Now for a couple of regulation nasties that will be on some CFOs agendas (but not all). Let's start with the Alternative Investment Fund Managers' Directive which was approved by the EU in November. The text of the Directive comes into force in 2011 and must be implemented within EU countries by 2013.

The nub of all this is that managers of alternative investment funds -- they include private equity and hedge funds -- must provide more information about their activities to investors and regulators. And guess who's going to be in the front-line pulling together much of the financial information when the rules finally come into force?

9. Registering with the SEC

And the AIFMD is not the only regulatory nasty in town. Under the US's Dodd-Frank legislation most fund managers will have to register with the Securities and Exchange Commission by 21 July 2011. There's a let-out if they have no place of business in the US, fewer than 15 US clients or investors, or less than $25 million under management.

"The SEC is likely to take serious action against those that haven't registered," warns David Bailey, managing director of fund management specialist Augentius. "This, given past track record, is likely to include financial penalties which will amount to a number of years' management fees."