Yesterday I optimistically predicted hedge funds would learn a lot more about their regulatory fate as the G20 drew to a close.

rtxdj6oThat wasn't exactly incorrect -- the industry did find out for example that regulation and oversight will be extended to "systemically important hedge funds".

But, as with many political statements, the devil is in the detail -- or in this case, the lack of it.

"The G20 communiqué is unclear as to whether their aim is to have further regulation and oversight of the funds themselves or of the managers who manage the funds," says Robert Mellor, UK hedge fund leader at PricewaterhouseCoopers.

"The communiqué also does not make it clear what regulation means in this context. If indeed they are pointing to more regulatory capital, who would be required to have the additional capital? The hedge fund manager or the offshore fund?"