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Legal & Regulation

BVI Finance

BVI Segregated Portfolios going from strength to strength

Thu, 03/11/2016 - 23:05

By Natalie Bell, Harneys, British Virgin Islands – Segregated Portfolio Companies (SPCs) are now well recognised and widely used corporate vehicles, and we are seeing increasing demand for them in the funds context, writes BVI-based law firm Harneys. A segregated portfolio company benefits from statutory segregation of its assets and liabilities in one segregated portfolio from those of any other segregated portfolio, and from the general assets and liabilities of the company, but is a single, legal entity. The SPC has only one set of constitutional documents, one board of directors and, importantly, one set of annual licence fees. »

Davina Garrod, Akin Gump

For financial markets and industry alike, the UK's fate must be known as soon as possible

Thu, 03/11/2016 - 14:33

Akin Gump London partner Davina Garrod (pictured), who focuses on trade and financial regulatory issues, comments on the High Court ruling that the UK Government may not invoke Article 50 without parliamentary approval… »

Gina Miller, SCM Direct

Investment manager causes UK government to re-think Brexit plans

Thu, 03/11/2016 - 13:32

Investment manager Gina Miller (pictured) has won a High Court ruling forcing the UK government to hold a vote in Parliament over its plans to start the process of leaving the European Union. »

Marion Leslie, Thomson Reuters

Financial institutions recognise benefits of adopting a more strategic approach to regulatory data management and compliance, says Thomson Reuters report

Mon, 31/10/2016 - 11:51

A Thomson Reuters report reveals that 88  per cent of financial institutions will work strategically across regulatory agencies over the next two years.  »

Frank Napolitani

The role of operational due diligence in today’s fundraising environment

Thu, 20/10/2016 - 09:04

Operational due diligence (ODD) is an integral part of winning institutional investment allocations. Being aware of the current focus areas and what is on the horizon is key to preparing your organisation.  »

Information

Asset managers must address solvency issues

Wed, 05/10/2016 - 13:30

Tim Thornton, COO, Fund Services, MUFG Investor Services, comments on the rising capital requirements for fund managers… »

Simon Schilder

Emerging hedge fund managers - challenges and solutions

Fri, 23/09/2016 - 14:02

Who would want to be a start-up hedge fund manager? Simon Schilder, partner at Ogier in Jersey, and TEAM BVI UK member with BVI Finance, examines the challenges facing the next generation… »

Dr Maria Chetcuti Cauchi, Chetcuti Cauchi Advocates

The NAIF: Europe’s missing piece of the jigsaw

Thu, 22/09/2016 - 16:25

The Maltese Notified Alternative Investment Fund (NAIF) fills a gap in Europe's fund market. According to Dr Stefania Grech, Financial Services Associate, Chetcuti Cauchi Advocates, an unregulated fund was the one product missing in the Maltese Fund Industry. "Now, from a European perspective, there is no discrimination when it comes to the creation of an unregulated vehicle, offshore versus onshore. »

Paul Mifsud, Managing Director at Sparkasse Bank

Malta’s SCC gathers momentum

Thu, 22/09/2016 - 14:56

Malta has been quite innovative in providing certain infrastructure for the securitisation cell company (SCC) and securitisation in general. According to the MFSA, 30 securitisation vehicles have launched so far this year, and Sparkasse Bank Malta, plc. has been a beneficiary of this phenomenon. »

r Jean C Farrugia, senior partner at DF Advocates

Malta ushers in the Notified AIF

Thu, 22/09/2016 - 14:54

On 10 June 2016, Malta burnished its reputation when the Malta Financial Services Authority (MFSA) launched the Notified Alternative Investment Fund (NAIF) regime through the publication of the Investment Services Act (List of Notified AIFs) Regulations in the Malta Government Gazette. »

James Williams, Hedgeweek

Malta’s service provider community sees good times ahead

Thu, 22/09/2016 - 14:48

Whether it’s providing AIFM management company solutions, depositary lite solutions, or simply providing start-up managers with a high-touch level of service, Malta’s service provider community continues to evolve with the times.  »

