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Legal & Regulation

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ESMA finalises supervisory co-operation agreements for alternative investment funds

Fri, 19/07/2013 - 12:14

The European Securities and Markets Authority (ESMA) has approved seven co-operation arrangements between EU securities regulators and their global counterparts with responsibility for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. »

Steven Maijoor, ESMA chair

ESMA consults on non-EU counterparties OTC derivatives

Thu, 18/07/2013 - 10:22

The European Securities and Markets Authority (ESMA) has launched a consultation on draft regulatory technical standards (RTS) aimed at implementing the provisions of the European Markets Infrastructure Regulation (EMIR) related to OTC derivative transactions by non-European Union (EU) counterparties and aimed at preventing attempts by non-EU counterparties to evade EMIR’s provisions. »

Geoff Cook, chief executive, Jersey Finance

Further regulatory steps taken to meet AIFMD requirements welcomed by Jersey Finance

Tue, 16/07/2013 - 06:00

Jersey Finance has welcomed the announcement from the Jersey Financial Services Commission (JFSC) that 25 bilateral agreements have been signed in respect of the Alternative Investment Fund Managers Directive (AIFMD), another key step in meeting the requirements of the Directive. »

Document signing

Cayman Islands signs MOUs with 25 ESMA members

Mon, 15/07/2013 - 06:20

The Cayman Islands has now signed memoranda of understanding (MOUs) with 25 European countries, which will enable the continued marketing of Cayman Islands hedge funds throughout the European Union. »

Fiona Le Poidevin, chief executive of Guernsey Finance

Guernsey’s 27 AIFMD agreements keep funds business flowing

Fri, 12/07/2013 - 15:55

The Guernsey Financial Services Commission (GFSC) has signed bilateral cooperation agreements with 27 securities regulators from the European Union and the wider European Economic Area, including the UK, France and Germany. »

Steven Maijoor, ESMA chair

ESMA begins detailing central clearing of OTC derivatives

Fri, 12/07/2013 - 12:44

The European Securities and Markets Authority (ESMA) has launched a Discussion Paper to prepare the regulatory technical standards (RTS) which will implement provisions of the European Markets Infrastructure Regulation (EMIR) regarding the obligation to centrally clear OTC derivatives. »

Luxembourg

Alter Domus launches two new services following Luxembourg AIFMD ratification

Fri, 12/07/2013 - 06:02

Alter Domus is launching two new initiates in Luxembourg following the ratification of the Alternative Investment Fund Managers Directive (AIFMD) in the Grand Duchy. »

Michel Barnier, European Commissioner

EC and CFTC agree common path forward on derivatives

Fri, 12/07/2013 - 06:00

European Commissioner Michel Barnier (pictured) and United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler have announced a ‘path forward’ regarding their joint understandings on a package of measures for how to approach cross-border derivatives. »

Michael G Tannenbaum, Tannenbaum Helpern

Tannenbaum Helpern helps lead global network designed to aid clients in complex cross-border financial litigation

Thu, 11/07/2013 - 18:01

Launched in May 2013, the International Financial Litigation Network (IFLN) was founded by more than 20 law firms, including Tannenbaum Helpern. The mission of the network, which presently spans 16 countries, is to improve cross-border solutions for financial institutions, funds and individuals involved in financial disputes by promoting collaboration among lawyers and court systems and by facilitating cost-effective resolutions. »

Marc Saluzzi, chairman of ALFI

Luxembourg Parliament adopts law implementing AIFMD

Thu, 11/07/2013 - 16:05

The Luxembourg Parliament has adopted the law transposing the Alternative Investment Fund Manager Directive (AIFMD) into Luxembourg law. »

Mary Jo White, SEC

SEC approves JOBS Act requirement to lift general solicitation ban, disqualify bad actors from certain offerings

Thu, 11/07/2013 - 08:05

The Securities and Exchange Commission has adopted a new rule to implement a JOBS Act requirement to lift the ban on general solicitation or general advertising for certain private securities offerings. »

Green light

JOBS Act ushers in new era in asset management

Thu, 11/07/2013 - 07:55

The Securities and Exchange Commission’s decision to lift the ban on general solicitation by hedge funds and other private placements to sophisticated investors, part of the Jumpstart Our Business Startups (JOBS Act) law signed more than a year ago, marks both the end of the hedge fund industry as we know it today and the beginning of a new era in asset management, according to the asset management PR firm Walek & Associates.  »

French flag

Melanion Capital authorised to specialise in dividend futures investment

Tue, 09/07/2013 - 06:03

Paris-based Melanion Capital has received authorisation from the French Autorité des Marchés Financiers to become the first alternative manager to specialise in investment in dividend futures.  »

Mike Hughes, Deutsche Bank

Deutsche Bank releases AIFM Directive white paper on benefits of integrated model

Mon, 08/07/2013 - 06:15

Deutsche Bank has released a white paper on how managers can chart a smooth course through AIFMD implementation, and argues that adoption of an integrated model will be the most cost-effective option, with minimal disruption to a hedge fund business. »

Olivier Sciales, Chevalier & Sciales

CSSF announces transitional measures for managers and funds under the AIFM Directive

