Patric De Gentile Williams, FRM Captial Advisors

Hedge funds face different regulatory issues in different jurisdictions.

In the US the issue of registration, while not currently the top of most people's agendas, will undoubtedly return once market dislocations have moderated and the US elections are over.

The more interesting question is what will be the fallout from the current difficulties?

Will regulators attempt to limit the amount of leverage that funds can employ or force greater levels of disclosure?

Will investors continue to direct asset