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Legal & Regulation

Sebastien Danloy, RBC Investor & Treasury Services

What is the AIFMD state of play?

Tue, 21/05/2013 - 13:02

With just over eight weeks to go before the AIFMD transposition deadline, Sebastien Danloy (pictured), Head of Investor Services Europe and Offshore at RBC Investor & Treasury Services, comments on late implementation and its effects on asset managers… »

Professor Jon Rushman

Governments should be nervous about Bitcoin, says Rushman

Tue, 21/05/2013 - 10:04

 Professor Jon Rushman believes that in the long term cyber currencies like Bitcoin could see the end of central banks and foreign exchange and so it is understandable governments are nervous about it. »

Samer Ojjeh, principal in the financial services office, New York at Ernst & Young

Severing AIFMD's Gordian knot

Tue, 21/05/2013 - 06:21

Managers need to start performing a rational cost benefit analysis on the Alternative Investment Fund Managers Directive (AIFMD) and to strip out the emotion, says Ernst & Young. »

BVI International Finance Centre

The BVI funds industry: dynamic, robust and responsive

Mon, 20/05/2013 - 10:08

By Nadia Menezes, Senior Associate, Appleby – Since the introduction of the Mutual Funds Act, 1996, the British Virgin Islands (BVI) has grown from a fledgling jurisdiction to a strong and confident player at the frontline of the offshore funds industry. »

Gary Gensler, Chairman, CFTC

Final block rule for swaps is critical for transparency

Fri, 17/05/2013 - 12:59

The final block rule for swaps is critical to promoting transparency in this once opaque market, says US Commodity and Futures Commission Chairman, Gary Gensler… »

Irish flag

Central Bank of Ireland launches AIFMD regime

Thu, 16/05/2013 - 14:10

The Central Bank of Ireland has issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD). »

Nicola Smith, chief executive of Helvetic

EU proposal will only cause more confusion, says Helvetic

Fri, 10/05/2013 - 11:45

In light of continual struggles from European fund managers to comply with the impending AIFMD directive, Nicola Smith, chief executive of hedge fund administrator Helvetic, says that plans by the European Commission to introduce liquidity buffers and leverage caps on financial firms have come at the most inopportune time. »

Regulation

Impact of new regulations top concern in addressing systemic risks

Fri, 10/05/2013 - 10:05

The impact of new regulations in the financial services industry is by far the most important systemic-risk concern facing the global capital markets, according to a recent client survey conducted by The Depository Trust & Clearing Corporation (DTCC). »

Gus Black, Dechert

Understanding the legal issues of structuring a hedge fund and Fund Management Company

Tue, 07/05/2013 - 06:00

One of the discussion panels at the Bloomberg Hedge Fund Start-up Conference on 28 November 2012 in London explored some of the legal issues start-up managers need to think about when establishing both the fund, and the fund management structure. Entitled Legal: Getting it Right from the Start, the panellists included Gus Black, Dechert LLP (pictured); Richard Perry, Simmons and Simmons LLP and Chris Hilditch, Schulte Roth & Zabel LLP. »

Cayman's Premier Juliana O'Connor-Connolly

Cayman commits to G5 multilateral exchange pilot

Fri, 26/04/2013 - 14:01

The Cayman Islands has indicated to the UK government that it is committed to joining the G5 pilot, recently announced by the UK, France, Germany, Italy and Spain, on multilateral automatic exchange of tax information. »

Geoff Cook, chief executive of Jersey Finance

Jersey Finance welcomes DTA with Luxembourg

Mon, 22/04/2013 - 11:34

Jersey Finance has welcomed the signing of a Double Taxation Agreement (DTA) between the authorities in Jersey and Luxembourg. »

Regulation

IOSCO consults on principles for financial benchmarks

Wed, 17/04/2013 - 12:00

The International Organisation of Securities Commissions (IOSCO) has published a consultation paper on Principles for Financial Benchmarks, which seeks public comments on a set of high-level principles for benchmarks used in global financial markets. »