Dr Louis de Gabriele, head of the Corporate and Finance practice group at Camilleri Preziosi Advocates

Key features of Malta’s new regime

Thu, 22/09/2016 - 14:45

Dr Louis de Gabriele, head of Camilleri Preziosi Advocates’s Corporate and Finance practice group, outlines the benefits of Malta’s Notified AIF (NAIF) regime… »

Paulianne Nwoko, Managing Director of Apex Fund Services (Malta)

Factors that make Malta an ideal fund jurisdiction

Thu, 22/09/2016 - 14:41

Apex Fund Services has been operating in Malta since 2008 and has seen, first hand, how quickly the island has evolved into one of Europe's leading onshore fund jurisdictions.  »

Professor Joseph Bannister, MFSA

Increasing interest in using Malta for securitisation transactions

Thu, 22/09/2016 - 14:36

Professor Joseph Bannister (pictured) of the Malta Financial Services Authority explains how the island is positioning itself as a leading European securitisation market… »

James Williams, Hedgeweek

Malta’s NAIF regime is a regulatory masterstroke

Thu, 22/09/2016 - 14:31

With the recent introduction of the Notified AIF regime, Malta is positioning itself to provide fund promoters with an unregulated fund where speed to market is of the essence.  »

Kenneth Farrugia, Finance Malta

Brexit allows Malta to consolidate UK relationship

Thu, 22/09/2016 - 14:09

The shock Brexit result this June sent ripples across Europe as individual Member States absorbed the news. And whilst some jurisdictions have been quick to seize the initiative on the back of the uncertainty that UK firms face – especially as it relates to passporting for London's much lauded financial services industry – Malta is focusing on maintaining the harmonious relationship it has with the UK. »

Bill Prew, Indos Financial

Update on ESMA advice on AIFMD passporting

Thu, 22/09/2016 - 14:05

Bill Prew, CEO of Indos Financial writes on the recent developments with the AIFMD marketing passport and the implications for private placement and depositaries.  »

Tim Thornton

MUFG says AIFMs must ensure investors don’t pay for Brexit passporting fall-out

Wed, 10/08/2016 - 12:47

Tim Thornton, (pictured) COO, Fund Services, MUFG Investor Services has commented that the loss of AIFMD passporting rights that enable UK-based alternative fund managers to market products across the EU has been one of the industry’s main concerns since the Brexit vote.    »

Geoff Cook, Jersey Finance

Jersey sees an increase in private placement and consults on enhancing funds regime

Fri, 05/08/2016 - 09:02

The number of Jersey-registered alternative investment fund managers marketing into Europe through national private placement regimes (NPPRs) under the EU Alternative Investment Fund Managers Directive (AIFMD) continued to rise in H1 2016. »

Jersey flag

Guernsey remains on course for third country passport following positive ESMA recommendation

Thu, 21/07/2016 - 12:25

The European Securities and Markets Authority (ESMA) has further recommended Guernsey for a ‘third country’ passport under the Alternative Investment Fund Managers Directive (AIFMD). »

New GLEIF challenge facility triggers updates of LEI data to all interested parties

New GLEIF challenge facility triggers updates of LEI data to all interested parties

Wed, 13/07/2016 - 13:24

The Global Legal Entity Identifier Foundation (GLEIF), the body responsible for ensuring the operational integrity of the Global Legal Entity Identifier (LEI) System, has launched its new data challenge facility. »

Claude Niedner, Arendt & Medernach

Chapter 1: Legal & fund structuring

Thu, 07/07/2016 - 14:39

Over the years, Ireland has built out its financial services industry to become Europe's de facto onshore alternative funds domicile.  »

UK hedge fund manager and CIO settle with SEC over misleading disclosures concerning trade allocations

UK hedge fund manager and CIO settle with SEC over misleading disclosures concerning trade allocations

