Legal & Regulation

Direct taxation has been ruled out for the Cayman Islands, according to the findings of an independent economic commission. »

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific. »

The increasing number of Ucits hedge funds launched in Europe means that tighter regulation is needed both to protect retail investors and the Ucits brand, a paper by PricewaterhouseCoopers says. »

Dr Richard Reid (pictured), director of research at the International Centre for Financial Regulation in London, says the controversy surrounding the role of credit default swaps in allegedly aggravating Greece’s fiscal problems illustrate differences between countries in Europe and beyond on the priorities for financial sector reforms. »

Over 200 UCITS hedge funds have now been launched in Europe with many more in the pipeline. As the trend continues to grow, tighter regulation is needed both to protect retail investors and the UCITS brand.

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The US Commodity Futures Trading Commission has filed a complaint against Arizona resident Helmut H. Weber, doing business as Weber Capital Management, charging Weber with operating a fraudulent off-exchange foreign currency scheme. »

The Australian Securities and Investments Commission has delayed the commencement of short seller obligations to lodge short position reports from 1 April 2010 to 1 June 2010. »

The Managed Funds Association has expressed concern regarding a proposal from the Committee of European Securities Regulators to require investors to publicly disclose short sale positions.  »

The Committee of European Securities Regulators (CESR) has recommended the introduction of a pan-European disclosure regime for net short positions in shares. »

The implementation of the Markets in Financial Instruments Directive is turning market surveillance, traditionally a cost centre, into a competitive edge, says capital markets research and advisory firm Tabb Group. »