Legal & Regulation

The US Commodity Futures Trading Commission (CFTC) has filed an anti-fraud civil lawsuit charging defendants PMC Strategy, LLC (PMC) of Monroe, NC, and its principals, Michael Hudspeth of Statesville, NC, and Timothy Bailey of Monroe, NC, with committing fraud in connection with operating a foreign currency (forex) Ponzi scheme that solicited at least USD669,000 from more than 22 individuals since June 2008. The defendants also allegedly misappropriated USD129,000 of customer funds for their personal use. »

The Council of Ministers has announced that Jersey is to maintain its zero-ten tax regime, following a recent review by the EU Code of Conduct Group and High Level Working Party. »

The US Commodity Futures Trading Commission (CFTC) has filed an anti-fraud enforcement action charging Hasaan R Steel of Brooklyn, NY, with fraudulently soliciting more than USD1 million from 28 participants to invest in a commodity pool to trade commodity futures and securities. »

The US Commodity Futures Trading Commission (CFTC) has fined Andrew W Daniels of Hinsdale, Ill, Edward Taylor of Naperville, Ill, and Daniels Trading Group LLC (DTG) of Chicago, Ill, for violating speculative position limits in the Chicago Board of Trade’s (CBOT) rough rice futures contracts and for willfully concealing material facts from the CME Group, Inc. (CME). »

The Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2010, which includes changes to the Investment Funds Act 2006, as amended, is now in effect. »

While the economy remains a concern, hedge fund CFOs say addressing new regulatory requirements and meeting evolving investor expectations are the biggest challenges for 2011, according to a poll by SEI. »

Multi-asset brokerage and clearing specialist Newedge is reinforcing its position in Switzerland, with FINMA, the local regulator, granting branch licenses to the firm's representative offices in Zurich and Geneva. »

Following the enactments of the Securities and Investment Business Act, 2010 (SIBA) and Mutual Funds Regulations, 2010, the BVI Financial Services Commission (BVI FSC) has now released the Public Funds Code, 2010. »

The British Virgin Islands Financial Services Commission (BVI FSC) has formed the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee) to review the Securities and Investment Business Act, 2010 (SIBA) and related relevant legislation and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the Territory. »

The US Commodity Futures Trading Commission (CFTC) has obtained more than USD860,000 in restitution and civil monetary penalties in a federal judgment against defendants Paul Abad of Orange County California, and his companies, Thirteen Thirty-Two, and Thirteen Thirty-Two, dba MRTS Asset Management. »