Wed, 29/06/2016 - 09:34

A UK-based investment adviser and its Chief Investment Officer (CIO) have agreed to pay more than USD2.5 million to settle charges that they breached their fiduciary duties by operating two private funds in a manner inconsistent with their prior disclosures about the nature and extent to which they allocated IPOs and other securities offerings between the funds. »

CFTC charges former CBOE member Alvin Guy Wilkinson with fraud

CFTC charges former CBOE member Alvin Guy Wilkinson with fraud

Wed, 29/06/2016 - 09:27

The US CFTC has charged former CBOE member Alvin Guy Wilkinson and his limited partnerships Chicago Index Partners (CIP) and Wilkinson Financial Opportunity Fund (WFOF) with fraud and acting as unregistered Commodity Pool Operators. »

Ebony Myles-Berry, Fund Director, International Management Services

The Cayman Islands Limited Liability Company

Mon, 20/06/2016 - 08:41

By Ebony Myles-Berry, International Management Services – In December 2015, the Cayman Islands published the Limited Liability Companies Bill that introduced the Cayman Islands Limited Liability Company (the “Cayman LLC”).  The Cayman LLC is modelled on both the Delaware Limited Liability Companies law and Cayman Islands legislation. The Cayman LLC combines characteristics of a Cayman Islands exempted company and a Cayman Islands exempted partnership. The new vehicle is designed to allow more flexibility to Cayman Islands structures with the addition of a vehicle type that is very familiar to fund managers.   »

James Williams, Hedgeweek

AIFs and UCITS - What’s next…? Part 2: SGSS European Roadshow

Thu, 16/06/2016 - 10:50

Such has been the pace of regulatory change in recent years that there now appears to be a degree of overlap between UCITS V and AIFMD as European regulators and the European Commission commit to enhancing investor protection, not just in UCITS funds but all alternative investment funds. With UCITS V now live, there are areas of common ground with AIFMD, principally regarding the depositary liability sanctions regime and the remuneration regime.   »

CME Group welcomes ESMA recognition

CME Group welcomes ESMA recognition

Wed, 15/06/2016 - 09:04

CME Group Executive Chairman and President Terry Duffy has welcomed the European Securities and Markets Authority's (ESMA) recognition of CME Inc under EU regulations. »

Lee Godfrey

Regulatory reporting the smart way

Thu, 09/06/2016 - 12:01

KNEIP is one of the fund industry's foremost legal and regulatory report providers. Over the years it has helped traditional asset managers overcome the data management complexities of regulated UCITS funds. »

CFTC charges Haena Park and her companies with misappropriation and fraud

CFTC charges Haena Park and her companies with misappropriation and fraud

Mon, 06/06/2016 - 09:08

The US CFTC has charged Haena Park (Park) and her companies Phaetra Capital GP, a/k/a/ Argenta Capital GP LLC, Phaetra Capital Management LP, a/k/a Argenta Capital LLC, and Argenta Group LLC, with fraudulently operating a commodity pool and misappropriation of pool participants’ assets.  »

Bitcoin exchange Bitfinex hit with USD75,000 CFTC penalty

Bitcoin exchange Bitfinex hit with USD75,000 CFTC penalty

Fri, 03/06/2016 - 09:23

The US CFTC has ordered Hong Kong-based bitcoin exchange, BFXNA Inc (Bitfinex) to pay a USD75,000 civil penalty for offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies. »

features

Special Reports

Alternative UCITS 2016

Alternative UCITS 2016

Wed, 23/11/2016 - 13:57

GFM Special Report: Luxembourg Fund Services 2016

Luxembourg Fund Services 2016

Mon, 07/11/2016 - 10:46

Hedge Fund Administration M&A 2016

Hedge Fund Administration M&A 2016

Wed, 26/10/2016 - 12:04

Awards

Hedgeweek USA Awards 2016

Hedgeweek USA Awards 2016

Mon, 03/10/2016 - 11:19

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