Legal & Regulation

Regulation

Regulation to drive hedge fund evolution, says survey

Wed, 02/07/2014 - 06:03

Regulation will be the key driver in the next phase of the rapidly evolving hedge fund industry, according to Part II of Citi Investor Services’ fifth Annual Industry Evolution survey. »

Gavel

OM Investment Management and Gignesh Movalia to pay over USD2m to settle SEC action

Tue, 01/07/2014 - 16:01

The Securities and Exchange Commission (SEC) has secured a final judgment setting disgorgement of USD1,29,800 and a civil penalty of USD300,000 against OM Investment Management and Gignesh Movalia. »

Commodities

CFTC extends comment period for position limits for physical commodity derivatives and aggregation

Mon, 30/06/2014 - 14:33

The US Commodity Futures Trading Commission (CFTC) has submitted for publication in the Federal Register a 30-day extension of the comment period for two rulemakings. »

Jersey flag

Jersey sees strong private placement uptake in run up to end of AIFMD transition

Mon, 30/06/2014 - 14:08

With less than one month to go until the transitional phase of the EU Alternative Investment Fund Managers Directive (AIFMD) comes to an end, Jersey is seeing a strong take-up in its private placement route into Europe. »

Electronic trading floor

SGSS launches multi-counterparty and multi-asset class trade repository reporting service

Fri, 27/06/2014 - 10:05

Societe Generale Securities Services (SGSS) has launched a trade repository reporting offer for OTC derivatives, servicing multi-counterparties and multi-asset classes, under the European Markets Infrastructure Regulation (EMIR). »

Regulation

SEC adopts cross-border security-based swap rules

Fri, 27/06/2014 - 06:01

The Securities and Exchange Commission (SEC) has adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants.  »

Gavel

Barclays charged with fraud over marketing and operation of dark pool

Thu, 26/06/2014 - 10:59

Barclays has been charged with fraud over the marketing and operation of its dark pool and other aspects of its electronic trading division. »

Clock

CFTC issues extension of time-limited no-action relief to LCH

Thu, 26/06/2014 - 10:04

The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a further extension of time-limited no-action relief to LCH.Clearnet Limited. »

Gavel

SEC charges hedge fund advisory firm over scheme to misuse investor proceeds

Tue, 24/06/2014 - 14:09

The Securities and Exchange Commission (SEC) has charged a Florida-based hedge fund advisory firm and its founder with fraudulently shifting money from one investment to another without informing investors.  »

Report

Time for asset management industry to shine, says KPMG report

Tue, 24/06/2014 - 12:37

Opportunities abound for the global asset management industry as the shrinking of the banking sector has thrust asset management to the heart of global capital flows and the pace of regulatory change is starting to ease off, according to a KPMG report. »

Gibraltar

Gibraltar strengthens corporate governance as guidance is endorsed by the FSC

Mon, 23/06/2014 - 14:04

The Corporate Governance Code set up by the Gibraltar Funds & Investments Association (GFIA) has been adopted into the regulatory process adopted by the Financial Services Commission (FSC).  »

Michael Megaw, SS&C GlobeOp

SS&C GlobeOp’s Megaw discusses FATCA developments

Mon, 23/06/2014 - 11:49

On 2 June 2014 the IRS published its first list of FATCA-compliant institutions in what represents the first significant sign of FATCA regulation gathering pace.   »

Regulation

Maitland launches AIFMD fund platform in Luxembourg

Fri, 20/06/2014 - 14:01

Maitland has received approval from the Luxembourg regulator (CSSF Luxembourg) for its Alternative Investment Fund Manager Directive (AIFMD) compliant management company and specialised investment fund. »

Fraud

Winsome and US Ventures to pay over USD40m for commodity pool fraud

Fri, 20/06/2014 - 11:45

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order requiring Robert J Andres and his company Winsome Investment Trust and Robert L Holloway and his company US Ventures (USV) to pay a civil monetary penalty of USD32,370,000 and restitution for defrauded customers totalling USD12 million.  »

Union Jack Pound

British firms fined over GBP500m by FCA in 2013, says Kinetic Partners

Wed, 18/06/2014 - 14:06

The Financial Conduct Authority (FCA) penalised British firms a total of GBP506.94m (USD770m) in 2013, according to research from Kinetic Partners. »

Lawsuit

Court gives green light to Cantor Fitzgerald gaming assets lawsuit

Wed, 18/06/2014 - 10:00

A federal judge has upheld all of the key claims in a lawsuit filed against financial services firm Cantor Fitzgerald and its owner and chief executive Howard Lutnick by the bankruptcy estate of former futures broker Refco Inc. »

