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Legal & Regulation

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.  »

Frank Napolitani

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

Thu, 22/09/2016 - 09:00

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.  »

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. »

Bruno Piers de Raveschoot

RIMES brings buy-side compliance teams together ahead of forthcoming regulation

Tue, 31/05/2016 - 16:51

RIMES, a provider of managed data services for the buy-side, is hosting its inaugural Regulatory Seminar on 9 June in London, bringing together compliance managers from within the buy-side industry ahead of months of significant regulatory change. »

Regulation

Chapter 2: Regulations & compliance

Mon, 16/05/2016 - 12:41

US hedge fund managers face significant regulatory requirements, which this chapter cannot possibly cover in detail. But there are a few key areas of particular import, which shall be summarised below. In addition, this chapter will highlight some of the key considerations for implementing a compliance manual; a must-do task for any ambitious start-up manager who intends to incorporate best practices from the get-go and place themselves in the best possible light with prospective investors. »

Jeffrey Rosenthal

Financial budgeting: One chance to succeed

Mon, 16/05/2016 - 12:37

Planning a hedge fund launch is a serious business. People need to decide whether they are truly ready, both financially and mentally, and be confident in their investment strategy. This may sound trite but all too often start-ups rush to get a hedge fund in place without clearly thinking everything through.  »

Ron Geffner

Structuring a tax-efficient hedge fund

Mon, 16/05/2016 - 12:22

When embarking on any new business, it's important that one not only engages professionals with deep industry knowledge but also commercial knowledge to support the various stages of business growth. For anyone establishing a hedge fund, their needs are going to change as their business evolves from launch to maturity. »

Gavel and scales

Chapter 1: Legal & tax structuring

Mon, 16/05/2016 - 12:17

The two key questions that will drive fund structuring decisions are: Where is the money coming from and what do you want to do with it? »

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