Regulation

Man Group makes changes to its regulatory capital position

Thu, 11/04/2013 - 16:00

Man Group has confirmed with the Financial Conduct Authority (FCA) the change of its regulatory status from being a Full Scope Group to a Limited Licence Group. »

Laurent Vanderweyen, Luxembourg chief executive and head of fund services, Alter Domus

Alter Domus to provide AIF depository services

Wed, 10/04/2013 - 10:06

Alter Domus, a provider of administration services for alternative investment funds and multinational corporations, will be offering depositary services in Luxembourg and expects to be in the first wave of regulatory approvals. »

Jay Gould, partner, Pillsbury Winthrop Shaw Pittman LLP

SEC puts hedge fund managers on notice regarding compensation arrangements for sales

Tue, 09/04/2013 - 14:37

By Jay Gould, partner, Pillsbury Winthrop Shaw Pittman LLP – In a speech before the American Bar Association’s Trading and Markets Subcommittee on 5 April, 2013, David Blass, the Chief Counsel of the Division of Markets and Trading, put hedge fund managers and private equity fund managers on notice that they may be engaged in unregistered (and therefore, unlawful) broker dealer activities as a result of the manner by which hedge fund managers compensate their personnel and, in the case of private equity fund managers, the receipt of investment banking fees with respect to their portfolio companies. »

Michael Spencer, group chief executive officer of ICAP

ICAP warns on potential impact of financial transactions tax

Mon, 08/04/2013 - 11:49

ICAP, an interdealer broker and provider of post trade risk and information services, has released its analysis of the potential impact of implementing a financial transactions tax (FTT). »

Fiona Le Poidevin, Guernsey Finance

Why quality is key in a fund domicile

Mon, 08/04/2013 - 05:00

As managers and investors look for fund domiciles with a focus on quality, Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, explores how Guernsey is well positioned to meet these evolving needs. »

Document signing

Bermuda prepares to sign AIFMD cooperation agreement with ESMA

Mon, 01/04/2013 - 16:23

The Bermuda Monetary Authority is advancing preparations to sign a cooperation agreement with Europe under the Alternative Investment Fund Managers Directive (AIFMD). »

ASIC deputy chairman Belinda Gibson

ASIC consults on trade reporting obligations for OTC derivatives

Thu, 28/03/2013 - 12:01

The Australian Securities and Investments Commission (ASIC) has proposed draft rules addressing the mandatory trade reporting obligations for over-the-counter (OTC) derivatives such as interest rate swaps. »

Rolston Anglin, Minister for Financial Services, Cayman Islands

Cayman creates incorporated cell companies

Thu, 28/03/2013 - 06:06

A framework for incorporated cell companies in the insurance sector was created in the Cayman Islands on 25 March, when the Legislative Assembly passed an amendment to allow the registration of portfolio insurance companies (PICs) within segregated portfolio company insurers (SPCs). »

Information sign

New Stream Capital Fund Limited segregated account class B, E, H, K, L, N and O – Notice of Intention to Distribute Assets

Thu, 28/03/2013 - 00:02

IN THE SUPREME COURT OF BERMUDA COMMERCIAL LIST COMPANIES (WINDING-UP) 2010: No. 312 IN THE MATTER OF NEW STREAM CAPITAL FUND LIMITED AND IN THE MATTER OF THE COMPANIES ACT 1981 AND IN THE MATTER OF THE SEGREGATED ACCOUNTS COMPANIES ACT 2000 notice OF INTENTION TO DISTRIBUTE ASSETS  »

Fiona Le Poidevin, Guernsey Finance

Why quality is key in a fund domicile

Wed, 27/03/2013 - 16:00

As managers and investors look for fund domiciles with a focus on quality, Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, explores how Guernsey is well positioned to meet these evolving needs. »

