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对冲基金是一种私人投资公司,以私人合伙制为其组织形式。在美国,它是通过私募(private placement)或有限股份所有制(restrictshare ownership)向不超过100个高净值个人或机构投资者募集资本而运作。这种运作方式使对冲基金能够从《证券法》(the Securities Act of 1993)《证券交易法》(the Securities Exchange Act of 1934)以及《投资公司法》(the Investment Company Act of1940)的监管要求中得到豁免,使它不须象其它金融机构如银行和互惠基金那样,负有向监管部门和市场公众报告和披露财政经营状况的责任。根据1996年修订的
Hedge funds are private investment companies that form private partnerships as their own organization. In the United States, it operates by raising capital to no more than 100 high net worth individuals or institutional investors through private placement or restricts ownership ownership. This modus operandi enables hedge funds to choose from the regulatory requirements of the Securities Act of 1993, the Securities Exchange Act of 1934 and the Investment Company Act of 1940 It is exempted from the responsibility of reporting to and disclosing financial performance to regulators and the general public, as other financial institutions such as banks and mutual funds do. According to the 1996 revision