Any doubts about the international nature of the hedge fund industry can easily be dispelled by looking at the statistics. According to the Alternative Investment Management Association and Preqin, at the end of 2022, there were 27,617 hedge funds managed by 8,849 fund managers. Although 65% of those managers were located in North America, 17% were based in Europe, 13% operated from Asia-Pacific and the remaining 5% were located in the rest of the world. Moreover, the institutional investors that allocate to hedge funds are similarly dispersed across the globe, with 68% in North America, 18% in Europe, 8% in Asia and the remaining 6% elsewhere. Thus, the many non‑U.S. hedge fund managers in the private funds space must be aware of applicable regulatory and other developments in the various jurisdictions in which they, their funds and/or their investors may be based. Therefore, as the U.S. is celebrating Thanksgiving today, this issue of the Hedge Fund Law Report features five articles that discuss legal issues relevant to non‑U.S. fund managers, including the SEC’s aggressive approach to examining such managers and recent developments in Ireland, China, the U.K. and the E.U. that effect hedge fund managers. The week starting December 4, 2023, we will resume regular publication of new content, including articles on a recent SEC risk alert on investment adviser exams; speeches by SEC officials on CCOs; and a CFTC proposal that would expand the compliance obligations of commodity pool operators and commodity trading advisors. Read full article …