Despite the fact that hedge funds are less regulated than many other investment vehicles, this does not mean that there's no regulation at all applicable to hedge funds. The level of regulation may also change over time as the already massive hedge fund industry continues to grow more significant and more instances of manager wrongdoing, such as insider trading being reported may lead to a change in regulatory position In relation to hedge funds. Regulation of hedge funds has increased significantly since the 2008 global financial crisis in the US before the Do Frank Act of 2010, which included wide ranging changes to financial market regulations. Hedge funds were not required to register with the SEC after the passage of the Dodd-Frank Act. All hedge funds with over $25 million AUM were required to register with the SEC or if under $100 million of AUM through an appropriately sophisticated state regulator. This did not mean that the types of investments hedge funds could invest in changed, but did mean that the SEC had more oversight over the activities of hedge funds. Across Europe the European Union has released a number of directives since 2008, impacting on a number of factors influencing hedge fund activity, including increased regulatory requirements in relation to disclosure of short positions, risk management and financial stability, disclosures to investors, conflict management, calculation and publication of fund values, internal systems and controls and marketing.