings": [
        { "form": "Form ADV", "frequency": "Annual + amendments", "purpose": "Registration and brochure" },
        { "form": "Form CRS", "frequency": "Annual + on material change", "purpose": "Retail relationship summary" }
      ],
      "thresholds": { "sec_registration_aum": "≥ $110m (general), ≥ $150m (private fund advisers)" },
      "official_url": "https://www.sec.gov/about/laws/iaa40.pdf",
      "related": [
        { "type": "regulation", "id": "form-adv" },
        { "type": "regulation", "id": "form-pf" }
      ]
    },
    {
      "id": "investment-company-act",
      "name": "Investment Company Act of 1940",
      "jurisdiction": "US",
      "regulator": "SEC",
      "year_enacted": 1940,
      "summary": "Governs investment companies (mutual funds, closed-end funds). Hedge funds rely on Section 3(c)(1) or 3(c)(7) exclusions.",
      "scope": "Anyone holding themselves out as an investment company OR primarily engaged in investing in securities.",
      "key_provisions": [
        "Section 3(c)(1) — exclusion for funds with ≤100 beneficial owners (or 250 under emerging growth amendment)",
        "Section 3(c)(7) — exclusion for funds whose investors are all Qualified Purchasers",
        "Rule 12d1 — fund-of-funds investment limits"
      ],
      "official_url": "https://www.sec.gov/about/laws/ica40.pdf",
      "related": [
        { "type": "regulation", "id": "section-3c1" },
        { "type": "regulation", "id": "section-3c7" }
      ]
    },
    {
      "id": "form-adv",
      "name": "Form ADV",
      "jurisdiction": "US",
      "regulator": "SEC",
      "summary": "Investment adviser registration form, with public Part 1 (data) and Part 2 (client brochure).",
      "key_provisions": [
        "Part 1A — adviser business data, AUM, employees, custody, disciplinary history (publicly available via IAPD)",
        "Part 2A — narrative client brochure",
        "Part 2B — brochure supplements on supervised persons",
        "Part 3 / Form CRS — retail relationship summary"
      ],
      "filings": [
        { "form": "Form ADV", "frequency": "Annual within 90 days of FY end + amendments on material change", "purpose": "Registration / disclosure" }
      ],
      "official_url": "https://www.sec.gov/divisions/investment/iaregulation/iadisclosure.shtml"
    },
    {
      "id": "form-pf",
      "name": "Form PF",
      "jurisdiction": "US",
      "regulator": "SEC / CFTC",
      "year_enacted": 2011,
      "summary": "Confidential filing by private fund advisers reporting fund-level risk, leverage, and exposure data; used for systemic-risk monitoring by SEC and FSOC.",
      "applies_to": ["SEC-registered investment advisers with > $150m in private fund AUM"],
      "key_provisions": [
        "Section 1 — basic adviser data, all filers",
        "Section 2 — large hedge fund advisers (> $1.5bn): quarterly reporting",
        "Section 3 — large liquidity fund advisers: monthly",
        "Section 4 — large private equity advisers",
        "2024 amendments: 72-hour event reporting on stress (≥20% drawdown, large redemptions, prime broker termination, counterparty default)"
      ],
      "filings": [
        { "form": "Form PF", "frequency": "Quarterly (large hedge fund), Annual (others), 72hr event-driven", "purpose": "Systemic risk monitoring" }
      ],
      "official_url": "https://www.sec.gov/about/forms/formpf.pdf",
      "related": [{ "type": "regulation", "id": "dodd-frank" }, { "type": "regulation", "id": "form-adv" }]
    },
    {
      "id": "regulation-d",
      "name": "Regulation D",
      "jurisdiction": "US",
      "regulator": "SEC",
      "summary": "Securities Act exemptions allowing private placement of securities to accredited investors without full SEC registration.",
      "key_provisions": [
        "Rule 504 — offerings up to $10m, limited investor restrictions",
        "Rule 506(b) — unlimited offering, no general solicitation, accredited investors + up to 35 sophisticated non-accredited",
        "Rule 506(c) — unlimited offering, general solicitation permitted, all purchasers must be verified accredited"
      ],
      "filings": [
        { "form": "Form D", "frequency": "Within 15 days of first sale", "purpose": "Notice filing" }
      ],
      "official_url": "https://www.sec.gov/fast-answers/answers-regdhtm.html"
    },
    {
      "id": "section-3c1",
      "name": "ICA Section 3(c)(1)",
      "jurisdiction": "US",
      "regulator": "SEC",
