1. General
1.1 General Overview of Jurisdiction
The United States is the world's largest and most
predominant jurisdiction for the formation of alternative funds and
boasts the largest number of alternative asset managers in the
world. In recent U.S. Securities and Exchange Commission (SEC)
filings, investment advisers have reported more than USD25 trillion
in private fund gross asset value, amongst tens of thousands of
funds.
Under the US federal securities laws, US investment advisers are
governed by a robust regulatory framework, although certain
exemptions may apply. In addition, the US federal securities laws
cover many aspects of fund formation and the offerings of fund
interests. Other US federal and state rules may apply depending on
a number of factors, including the nature of the fund's
investment activities and/or the advisory activities of an
investment adviser.
