1. JHOSE MIMBELA THE IMPACT OF GLOBALISATION ON FINANCE LAW IN PERU

2. OUTLINE Definition of Alternative Investment Funds Regulation of Alternatives Investment Managers Aims of Peruvian Pension Funds Conclusion

3. ALTERNATIVE INVESTMENT FUNDS MORNINGSTAR.COM PLAIN VANILLAvs SOPHISTICATED INSTRUMENTS

4. WHO RUN ALTERNATIVE INVESTMENT FUND?

5. REGULATION OF ALTERNATIVES INVESTMENT MANAGERS OLIVER WYMAN FINANCIAL SERVICES (2011)

6. ENFORCEMENT SEC (2013)

7. REGULATION TREND ON ALTERNATIVE INVESTMENT FUND MANAGERS The Alternative Investment Fund Management Directive: “Protecting EU investors, reducing systemic risk and taking a further step towards integrating the internal market in financial products, thereby broadening the choices available to European investors while exploiting economies of scale to reduce costs”. (Institute of Economic Affairs, 2012, p. 32).

8. INVESTMENT REGULATION OF PERUVIAN PENSION FUNDS THE POLITICAL CONSTITUTION OF PERU “The State guarantees free access to health benefits and pensions through public, private, or joint agencies. It also oversees their efficient operation”. THE PRIVATE PENSION FUND SYSTEM LAW Financial regulator has the burden of supervising investments carried out by the pension funds and procure they reach a due performance benefiting their affiliates THE RULES OF PRIVATE PENSION FUND SYSTEM LAW Administrators of pension funds must act like expert investors, endeavouring to have a balance between risks and returns, and to take the best practices and standards upon their investments.

9. CONCLUSION Peru should introduce minimal requirements on Alternative Investment Fund Managers in line with the financial trend upon that field. This measure will aid to protect pension funds from long term effects tie in bad managerial practices.

10. REFERENCES ALTERNATIVE INVESTMENT MANAGEMENT ASSOCIATION – AIMA (2012). AIMA’S Road Map to Hedge Funds, 2012 Edition. Available from http://www.aima.org/en/education/aimas-roadmap-to-hedge-funds.cfm [29 August 2013] ALTERNATIVE INVESTMENT MANAGEMENT ASSOCIATION – AIMA (2013). Comments on File No. S7-25-06 - AIMA’s comments on proposed new rule 206 (4)-8 under the Investment Advisers Act of 1940 and new rules 216 & 509 under the Securities Act of 1933. Available from http://www.sec.gov/comments/s7-25-06/s72506-536.pdf [22 August 2013]. http://www.sec.gov/comments/s7-25-06/s72506-536.pdf ASSOCIATION OF THE LUXEMBOURG FUND INDUSTRY (ALFI, 2013). Roles and responsibilities of fund managers. Available from http://www.alfi.lu/investor-centre/how-do-ucits-investment-funds-work/roles-and-responsibilities [29 August 2013]. http://www.alfi.lu/investor-centre/how-do-ucits-investment-funds-work/roles-and-responsibilities ARMOUR, J and CHEFFINS, B. (2012), The Rise and Fall (?) of Shareholder Activism by Hedge Funds, The Journal of Alternative Investments, Winter 2012, pp. 17 – 27. Bermuda Investment Funds Act 2006 is available from http://www.bma.bm/legislation/SitePages/Investment.aspxhttp://www.bma.bm/legislation/SitePages/Investment.aspx CHARTERED ALTERNATIVE INVESTMENT ANALYST ASSOCIATION – CAIA (2009). CAIA Level I. An introduction to Core Topics in Alternative Investments. New Jersey and Canada: John Wiley & Sons, Inc. INSTITUTE OF ECONOMIC AFFAIRS (2012). Report on The EU Proposals for the regulation of Alternative Investments (Copeland report). Published by Blackwell Publishing, Oxford. MICHIE, R. (2006). The Global Securities Market: A History. London. Oxford. OLIVER WYMAN FINANCIAL SERVICES (2011). Report of Alternative Investments Funds (Jaecklin, Gamper and Shah Report). Available from http://www.alfi.lu/sites/alfi.lu/files/files/Publications_Statements/Press_releases/Oliver-Wyman-presentation-written-21-11-11.pdf (n.d.). Published by Oliver Wyman. http://www.alfi.lu/sites/alfi.lu/files/files/Publications_Statements/Press_releases/Oliver-Wyman-presentation-written-21-11-11.pdf Private Pension Fund System Law and its rules were available from http://www.sbs.gob.pe/0/modulos/JER/JER_Interna.aspx?ARE=0&PFL=0&JER=953 http://www.sbs.gob.pe/0/modulos/JER/JER_Interna.aspx?ARE=0&PFL=0&JER=953 STULTZ, R. (2009), Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization, Journal of Accounting Research, Vol. 47 No. 2, pp. 349-390. SUPERINTENDENCIA DE BANCA SEGUROS Y AFP - SBS (2013). Statistics on Evolution of the Private Pension Fund System is available from http://www.sbs.gob.pe/app/stats/EstadisticaBoletinEstadistico.asp?p=34#. http://www.sbs.gob.pe/app/stats/EstadisticaBoletinEstadistico.asp?p=34# The Mutual Fund Administrators License (Applications) Regulation 2001 of the Cayman Islands is available from http://www.cimoney.com.ky/regulatory_framework/reg_frame_law_reg.aspx?id=372 http://www.cimoney.com.ky/regulatory_framework/reg_frame_law_reg.aspx?id=372 The Political Constitution of Peru is available from http://spij.minjus.gob.pe/CLP/contenidos.dll?f=templates&fn=default- constitucion.htm&vid=Ciclope:CLPdemo.http://spij.minjus.gob.pe/CLP/contenidos.dll?f=templates&fn=default- constitucion.htm&vid=Ciclope:CLPdemo US Securities and Exchange Commission - SEC (2013). Press release available from http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539783859#.Uh6Bazakpww http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539783859#.Uh6Bazakpww