      "summary": "Investment Company Act exclusion for funds with no more than 100 beneficial owners.",
      "key_provisions": [
        "100-investor cap (250 under JOBS Act 'venture capital' carve-out)",
        "Knowledgeable employee carve-outs (Rule 3c-5)",
        "Look-through rules for fund-of-funds investors (10% test)"
      ]
    },
    {
      "id": "section-3c7",
      "name": "ICA Section 3(c)(7)",
      "jurisdiction": "US",
      "regulator": "SEC",
      "summary": "Investment Company Act exclusion for funds whose investors are all Qualified Purchasers.",
      "key_provisions": [
        "All beneficial owners must be QPs ($5m investments individuals, $25m entities)",
        "No investor count cap, but 1934 Act Section 12(g) registration triggered at 2,000 holders / 500 non-accredited"
      ]
    },
    {
      "id": "dodd-frank",
      "name": "Dodd-Frank Act",
      "long_name": "Dodd-Frank Wall Street Reform and Consumer Protection Act",
      "jurisdiction": "US",
      "regulator": "SEC, CFTC, FRB, FDIC, OCC, FSOC",
      "year_enacted": 2010,
      "summary": "Post-GFC reform that mandated hedge fund SEC registration, introduced Form PF, created the Volcker Rule, and overhauled OTC derivatives.",
      "key_provisions": [
        "Title IV — eliminated 'private adviser' exemption; mandated SEC registration > $150m AUM",
        "Title VII — central clearing, exchange trading, and trade reporting for OTC derivatives",
        "Volcker Rule (Section 619) — limits bank prop trading and HF/PE sponsorship",
        "Title VIII — designation of systemically important FMUs",
        "Title X — created CFPB"
      ],
      "official_url": "https://www.govinfo.gov/content/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf",
      "related": [{ "type": "regulation", "id": "form-pf" }]
    },
    {
      "id": "aifmd",
      "name": "AIFMD",
      "long_name": "Alternative Investment Fund Managers Directive (2011/61/EU)",
      "jurisdiction": "EU",
      "regulator": "ESMA + national competent authorities (e.g., CSSF, CBI, BaFin, AMF, FCA-pre-Brexit)",
      "year_enacted": 2011,
      "summary": "EU regime governing managers of non-UCITS funds — depositary, capital, leverage, remuneration, transparency, and reporting.",
      "key_provisions": [
        "Authorization required for AIFMs with > €100m leveraged or > €500m unleveraged AUM",
        "Independent depositary required",
        "Annex IV reporting (semi-annual or quarterly by AUM)",
        "Marketing passport for EU AIFs / EU AIFMs",
        "AIFMD II (2024) — loan-originating funds, delegation, liquidity management tools"
      ],
      "official_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061"
    },
    {
      "id": "ucits",
      "name": "UCITS V",
      "long_name": "Undertakings for Collective Investment in Transferable Securities Directive V (2014/91/EU)",
      "jurisdiction": "EU",
      "regulator": "ESMA + national competent authorities",
      "year_enacted": 2014,
      "summary": "EU retail-marketable fund framework — daily liquidity, restricted leverage, eligible asset rules. Underlies 'liquid alts' / 'newcits'.",
      "key_provisions": [
        "Daily redemption",
        "Max 200% gross VaR or 100% commitment-method leverage",
        "5/10/40 concentration rule",
        "Eligible asset list (Article 50) — no direct commodities, restricted derivatives use",
        "Independent depositary"
      ],
      "official_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0091"
    },
    {
      "id": "mifid-ii",
      "name": "MiFID II",
      "long_name": "Markets in Financial Instruments Directive II (2014/65/EU) and MiFIR",
      "jurisdiction": "EU",
      "regulator": "ESMA + national competent authorities",
      "year_enacted": 2014,
      "summary": "EU framework for trading venues, transparency, best execution, transaction reporting, and (controversially) research unbundling.",
      "key_provisions": [
        "Best execution (Article 27) and execution-quality reporting (RTS 27/28, 2024 partial repeal)",
        "Transaction reporting (RTS 22) — granular post-trade reporting",
        "Pre/post-trade transparency on equity and non-equity",
        "Systematic Internaliser regime",
        "Research unbundling (2024 EU Listing Act allows opt-in rebundling)",
        "Position limits and reporting on commodity derivatives"
      ],
      "official_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065"
