July 1 this year marks the dawn of the FATCA new world order. Giving the U.S. Internal Revenue Service unprecedented extraterritorial powers to gather information on foreign financial institutions and their underlying account holders, the Foreign Account Tax Compliance Act represents the U.S. Treasury Department's efforts to prevent U.S. citizens and institutions from evading their tax obligations by holding financial assets abroad.

The hedge fund industry is growing up fast. As the industry completes the transformation into an institutional community, industry leaders must advocate for best practices.