Legal & Regulation

Greg Medcraft, Chairman, ASIC

ASIC excludes remaining former Trio directors from financial services industry for four years

The Australian Securities and Investments Commission (ASIC) has entered into enforceable undertakings (EUs) with the remaining two former directors of Trio Capital Limited (Trio), Keith Finkelde and David O’Bryen. »


Fraud under the magnifying glass

CFTC charges Douglas Elsworth Wilson and three California companies over Forex scheme

A federal court in California has entered an order freezing the assets of defendants Douglas Elsworth Wilson of Poway, California, and three California companies that he controls and manages, Elsworth Berg Capital Management LLC (EBCM), Elsworth Berg Inc, and Elsworth Berg FX LLC (collectively, Elsworth Berg). The order also prohibits the destruction of their books and records. »


Tony Glickman, global head of Analytics, GlobeOp

GlobeOp launches Form PF reporting service for hedge funds ahead of SEC deadline

With the first SEC deadline for private fund (Form PF) reporting currently less than six months away for many large hedge funds and managed account platforms, GlobeOp Financial Services (LSE:GO.) has launched a reporting service to specifically support the requirements. »


Peter Moore, head of regulation, IMS Group

Comment: Investors should consider all components of asset management firms

The FSA’s significant fine and banning for life of hedge fund manager Michiel Visser highlights the age old need for independence between key functions at firms of all sizes, says Peter Moore (picture), head of regulations at The IMS Group… 

 »


Judgement hammer

Tribunal upholds FSA decision to ban and fine hedge fund CEO and CFO GBP2.1m for deceiving investors and market abuse

The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Michiel Weiger Visser GBP2 million and Oluwole Modupe Fagbulu GBP100,000 and ban them both from performing any role in regulated financial services for breaching Principle 1 of the FSA’s Statements of Principle for Approved Persons and for engaging in market abuse. »


Judgement hammer

Former Moore Capital Management portfolio manager Pia to pay USD 1m to settle CFTC charges

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges that Christopher Louis Pia of North Castle, NY, while employed as portfolio manager for Moore Capital Management, LLC (Moore Capital), attempted to manipulate the settlement prices of palladium and platinum futures contracts on the New York Mercantile Exchange (NYMEX).  Moore Capital is a predecessor of Moore Capital Management, LP. »


Steven Maijoor, chairman, ESMA

European regulatory body invites comment on AIFM Directive implementation

The European Securities and Markets Authority, which succeeded the Committee of European Securities Regulators at the beginning of this year, has asked for industry comment on the advice it proposes to send to the European Commission on detailed implementation measures for the European Union’s Alternative Investment Fund Managers Directive. »


Neil Hammerton, CEO of Natterbox

New FSA rules could see private mobile phones banned from the workplace, says Natterbox

New changes to FSA regulation on the use of mobile phones and electronic devices, may mean that many FSA-regulated businesses may be forced to ban private devices from the workplace, according to mobile voice provider Natterbox. »


Approved stamp

AIFM Directive to come into force on 21 July

The European Union’s Directive on Alternative Investment Fund Managers will come into force on 21 July following its publication in the Official Journal of the European Union last Friday. »


Hamid Parsa, director of sales/business development, Alceda Fund Management

Comment: The opportunities and challenges of the KIID

Hamid Parsa (pictured), Director of Sales/Business Development, Alceda Fund Management SA, assess the challenges posed by the introduction of the Key Investor Information Document (KIID)… »


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