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Legal & Regulation

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. »

Belinda Gibson, deputy chairman, ASIC

ASIC releases guidance on insolvency reforms

Fri, 09/11/2012 - 06:44

The Australian Securities and Investments Commission has released policy guidance on its power to wind up an abandoned company under new powers contained in the Corporations Act 2001. »

Computer screen

Indus Valley Partners deploys CPO-PQR and CTA-PR reporting functionality

Thu, 08/11/2012 - 10:09

Indus Valley Partners (IVP), a provider of technology solutions to alternative asset managers, has added CPO-PQR and CTA-PR reporting functionality to the firm’s regulatory filing and reporting application - IVP RAPTOR. »

Jon Gregory, partner at Solum Financial Partners

Quantifi releases whitepaper on calculating CVA capital charges under Basel III

Wed, 07/11/2012 - 12:03

Quantifi, a provider of analytics and risk management solutions for the global OTC markets, has published a joint whitepaper with consultant Jon Gregory exploring the difference in capital charges between the simple and more advanced approaches and the capital relief that can be achieved. »

Fiona Le Poidevin, chief executive of Guernsey Finance

Guernsey plans dual regime for AIFMD

Wed, 07/11/2012 - 07:02

Guernsey is planning to have two parallel regulatory regimes for investment funds as a way to best meet client needs when the EU’s Alternative Investment Fund Managers Directive (AIFMD) comes into force. »

Survey

Perceived benefits of hedge fund regulation deteriorating, says Ernst & Young

Mon, 05/11/2012 - 14:27

Despite increasing regulatory requirements for hedge funds, only 10 per cent of investors feel that regulations effectively protect their interests and 85 per cent of investors do not believe these requirements will help prevent the next financial crisis. »

Ross Munro, global head of investment funds at Harneys

BVI readies 'regulation light' regime for fund managers

Mon, 05/11/2012 - 09:24

A new "regulation light" fund manager regime for the British Virgin Islands is one step closer to launch with the publication on 1 November of the final form of the Investment Business (Approved Manager) Regulations, 2012. »

man with loud hailer

CFTC’s Division of Clearing and Risk issues temporary compliance delay due to Hurricane Sandy

Fri, 02/11/2012 - 16:03

Due to the damage caused by Hurricane Sandy, the staff of the Commodity Futures Trading Commission’s Division of Clearing and Risk has issued a no-action letter to temporarily delay the compliance date for the Commission’s Part 22 rules, which set forth segregation requirements for cleared swaps and associated cleared swaps customer collateral, from 8 November, 2012 to 13 November, 2012.  »

Fiona Le Poidevin, chief executive, Guernsey Finance

Where is the ideal home for your property fund?

Thu, 01/11/2012 - 07:00

Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, looks at what Guernsey offers as a domicile for property funds in a post-crisis world. »

Graham Hall, partner, Carey Olsen

Carey Olsen advises Insight on distressed consumer debt fund

Thu, 25/10/2012 - 06:29

Carey Olsen has advised Insight Investment Management on the establishment of a Guernsey registered fund constituted as a limited partnership, which will invest in distressed consumer debt and is listed on the Irish Stock Exchange. »

Gavel and scales

UK Supreme Court allows Rubin appeal in seminal decision

Thu, 25/10/2012 - 06:22

The UK Supreme Court, in the conjoined appeals in Rubin and New Cap, has rejected the modified universalist doctrine that established common law rules as to the enforcement of foreign judgments, do not (or should not) apply to insolvency orders. »

Law books and gavel

ASIC challenges Wellington Capital’s distribution of ARL shares

Mon, 15/10/2012 - 14:25

The Australian Securities and Investments Commission has started proceedings in the Federal Court in Sydney challenging whether Wellington Capital is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF). »

Gavel

Defendants granted leave to appeal in Fairfield case

Thu, 11/10/2012 - 06:26

The Eastern Caribbean Supreme Court, Court of Appeal, has granted leave of appeal to the defendants who applied for two preliminary issues to be heard in the BVI proceedings brought by Fairfield Sentry Limited (in liquidation). »

Fiona Le Poidevin, chief executive of Guernsey Finance

FATCA approach provides certainty, says Guernsey Finance

Wed, 10/10/2012 - 06:45

Guernsey Finance has welcomed the announcement from the island’s government that it is seeking to negotiate a partnership agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA). »

Netherlands flag

Netherlands becomes first European country to implement AIFMD

Mon, 08/10/2012 - 11:58

The Dutch Parliament has approved a law that implements the Alternative Investment Fund Managers Directive (AIFMD).  »

Cayman Islands

Cayman financial services industry prepares for FATCA

Mon, 08/10/2012 - 10:29

As the Cayman Islands Government’s Foreign Account Tax Compliance Act (FATCA) Task Force evaluates the suitability of a government-to-government reporting arrangement with the US, the local financial services industry is making its necessary preparations for managing FATCA. »

Gibraltar and Italy signing a TIEA

Gibraltar signs TIEA with Italy

Mon, 08/10/2012 - 06:00

HM Government of Gibraltar has signed a Tax Information Exchange Agreement with the Government of the Italian Republic. »

Simmons & Simmons’ senior partner Colin Passmore

Simmons & Simmons and Seward & Kissel form hedge fund alliance

Fri, 05/10/2012 - 06:31

International law firm Simmons & Simmons has entered into an alliance with US firm Seward & Kissel for hedge fund and asset management work. »

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