In search of a legal infrastructure

The established financial centres of the UK, Switzerland and Ireland emerge as the only countries in Europe with defined laws on how to establish and market hedge funds, according to Hedge Fund Review's survey of the European regulatory environment.

However, Italy, with new regulations passed last year that allow hedge funds to be set up onshore, is shaping up to be a dynamic centre of the future. In contrast, there is little or no legal infrastructure to foster hedge fund industries onshore in

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