    },
    {
      "id": "emir",
      "name": "EMIR",
      "long_name": "European Market Infrastructure Regulation (648/2012)",
      "jurisdiction": "EU",
      "regulator": "ESMA + national competent authorities",
      "year_enacted": 2012,
      "summary": "EU regulation for OTC derivatives — central clearing, risk mitigation for non-cleared trades, trade reporting.",
      "key_provisions": [
        "Central clearing obligation for standardized OTC derivatives",
        "Margin requirements for non-centrally cleared derivatives (UMR phases 1-6, 2016-2022)",
        "Trade reporting to TRs",
        "EMIR Refit (2019) — reduced reporting burden on small counterparties",
        "EMIR 3.0 (2024) — active account requirement at EU CCPs"
      ]
    },
    {
      "id": "regulation-13d",
      "name": "Regulation 13D",
      "jurisdiction": "US",
      "regulator": "SEC",
      "year_enacted": 1968,
      "summary": "Beneficial ownership reporting for > 5% positions in publicly traded equity, with disclosure of intent.",
      "key_provisions": [
        "Schedule 13D — > 5% with active intent, must file within 5 business days (revised down from 10 in 2024)",
        "Schedule 13G — > 5% passive, less disclosure",
        "Section 13(f) — quarterly position reporting by managers > $100m discretionary AUM",
        "Section 13(h) — large trader reporting"
      ],
      "official_url": "https://www.sec.gov/divisions/corpfin/guidance/cfslb14e.htm"
    },
    {
      "id": "reg-sho",
      "name": "Regulation SHO",
      "jurisdiction": "US",
      "regulator": "SEC",
      "year_enacted": 2005,
      "summary": "US regulation governing short selling — locate requirements, close-out obligations, threshold security restrictions.",
      "key_provisions": [
        "Rule 200 — order marking (long, short, short exempt)",
        "Rule 201 — alternative uptick rule (price test, triggered on 10% intraday decline)",
        "Rule 203 — locate and close-out requirements",
        "Rule 204 — close-out obligations (T+2 for short sales, T+1 since May 2024)"
      ]
    },
    {
      "id": "fatca",
      "name": "FATCA",
      "long_name": "Foreign Account Tax Compliance Act",
      "jurisdiction": "US",
      "regulator": "IRS",
      "year_enacted": 2010,
      "summary": "US law requiring foreign financial institutions to report on US account holders or face 30% withholding.",
      "key_provisions": ["FFI agreement", "Form W-8BEN-E", "30% withholding on US-source FDAP for non-compliant FFIs", "Intergovernmental Agreements (IGAs) — Model 1 and Model 2"]
    },
    {
      "id": "crs",
      "name": "CRS",
      "long_name": "Common Reporting Standard",
      "jurisdiction": "global",
      "regulator": "OECD + national tax authorities",
      "year_enacted": 2014,
      "summary": "OECD-developed multilateral framework for automatic exchange of financial account information.",
      "key_provisions": [
        "Self-certification of tax residency",
        "Annual reporting of accounts to home jurisdictions",
        "100+ participating jurisdictions"
      ]
    },
    {
      "id": "cftc-cta-registration",
      "name": "CFTC CTA Registration",
      "jurisdiction": "US",
      "regulator": "CFTC / NFA",
      "summary": "Registration regime for Commodity Trading Advisors and Commodity Pool Operators.",
      "key_provisions": [
        "CTA registration for advisors trading futures, swaps, and other commodity interests",
        "CPO registration for operators of commodity pools (often dual-registered with SEC)",
        "Rule 4.7 exemption for advisors to QEPs (qualified eligible persons)",
        "NFA membership and compliance obligations"
      ]
    },
    {
      "id": "hsr-act",
      "name": "Hart-Scott-Rodino Act",
      "long_name": "Hart-Scott-Rodino Antitrust Improvements Act of 1976",
      "jurisdiction": "US",
      "regulator": "FTC + DOJ Antitrust Division",
      "year_enacted": 1976,
      "summary": "Pre-merger notification regime for transactions exceeding size thresholds (size-of-transaction $119.5m for 2024 indexed annually).",
      "key_provisions": [
        "Notification + 30-day waiting period (15 days for cash tender offers and bankruptcy)",
        "Second Request authority for in-depth review",
        "Expedited review of investment-only positions (< 10%, no participation)",
        "2024 HSR rule overhaul — significantly expanded disclosure"
      ]
    }
  ]
}