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Legal & Regulation

CFTC approves final rule on amendments to the swap portfolio reconciliation requirement

CFTC approves final rule on amendments to the swap portfolio reconciliation requirement

Tue, 03/05/2016 - 09:34

The US CFTC has approved a final rule to amend a requirement that swap dealers (SD) and major swap participants (MSP) exchange the terms of swaps with their counterparties for portfolio reconciliation so that SDs and MSPs need only exchange the “material terms” of swaps.  »

Regulation

Moore’s Law and financial reporting - KNEIP’s Delphine Leruth considers how technological advances are impacting regulatory reporting requirements…

Wed, 27/04/2016 - 12:10

The theory behind Moore’s Law is that computer processing power doubles every two years. And whilst technology advancements are benefiting global industry at large, within asset management it is beginning to blur the lines with respect to data and the myriad reports that regulators have required within recent years. »

Regulation

Seventh heaven - KNEIP's Mario Mantrisi highlights seven good reasons for fund managers to consider a PRIIPs implementation strategy…

Thu, 14/04/2016 - 15:27

On 31 December, 2016 the Financial Industry will go live with PRIIPs regulation. The regulation will introduce the Key Investor Document (KID), a maximum three-page document, written in plain language that must be shared with all retail investors before they enter into a contractual agreement on any Packaged Financial and Insurance based product. »

Geoff Cook, Jersey Finance

Beneficial ownership agreement re-affirms commitment to combatting global financial crime

Tue, 12/04/2016 - 09:49

Geoff Cook (pictured), Jersey Finance CEO, comments on David Cameron’s announcement of an agreement by the Crown Dependencies and Overseas Territories to provide beneficial ownership information to the UK Government… »

The fight against money laundering and tax evasion must be truly international, argues IFC Forum

The fight against money laundering and tax evasion must be truly international, argues IFC Forum

Thu, 07/04/2016 - 15:21

The publication of the Panama Papers has raised serious questions about global compliance with international regulatory standards, and it is apparent that some jurisdictions have fallen markedly behind in the global efforts to combat money laundering and tax evasion. »

Ron Geffner

Sadis & Goldberg LLP - Best Global Law Firm

Tue, 05/04/2016 - 12:40

Sadis & Goldberg LLP is one of New York's leading financial services focused law firms. Known both domestically and internationally as a dominant force in the financial services sector, Sadis & Goldberg serves clients throughout the world and was recently ranked as one of the top five law firms for hedge fund launches in the 2016 Preqin Global Hedge Fund Report.  »

Anne Storie

DMS Offshore Investment Services - Best Offshore Regulatory Advisory Firm

Tue, 05/04/2016 - 12:04

DMS Offshore Investment Services specialises in providing global fund governance with the firm best regarded for the provision of offshore independent directors in the Cayman Islands. The second core business line is its UCITS and AIFMD management company and platform based in Dublin and Luxembourg. The interest in the platform has accelerated this year to the point where the management company has secured more than 60 fund mandates with close to 40 launched.  »

Luis Pedro

Rebuilding Swiss investor confidence in hedge funds

Thu, 24/03/2016 - 10:31

Oligo Swiss Fund Services received its license from the Swiss authorities 13 months ago to provide Swiss legal representative services and has already onboarded more than 200 funds registered for distribution to Swiss qualified investors. These include offshore hedge funds, UCITS-compliant hedge funds and private equity funds.  »

Roman Pelka

CISA proves successful within 12 months

Thu, 24/03/2016 - 10:22

It is now one year in to the Swiss Collective Investment Scheme Act (CISA) and overall impressions appear to be that it has been a success. One particular aspect of CISA, namely the requirement for alternative fund managers marketing their funds in Switzerland to "unregulated qualified investors" (eg pension funds, family offices) to appoint a Swiss Fund Representative and Paying Agent, has proven to be no more than a mild shower in a teacup.  »

James Williams

Regulations improve Swiss investor confidence in hedge funds

Thu, 24/03/2016 - 09:25

There was a degree of trepidation among foreign hedge funds when Switzerland formerly introduced a revised version of the Collective Investment Scheme Act (CISA) on 1 March 2015, bringing hedge funds under the watch of FINMA, Switzerland's financial regulator, for the first time.  »

MFA submits comments on CFTC automated trading proposal

MFA submits comments on CFTC automated trading proposal

Thu, 17/03/2016 - 16:43

The Managed Funds Association (MFA) has filed a comment letter addressing the automated trading rules, known as Regulation AT, proposed by the Commodity Futures Trading Commission (CFTC). »

Matt Gibbs Linedata

Published register of non-compliance could have profound impact on firms not abiding by UCITS V

Wed, 16/03/2016 - 13:20

Ahead of the deadline for full implementation of UCITS V on Friday (18 March), Matt Gibbs (pictured), product manager at Linedata, comments on the impact of the introduction of a published register of non-compliant firms… »

James Williams, Hedgeweek

Shining a spotlight on independent research under MiFID II

Tue, 02/02/2016 - 20:36

The drive towards unbundling research budgets from execution services under MiFID II will alter the fund industry landscape, placing greater pressure on smaller asset managers as the research tap – funded by commissions spent by their billion dollar brethren – slowly dries up.  »

AIMA calls from regulatory reforms to support non-bank finance

AIMA calls from regulatory reforms to support non-bank finance

Mon, 01/02/2016 - 16:17

The European Commission must prioritise non-bank finance and deeper capital markets as part of its regulatory review, according to the Alternative Investment Management Association (AIMA). »