Computer screen

Latest Linedata Mshare release addresses regulation and growth

Tue, 17/06/2014 - 14:33

Linedata has released a new version of its transfer agency software Linedata Mshare, which is designed to address client concerns over both regulatory compliance and how to attract new business. »

Report

MiFID II published in the Official Journal of the EU

Fri, 13/06/2014 - 11:58

The EU has published MiFID II in the Official Journal (OJ) following more than two and a half years of consultation and negotiation. »

Fraud

CFTC obtains SK Madison Commodities judgment for commodity pool fraud

Thu, 12/06/2014 - 13:03

The US Commodity Futures Trading Commission (CFTC) has secured an order of default judgment and permanent injunction against Michael James Seward, Yan Kaziyev, and their company SK Madison Commodities.  »

Magnifying glass

EisnerAmper launches compliance consultancy for investment advisers

Thu, 12/06/2014 - 12:00

EisnerAmper has launched EisnerAmper Compliance and Regulatory Services (CARS), a full-service consultancy providing outsourced compliance programmes and solutions to US and offshore investment advisers. »

Regulation

Rise of big data to put UK financial services firms in regulatory firing line

Thu, 12/06/2014 - 06:00

The exponential growth of Big Data will trigger a sharp rise in UK financial services firms being investigated, and potentially fined, by regulators, according to Data-as-a-Service provider Anomaly42. »

Electronic trading floor

Majority of SEFs adopt FIX Protocol

Wed, 11/06/2014 - 15:10

The majority of swap execution facilities (SEFs), including BGC Derivative Markets, Bloomberg, trueEX, GFI Group, ICE Swap Trade, MarketAxess, Tradeweb, Tradition Trad-X and Tullett Prebon, have now adopted the FIX Protocol. »

James Roberts, BDO

Corporate reporting guidance from FRC is timely and important

Tue, 10/06/2014 - 12:17

James Roberts (pictured), Audit partner at BDO, welcomes The Financial Reporting Council’s (FRC) announcement of a programme of work to promote clear and concise reporting from which investors can draw conclusions about a company’s performance, position and prospects… »

Regulation

FCA provides guidance on Annex IV reporting

Mon, 09/06/2014 - 16:05

Representatives from the Financial Conduct Authority (FCA) provided guidance on the upcoming Annex IV reporting at a meeting sponsored by the Investment Management Association, the primary AIFM industry group in London.  »

Derek Adler, International Financial Administration

Article 19 – Have we not learnt our lessons?

Mon, 09/06/2014 - 13:58

By Derek Adler, Director, International Financial Administration Ltd – Let me state at the outset that I am absolutely in favour and welcome good regulation, but am opposed to regulation just for the sake of it. »

Gavel and scales

SEC charges Liquidnet over failures to safeguard confidential trading information

Mon, 09/06/2014 - 10:01

The Securities and Exchange Commission (SEC) has charged dark pool alternative trading system operator Liquidnet with improperly using subscribers’ confidential trading information in marketing its services. »

Jersey

Jersey to host four day conference and seminar in partnership with the US SEC

Fri, 06/06/2014 - 15:00

Jersey is to host a high level conference organised jointly by the US Securities and Exchange Commission (SEC) and the Jersey Financial Services Commission. »

Timothy Massad

Timothy Massad sworn in as chairman of US CFTC

Fri, 06/06/2014 - 12:00

Timothy Massad has been officially sworn in as the chairman of the US Commodity Futures Trading Commission (CFTC), the federal agency that oversees the commodity futures, options and swaps industry.  »

Approved stamp

NFA's board of directors approves reduction in assessment fees

Fri, 06/06/2014 - 10:02

The National Futures Association’s (NFA) board of directors has approved a reduction in the assessment fees it levies on futures contracts and options on futures contracts traded on behalf of public customers from USD.02 to USD.01 per side. »

Regulation

CFTC extends no-action letter on transaction-level requirements in cross-border situations

Thu, 05/06/2014 - 12:43

The US Commodity Futures Trading Commission (CFTC) has issued a time-limited no-action letter that extends relief to swap dealers (SDs) registered with the Commission that are established under the laws of jurisdictions other than the US from certain transaction-level requirements under the Commodity Exchange Act. »

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Christopher ELvin, Preqin

977 private equity funds held a final close throughout the year raising a total of USD486bn, higher than any annual amount between 2009 and 2012, and on track to match the 2013 total. Preqin’s Christopher Elvin (pictured) reviews a year of private equity fundraising:  ... »

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Fri, 19/12/2014 - 10:24

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Up arrow

Over half of infrastructure funds that closed in 2014 exceeded their fundraising target, up from 37% of funds in 2013. Andrew Moylan, Preqin’s Head of Real Assets Products, takes a look at infrastructure fundraising over the last 12 months: ... »

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