Wed, 03/07/2013 - 11:08

By Olivier Sciales, Chevalier & Sciales – Luxembourg's financial regulator, the Financial Sector Supervisory Authority (CSSF), has published a series of Frequently Asked Questions (FAQs) regarding the draft legislation that will implement the European Union's Alternative Investment Fund Managers Directive into national law and the European Commission's implementing regulation. »

Trading screens

IVP signs 25 hedge fund clients to regulatory compliance platform

Wed, 03/07/2013 - 10:04

Indus Valley Partners’ IVP RAPTOR (Regulatory Analytics Portfolio Transparency Operational Reporting) has been implemented by 25 clients since its October 2012 launch. »

Steel pipes

LME consults on changes to warehouse policy to cut queues

Tue, 02/07/2013 - 06:02

The London Metal Exchange (LME) has launched a consultation on a proposal designed to cut warehouse queues. »

Bart Chilton, CFTC

MF Global is a bellwether case

Fri, 28/06/2013 - 10:04

CFTC Commissioner Bart Chilton on the Filing of Charges in the MF Global Case… »

Gavel

CFTC charges MF Global Inc

Thu, 27/06/2013 - 23:50

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action against MF Global Inc (MF Global), a registered futures commission merchant (FCM), MF Global Holdings Ltd (Holdings), former Chief Executive Officer of MF Global and Holdings Jon S Corzine, and former Assistant Treasurer of MF Global Edith O’Brien, over the unlawful use of customer funds that harmed thousands of customers and violated fundamental customer protection laws on an unprecedented scale. »

Paul Kneen, managing director of Abacus Financial Services in the Isle of Man and Abacus Fund Administration in Malta

Abacus to co-sponsor IFI Global’s AIFMD debate in London

Wed, 26/06/2013 - 13:31

With less than a month to go until the Alternative Investment Fund Managers Directive (AIFMD) implementation deadline, many fund managers are gearing up for the new regulatory restrictions which the directive will bring to the European fund market. »

Bill Prew, founder of INDOS

INDOS Financial plans to enter AIFMD depositary market

Mon, 24/06/2013 - 06:07

INDOS Financial has submitted an application to the Financial Conduct Authority for authorisation as a depositary. INDOS plans to provide independent depositary oversight services to hedge fund managers seeking to comply with the long-awaited Alternative Investment Fund Managers Directive (AIFMD) which becomes law on 22 July 2013. »

Computer screen

Dechert launches AIFMD resource page

Mon, 17/06/2013 - 06:08

Law firm Dechert’s financial services group has launched a web page that brings together a selection of resources designed to address issues concerning the EU Alternative Investment Fund Managers Directive (AIFMD). »

Alden McLaughlin, Cayman Islands Premier

Cayman to commit to multilateral convention

Wed, 12/06/2013 - 16:00

The Cayman Islands Government is prepared to commit to the Convention on Mutual Administrative Assistance in Tax Matters. »

David Beatrix, senior business developer for OTC derivatives at BNP Paribas Securities Services

Negotiating the collateral management paradigm shift under Dodd Frank & EMIR

Tue, 11/06/2013 - 11:42

Phase 1 of Dodd Frank commenced in March this year, requiring swap dealers and major swap participants to clear their OTC derivative contracts (i.e. liquid IRS and CDS) through central counterparties (CCPs). With Phase 2 commencing in June, buy-side firms in the US are now fully engaged in getting operationally ready. »

Howard Revens, UK managing director, Drooms

Drooms advises on AIFMD requirements ahead of 22 July deadline

Mon, 10/06/2013 - 11:17

Drooms’ UK managing director Howard Revens is to present on the impact to fund managers on AIFMD’s wide ranging and complex reporting requirements at Knight Frank’s 2013 AIFMD: Practical Implications Breakfast Briefing.  »

Steven Maijoor, ESMA chair

ESMA and the EBA publish final principles on benchmarks

Fri, 07/06/2013 - 06:03

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published their final report setting out their Principles for Benchmark-Setting Processes in the EU. »

Short selling

ESMA publishes review on impact of short selling regulation

Mon, 03/06/2013 - 15:46

The European Securities and Markets Authority has published its technical advice evaluating the impact of the regulation on short selling and certain aspects of credit default swaps on European financial markets. »

Guernsey flag

Guernsey to co-operate with European securities regulators on cross-border supervision of AIFs

Fri, 31/05/2013 - 14:37

The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Guernsey Financial Services Commission (GFSC) and the EU securities regulators for the supervision of alternative investment funds (AIFs), including hedge funds, private equity and real estate funds.  »

Jeremy Cox, chief executive of the Bermuda Monetary Authority

Bermuda approved as signatory for AIFMD cooperation with Europe

Fri, 31/05/2013 - 14:11

Bermuda has been approved as a signatory for the cooperation agreement with EU member states in relation to the Alternative Investment Fund Managers Directive (AIFMD). »

Anthony Masso, chief executive of Succession Systems

Succession Systems deploys market access risk solution for Newedge US and Canadian regulatory compliance

Fri, 31/05/2013 - 11:31

Succession Systems deploys market access risk solution for Newedge US and Canadian regulatory compliance. »

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