As their appetite for investment from U.S. investors subject to the Employee Retirement Security Act of 1974 (ERISA) grows, European hedge fund managers must remain aware of the increased and complex tangle of regulations and compliance obligations that are imposed on hedge funds and managers that fall under ERISA’s ambit.  This final article in our three-part series analyzes various approaches to ERISA’s indicia of ownership requirements for U.K. and other European hedge fund managers; discusses concerns relating to bond documentation; and examines overarching issues affecting European managers choosing to manage ERISA assets.  The first article explored issues relating to liability standards and incentive fees for European managers operating under the ERISA regime, while the second article analyzed specific concerns regarding the prohibited transactions rules, reporting requirements and side letters.  See also “Understanding U.S. Public Pension Plan Delegation of Investment Decision-Making to Internal and External Investment Managers (Part Three of Three),” Hedge Fund Law Report, Vol. 7, No. 7 (Feb. 21, 2014); and “Applicability of New Disclosure Obligations Under ERISA to Hedge Fund Managers,” Hedge Fund Law Report, Vol. 5, No. 9 (Mar. 1, 2012).