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Legal & Regulation

Magnifying glass

ESMA clarifies rules for alternative investment funds and their managers

Thu, 27/12/2012 - 06:11

The European Securities and Markets Authority (ESMA) has launched a consultation on guidelines on key concepts of the Alternative Investment Fund Managers Directive (AIFMD). »

Heather Bestwick, deputy chief executive, Jersey Finance

Jersey cites business as usual following publication of AIFMD rules

Mon, 24/12/2012 - 14:10

Jersey is ideally placed to embrace the requirements of the Alternative Investment Fund Managers Directive (AIFMD), according to Jersey Finance and the Jersey Funds Association, following the publication of the European Commission’s Level II implementation rules this week. »

Guernsey flag

Guernsey well advanced on AIFMD preparations

Mon, 24/12/2012 - 06:13

Guernsey is well on the way to introducing a funds regime which is compliant with the EU’s proposed Alternative Investment Fund Managers Directive (AIFMD). »

Marc Saluzzi, chairman of ALFI

AIFMD Level 2 brings alternative investment fund industry closer to reality, says ALFI

Fri, 21/12/2012 - 16:12

The establishment of a regulated alternative investment industry in Europe took a major step forward with the publication of the European Commission’s so-called “Level 2 measures” to supplement certain elements of the Alternative Investment Fund Manager Directive (AIFMD), says the Association of the Luxembourg Fund Industry (ALFI). »

Dominique Lecocq, lecocqassociate

Formation procedure for Islamic Funds in the DIFC

Fri, 21/12/2012 - 09:28

By Dominique Lecocq, lecocqassociate – This article will focus on the formation requirements of a domestic exempt Islamic fund (“IEF”) in the Dubai International Financial Centre (“DIFC”) – a recognised free zone in the United Arab Emirates with its independent regulator named the Dubai Financial Services Authority (“DFSA”). »

Andrew Baker, AIMA chief executive

AIMA reponds to final AIFMD implementation text

Thu, 20/12/2012 - 06:15

The Alternative Investment Management Association (AIMA) has responded to the publication of the final text of the implementing measures of the Alternative Investment Fund Managers’ Directive (AIFMD) by the European Commission. »

Fraud

SFO charges Weavering founder Magnus Petersen with fraud

Sun, 16/12/2012 - 10:30

The Serious Fraud Office (SFO) has issued criminal proceedings against Magnus Peterson, a Swedish national and the founding director of Weavering Capital (UK) Limited.  »

Regulation

Sapient Global Markets to assist regulatory compliance for Eris Exchange customers

Wed, 12/12/2012 - 12:05

Sapient Global Markets has been certified under the Eris Certified Implementation Partner Programme. »

Marc Saluzzi, chairman of ALFI

ALFI publishes best practices for Islamic funds in Luxembourg

Wed, 12/12/2012 - 06:14

The Association of the Luxembourg Fund Industry (ALFI) has published its collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding and consistency of the requirements and expectations to this growing market sector. »

Isle of Man Chief Minister Allan Bell

Isle of Man further consolidates tax cooperation arrangements with UK

Mon, 10/12/2012 - 06:06

The Isle of Man Government has confirmed that it will be adopting tax information sharing arrangements with the UK which will follow closely the FATCA intergovernmental agreement currently being negotiated with the US. »

Simon Schilder, Ogier BVI corporate and investment funds partner

BVI to introduce new investment manager licence for smaller hedge funds

Thu, 06/12/2012 - 12:01

The British Virgin Islands Financial Services Commission (FSC), the jurisdiction’s financial regulator, has published guidelines for a new type of investment management licensing regime targeting non-institutional investment managers of small and mid-sized investment funds. »

Peter J Kalis, K&L Gates chairman and global managing partner

K&L Gates and Australia’s Middletons to combine

Wed, 05/12/2012 - 06:13

The partners of global law firm K&L Gates and Australian national firm Middletons have voted unanimously to combine firms effective 1 January 2013. »

Report and magnifying glass

Hedge fund ODD best practices launched by Rothstein Kass

Tue, 04/12/2012 - 16:05

In an effort to help establish a better framework for the hedge fund operational due diligence (ODD) process, professional services firm Rothstein Kass has launched a set of best practice ODD guidelines. »

Steven Maijoor, ESMA chair

EU and Swiss regulators to co-operate on cross-border supervision of alternative investment funds

Tue, 04/12/2012 - 06:01

The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Swiss Financial Market Supervisory Authority FINMA and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. »

Crystal ball

Execution and payment models for European equities to undergo change in 2013, says Tabb

Mon, 03/12/2012 - 15:49

The impact of regulation on liquidity and reduced order flows remain top priorities for over 75 per cent of the European head traders at buy-side firms currently managing an aggregate EUR14trn in assets.  »

Hon Gilbert Licudi, Gibraltar’s minister with responsibility for financial services

Gibraltar and Mexico sign Tax Information Exchange Agreement

Mon, 03/12/2012 - 14:03

Gibraltar has signed a Tax Information Exchange Agreement (TIEA) with Mexico, the 22nd TIEA agreed by the Government of Gibraltar. »

