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Legal & Regulation

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.  »

BCS streamlines settlement and custody services

BCS streamlines settlement and custody services

Mon, 21/09/2015 - 13:56

BCS Financial Group, a securities broker on the Moscow Exchange, has been granted access to Euroclear, the international central securities depository, through BCS Prime Brokerage Limited. »

CFTC issues interpretative guidance for ‘firm or forced trades’ process by derivatives clearing organisations

CFTC issues interpretative guidance for ‘firm or forced trades’ process by derivatives clearing organisations

Mon, 21/09/2015 - 09:36

The US Commodity Futures Trading Commission’s (Commission) Division of Market Oversight and Division of Clearing and Risk has issued a letter providing the divisions’ view that the use of a “firm or forced trades” process by a derivatives clearing organisation (DCO) to determine the price of certain swaps for which public market prices are not available will not by itself require a DCO to register as a swap execution facility. »

Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

Mon, 21/09/2015 - 09:28

While CFTC Commissioners and staff have in the past asserted that the CFTC has jurisdiction over bitcoin derivatives in speeches and testimony, for the first time the Commission has issued a definitive finding that bitcoin derivative exchanges must register as a SEF or designated contract market.   »

CFTC settles charges against Bitcoin options trading platform operator Coinflip and CEO

CFTC settles charges against Bitcoin options trading platform operator Coinflip and CEO

Fri, 18/09/2015 - 17:38

The CFTC has settled charges against Bitcoin options platform operator Coinflip and its chief executive officer Francisco Riordan for conducting commodity options transactions without complying with the Commodity Exchange Act and CFTC Regulations. »

Malta

Developments and opportunities in Malta

Wed, 16/09/2015 - 10:21

By Dr Michael Xuereb, MFSA – Following several years of fund platform developments, the MFSA has more recently been focusing its efforts on upgrading and enhancing the product structuring framework. »

Joseph M Camilleri, Valletta Fund Services

Fund formation considerations in Malta

Wed, 16/09/2015 - 10:13

When it comes to the formation process, funds in Malta may take different legal forms and with respect to hedge funds, the most popular structure is the SICAV. The formation process is two-fold: »

Jean Farrugia

In profile: the Maltese self‑managed PIF

Wed, 16/09/2015 - 10:03

Malta's PIF regime allows the setting up of three different types of PIFs each based on the profile of the participating investors' taking into consideration their overall wealth and investment experience. The regulations governing each type of fund vary and are lighter in case of PIFs which are intended for promotion to more sophisticated investors.  »

Derek Adler, ifina

The gateway of choice for emerging investment managers

Wed, 16/09/2015 - 09:58

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.  »

Dr Louis de Gabriele

The Recognised Incorporated Cell Company

Wed, 16/09/2015 - 09:54

By Dr Louis de Gabriele (pictured), Camillieri Preziosi Advocates  – In recent years, the Maltese jurisdiction has continued to consolidate its reputation as a fund domicile of choice for fund promoters and managers alike. Having emerged as a cost-effective jurisdiction for funds, Malta boasts a comprehensive yet flexible regulatory framework, together with attractive rates of taxation. The Malta Financial Services Authority ("MFSA") has also played a considerable role in the strengthening of Malta's position as a fund domicile, particularly due to its accessibility, responsiveness, and expediency in the processing of applications.  »

Paul Mifsud

Becoming the EU’s leading securitisation centre

Wed, 16/09/2015 - 09:44

Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (`EWSM'); a joint venture between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.  »

Stefania Grech

Fund structure ecosystem continues to grow

Wed, 16/09/2015 - 09:41

Following Malta's implementation of the Alternative Investment Fund Managers Directive (AIFMD), it is possible to set-up Alternative Investment Funds (AIFs) in Malta in accordance with the AIFMD.  »

James Williams, Hedgeweek

Loan vehicles could become integral part of burgeoning funds industry

Wed, 16/09/2015 - 09:38

Malta's financial services industry has been continuously evolving since it joined the EU in 2004. The island has a buoyant banking and insurance sector, a trust and pensions sector, and along with its funds industry, has been growing in the region of 25 per cent per year, based on the MFSA's latest figures.  »

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