Regulation

Regulation falling short, say financial services leaders

Thu, 28/01/2016 - 11:18

Senior executives at financial services firms are concerned that regulation in the sector is not promoting stability, according to the 2016 Global Regulatory Outlook published by Duff & Phelps. »

James Williams, Hedgeweek

Mifid II set to change the way buyside firms access and pay for research

Mon, 04/01/2016 - 10:12

The nature of how research is disseminated and accessed within the funds industry is changing. In some respects, sellside institutions are adopting a Good Cop Bad Cop stance. On the one hand, they are starting to scale back the value of the research they send out to smaller clients. On the other hand, they are committed to providing best execution prices to those same clients.  »

Nuck Parkes, DMS Offshore

Growth in FATCA and AIFMD compliance

Wed, 09/12/2015 - 10:10

DMS Offshore Investment Services (‘DMS') Limited was established in the Cayman Islands by Don Seymour in 2000. Over the past 15 years it has grown into one of the industry's leading fund governance firms with over 200 people. »

Micahel Medvinsky, Nedelma Inc

Improving regulatory reporting efficiency

Wed, 09/12/2015 - 10:06

The Portfolio Amalfi™ platform by Nedelma Inc. offers multi-asset, multi-language and multi-currency dynamic reporting and data visualisation and analysis capabilities to the asset management industry. The platform also offers data aggregation tools as well as portfolio management solutions and a calculation engine.  »

Derek Adler, Ifina

The gateway of choice for emerging investment managers

Wed, 09/12/2015 - 09:31

The emergence of complex rules and regulations such as AIFMD and FATCA means that any new manager with visions of running their own hedge fund business must think carefully about the best route to market.  »

CFTC unanimously approves proposed rule on automated trading

CFTC unanimously approves proposed rule on automated trading

Wed, 25/11/2015 - 09:14

The US Commodity Futures Trading Commission (Commission) has unanimously approved proposed rules that mark a comprehensive regulatory response to the evolution of automated trading on US designated contract markets (DCMs). »

Sarj Panesar

Managed Account Platforms offer Solvency II relief

Thu, 12/11/2015 - 17:14

Solvency II regulation, which is aimed at European insurance providers to improve transparency on the cost of capital related to their underlying assets – think of it as Basel III for insurers – is set to make managed accounts an even more popular vehicle moving forward.  »

Hedge funds confront impact of financial market regulations and challenges of evolving prime broker relationships

Hedge funds confront impact of financial market regulations and challenges of evolving prime broker relationships

Tue, 10/11/2015 - 09:36

Hedge fund managers are experiencing the ripple effects of new regulations on banks and prime brokers, with hedge funds facing increased trading fees and broader changes to business relationships. »

Senator Philip Ozouf

Jersey to introduce Bitcoin regulation

Wed, 21/10/2015 - 09:43

Jersey is to introduce regulation of virtual currency. The island is already home to the first regulated Bitcoin fund and the new regulatory proposal is intended to encourage confidence and innovation in the sector. »

James Williams, Hedgeweek

Will regulation help or hinder derivatives risk management?

Thu, 15/10/2015 - 12:03

Managing derivatives risk in the portfolio is a demanding task at the best of times. But as global regulators make inroads to drive transparency in OTC markets, managers find themselves having to file detailed risk positions under CFTC regulations in the US, EMIR reporting in Europe, not to mention the unnecessarily dense Annex IV report under AIFMD.  »

Kristin Castellanos, Deutsche Bank

ODD comes under the microscope

Thu, 15/10/2015 - 11:55

Operational Due Diligence (ODD) has become increasingly important across the alternative investment industry and more resources and attention are being placed on this function. This was one of the main findings from a session on ODD at the recent Global Alternative Investment Management (GAIM) Ops Conference in the Cayman Islands. »

Irish Funds welcomes CBI's new UCITS regulations

Irish Funds welcomes CBI's new UCITS regulations

Wed, 07/10/2015 - 09:45

Irish Funds, the representative body for the cross-border investment funds industry in Ireland, has today welcomed the publication of new Regulations for Undertakings for Collective Investment in Transferable Securities (UCITS) by the Central Bank of Ireland (CBI).
  »

CFTC to issue whistleblower award of approximately USD290,000

CFTC to issue whistleblower award of approximately USD290,000

Thu, 01/10/2015 - 09:58

The US Commodity Futures Trading Commission (CFTC) is to make an award of approximately USD290,000 to a whistleblower for providing valuable information about violations of the Commodity Exchange Act (CEA). »

Mark Weir, Maples Fund Services

How to generate regulatory alpha

Wed, 30/09/2015 - 11:53

The recent swathe of regulation has meant that managers face an incredible drain on internal resources, leading to increased headcount, increased operating costs, and distraction from core competencies. »

Nixk Tsafos, EisnerAmper

Tax implications of trading swaps with prime brokers

Wed, 30/09/2015 - 11:38

There are some early signs that the effects of Basel 3 are changing the way that hedge funds do business with their prime brokers. In today's new reality, primes are becoming more prescriptive over how the bank's balance sheet is being utilised to support clients' trades. To mitigate the costs of trading physical securities, some managers are beginning to use more synthetic instruments.  »

Geoff Ruddick, IMS Fund Services

Independent directors and the split board saga

Wed, 30/09/2015 - 11:32

By Geoff Ruddick (pictured), IMS Fund Services – There has been an extraordinary focus on and trend towards `split boards' in the last few years. For most people the accepted definition of a `split board' is having independent directors from different fiduciary firms. It is considered by some to be the best way to construct a board. In reality this is an overly simplistic definition and assessment of how to recruit and construct an effective and diverse board.  »

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