Deputy Peter Harwood, Chief Minister of Guernsey

Crown Dependencies meet with HM Treasury on ‘UK FATCA’

Mon, 03/12/2012 - 09:43

The Chief Minister of Guernsey, Deputy Peter Harwood (pictured), and the Chief Minister of Jersey, Senator Ian Gorst, have released a joint statement following their recent meeting with officials from HM Treasury in relation to UK proposals to introduce similar measures as the US Foreign Account Tax Compliance Act (FATCA). »

Money transfer

Amber Partners issues white paper on cash transfer controls

Mon, 03/12/2012 - 06:55

Amber Partners, an operational risk certification firm for the hedge fund industry and specialist in hedge fund operational due diligence, has issued a white paper looking at cash transfer controls. »

Money in hands

Client money proposals will increase costs for banks and brokers, says Deloitte

Thu, 29/11/2012 - 13:00

As the Financial Services Authority’s consultation on changes to the way investment firms handle cash on behalf of clients closes, business advisory firm Deloitte has identified 16 changes that are likely to increase costs for banks and brokers, and directly or indirectly raise trading costs for clients. »

Law books and gavel

CFTC charges Irish companies Intrade and TEN over off-exchange options trading

Tue, 27/11/2012 - 12:01

The US Commodity Futures Trading Commission has filed a civil complaint charging Intrade The Prediction Market and Trade Exchange Network (TEN), based in Dublin, Ireland, with offering commodity option contracts to US customers for trading, as well as soliciting, accepting and confirming the execution of orders from US customers, all in violation of the CFTC’s ban on off-exchange options trading.  »

Guernsey flag

New Guernsey office to increase Apex’s private equity services

Wed, 21/11/2012 - 16:16

Apex Fund Services has expanded its private equity services following regulatory approval to open an office in Guernsey. »

Paperwork

Fund managers view heavy regulation as key challenge in 2013

Wed, 21/11/2012 - 12:06

The majority (82 per cent) of fund managers feel that heavy regulation is the main issue facing the industry over the coming 12 months, according to research by KNEIP. »

Fraud investigation

SEC charges hedge fund firm CR Intrinsic over USD276m insider trading scheme

Tue, 20/11/2012 - 18:47

The Securities and Exchange Commission today charged Stamford, Connecticut-based hedge fund advisory firm CR Intrinsic Investors LLC and its former portfolio manager along with a medical consultant for an expert network firm for their roles in a USD276 million insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies. »

Thumbs up

JP Morgan achieves major milestone in tri-party repo market reforms

Tue, 20/11/2012 - 14:03

JP Morgan has achieved a milestone in US tri-party repo market reform, completely eliminating more than a third of its intraday credit exposure related to the unwind of tri-party repos. »

Survey

Regulators’ plans may not stabilise financial services industry, say bosses

Tue, 20/11/2012 - 06:11

Half (52 per cent) of industry bosses think that current regulation will have little or no impact on making the financial services world more stable and three quarters (73 per cent) suggest it will have little or no improvement to the reputation of the industry. »

Regulation

FSB publishes recommendations to strengthen regulation of shadow banking

Mon, 19/11/2012 - 13:18

The Financial Stability Board (FSB) has published for public consultation an initial integrated set of policy recommendations to strengthen oversight and regulation of the shadow banking system. »

Brian Forrester, partner at Deloitte

FSA consultation affects how EU directive applies to UK investment managers

Mon, 19/11/2012 - 12:03

As the FSA launches a two-part consultation to transpose the Alternative Investment Fund Managers directive (AIFMD) into UK law, Deloitte, the business advisory firm, says the policy positions taken will affect how the directive applies to investment trusts, hedge fund managers and private equity managers. »

Peter Martyr, chief executive, Norton Rose

Norton Rose and Fulbright & Jaworski join forces

Thu, 15/11/2012 - 15:50

International legal practice Norton Rose is to combine with US law firm Fulbright & Jaworski on 1 June 2013 to form Norton Rose Fulbright. »

Regulation

Companies eye impact of new bank regs on trade finance costs

Fri, 09/11/2012 - 12:06

Eighty per cent of the 300 financial officers from large European companies taking part in Greenwich Associates 2012 European Trade Finance Study — and nine out of 10 from companies in the FT 500 — expect pricing on trade finance products and services to increase as a result of the implementation of Basel III. »

Financial burden

Bespoke services can beat the cost of compliance, says Helvetic

Fri, 09/11/2012 - 11:39

Hedge funds are starting to feel the burden associated with increased industry regulation, particularly small funds which are being forced to shut-up-shop in light of the costs needed to adhere to regulatory compliance, according to Paula Smith, head of asset management at PwC in the UK. »

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Assets under management for sovereign wealth funds globally reach USD6.31tn as of March 2015, increasing by more than USD900bn over the past 18 months. This information has been revealed in the 2015 Preqin Sovereign Wealth Fund Review, a comprehensive guide to these influential investors. ... »

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Read the complete list of Winners and profiles at the sixth edition of the Hedgeweek Awards, presented in London's Mayfair and sponsored by Morgan Stanley, which brought together the leading names in the global hedge funds industry to celebrate the achievements of the best performing managers and service providers in 2014... »

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