Survey

Fund managers still have AIFMD concerns, says Northern Trust survey

Wed, 27/03/2013 - 12:00

While 86 per cent of respondents to a Northern Trust survey say they broadly understand the implications of the Alternative Investment Fund Manager Directive, close to 70 per cent feel their investors are not engaged in AIFMD considerations. »

Law books and gavel

Cayman amendment paves way for AIFMD compliance

Mon, 25/03/2013 - 19:14

To facilitate the marketing of Cayman hedge funds in the European Union, the Cayman Islands Government has passed an amendment that allows the jurisdiction’s regulator to enter into memoranda of understanding with its EU counterparts, using a model MoU developed by the European Securities Markets Authority (ESMA). »

Regulation

BNP Paribas expands its global set-up for AIFMD

Mon, 25/03/2013 - 16:05

BNP Paribas Securities Services has reinforced its global offering ahead of the Alternative Investment Fund Managers Directive (AIFMD), which is set to significantly transform the fund management industry. »

BVI

Withers wins BVI hedge fund liquidation case for Baker Tilly

Thu, 21/03/2013 - 16:00

The BVI Court has confirmed the appointment of John Greenwood and Hadley Chilton of Baker Tilly (BVI) Limited as liquidators of four hedge funds incorporated in the BVI, and has decided that a US receiver attempting to claim assets owned by the hedge funds would not be recognised by the BVI Court. »

Cayman Islands and Brazil sign TIEA

Cayman Islands and Brazil to exchange tax information

Thu, 21/03/2013 - 11:59

The Cayman Islands Government signed its 31st Tax Information Exchange Agreement (TIEA) with the Republic of Brazil on 19 March. »

Dark liquidity

ASIC reports on dark liquidity and high-frequency trading

Mon, 18/03/2013 - 11:50

ASIC has released a report and a consultation paper examining the impact of dark liquidity and high-frequency trading on Australia's financial markets. »

Gonzalo Jalles, chief executive, Cayman Finance

Cayman opts for Model 1 IGA for FATCA

Mon, 18/03/2013 - 10:01

The Cayman Islands Government is to adopt a Model 1 intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act (FATCA). »

Geoff Cook, chief executive, Jersey Finance

Jersey AIFMD plans on track

Fri, 15/03/2013 - 10:05

Jersey remains on track to meet the requirements of the EU Alternative Investment Fund Managers Directive (AIFMD) and will introduce new fund regulations in April. »

features
Special report
Switzerland Hedge Fund Services 2015

Switzerland Hedge Fund Services 2015

Tue, 24/02/2015 - 19:14

New regulations are allowing hedge fund managers and institutional investors to take advantage of fresh opportunities in the Swiss market, from innovative new fund platforms to new fund strategies and structures that provide significant portfolio diversification opportunities... »

Article

The attraction of incubator platforms has increased noticeably in recent years. New hedge funds face a Sisyphus-like task getting up and running as global regulation and compliance pushes costs up, whilst investors simultaneously expect to see institutional quality operations in place from day one.     ... »

Special report
How to Access Europe using third party AIFMs

Read how managers seeking to distribute in Europe can appoint a third party AIFM (or ManCo), and the fund distribution benefits this can bring, both for new fund launches and redomiciled funds... »

Comment
Richard A Kimball Jr, CEO, HEXL

Healthcare costs continue to spiral out of control and yet still achieve relatively poor outcomes, says Richard A Kimball Jr (pictured), CEO of HEXL… ... »

Article

Six trends shaping the next generation

Tue, 10/02/2015 - 08:01

Just 20 years ago, exchange-traded funds (ETFs) were novelties. Now, after two decades of explosive growth, they are firmly entrenched in the asset management landscape. Total US-listed ETF assets reached a record-setting USD2.0 trillion at the end of 2014, up from USD1.7 trillion a year earlier, and inflows totaled USD244 billion for the year. European ETFs also saw record flows in 2014; they attracted USD61.4 billion in new assets, more than three times the 2013 total. ... »

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