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Legal & Regulation

Olivier Sciales, Chevalier & Sciales

CSSF announces transitional measures for managers and funds under the AIFM Directive

Wed, 03/07/2013 - 11:08

By Olivier Sciales, Chevalier & Sciales – Luxembourg's financial regulator, the Financial Sector Supervisory Authority (CSSF), has published a series of Frequently Asked Questions (FAQs) regarding the draft legislation that will implement the European Union's Alternative Investment Fund Managers Directive into national law and the European Commission's implementing regulation. »

Trading screens

IVP signs 25 hedge fund clients to regulatory compliance platform

Wed, 03/07/2013 - 10:04

Indus Valley Partners’ IVP RAPTOR (Regulatory Analytics Portfolio Transparency Operational Reporting) has been implemented by 25 clients since its October 2012 launch. »

Steel pipes

LME consults on changes to warehouse policy to cut queues

Tue, 02/07/2013 - 06:02

The London Metal Exchange (LME) has launched a consultation on a proposal designed to cut warehouse queues. »

Bart Chilton, CFTC

MF Global is a bellwether case

Fri, 28/06/2013 - 10:04

CFTC Commissioner Bart Chilton on the Filing of Charges in the MF Global Case… »

Gavel

CFTC charges MF Global Inc

Thu, 27/06/2013 - 23:50

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action against MF Global Inc (MF Global), a registered futures commission merchant (FCM), MF Global Holdings Ltd (Holdings), former Chief Executive Officer of MF Global and Holdings Jon S Corzine, and former Assistant Treasurer of MF Global Edith O’Brien, over the unlawful use of customer funds that harmed thousands of customers and violated fundamental customer protection laws on an unprecedented scale. »

Paul Kneen, managing director of Abacus Financial Services in the Isle of Man and Abacus Fund Administration in Malta

Abacus to co-sponsor IFI Global’s AIFMD debate in London

Wed, 26/06/2013 - 13:31

With less than a month to go until the Alternative Investment Fund Managers Directive (AIFMD) implementation deadline, many fund managers are gearing up for the new regulatory restrictions which the directive will bring to the European fund market. »

Bill Prew, founder of INDOS

INDOS Financial plans to enter AIFMD depositary market

Mon, 24/06/2013 - 06:07

INDOS Financial has submitted an application to the Financial Conduct Authority for authorisation as a depositary. INDOS plans to provide independent depositary oversight services to hedge fund managers seeking to comply with the long-awaited Alternative Investment Fund Managers Directive (AIFMD) which becomes law on 22 July 2013. »

Computer screen

Dechert launches AIFMD resource page

Mon, 17/06/2013 - 06:08

Law firm Dechert’s financial services group has launched a web page that brings together a selection of resources designed to address issues concerning the EU Alternative Investment Fund Managers Directive (AIFMD). »

Alden McLaughlin, Cayman Islands Premier

Cayman to commit to multilateral convention

Wed, 12/06/2013 - 16:00

The Cayman Islands Government is prepared to commit to the Convention on Mutual Administrative Assistance in Tax Matters. »

David Beatrix, senior business developer for OTC derivatives at BNP Paribas Securities Services

Negotiating the collateral management paradigm shift under Dodd Frank & EMIR

Tue, 11/06/2013 - 11:42

Phase 1 of Dodd Frank commenced in March this year, requiring swap dealers and major swap participants to clear their OTC derivative contracts (i.e. liquid IRS and CDS) through central counterparties (CCPs). With Phase 2 commencing in June, buy-side firms in the US are now fully engaged in getting operationally ready. »

Howard Revens, UK managing director, Drooms

Drooms advises on AIFMD requirements ahead of 22 July deadline

Mon, 10/06/2013 - 11:17

Drooms’ UK managing director Howard Revens is to present on the impact to fund managers on AIFMD’s wide ranging and complex reporting requirements at Knight Frank’s 2013 AIFMD: Practical Implications Breakfast Briefing.  »

Steven Maijoor, ESMA chair

ESMA and the EBA publish final principles on benchmarks

Fri, 07/06/2013 - 06:03

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published their final report setting out their Principles for Benchmark-Setting Processes in the EU. »

Short selling

ESMA publishes review on impact of short selling regulation

Mon, 03/06/2013 - 15:46

The European Securities and Markets Authority has published its technical advice evaluating the impact of the regulation on short selling and certain aspects of credit default swaps on European financial markets. »

Guernsey flag

Guernsey to co-operate with European securities regulators on cross-border supervision of AIFs

Fri, 31/05/2013 - 14:37

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

Jeremy Cox, chief executive of the Bermuda Monetary Authority

Bermuda approved as signatory for AIFMD cooperation with Europe

Fri, 31/05/2013 - 14:11

Bermuda has been approved as a signatory for the cooperation agreement with EU member states in relation to the Alternative Investment Fund Managers Directive (AIFMD). »

Anthony Masso, chief executive of Succession Systems

Succession Systems deploys market access risk solution for Newedge US and Canadian regulatory compliance

Fri, 31/05/2013 - 11:31

Succession Systems deploys market access risk solution for Newedge US and Canadian regulatory compliance. »

Geoff Cook, chief executive, Jersey Finance

ESMA approves Jersey AIFMD cooperation agreement

Fri, 31/05/2013 - 10:09

The European Securities and Markets Authority (ESMA) has approved a cooperation agreement with Jersey to ensure it can continue to deliver alternative investment funds business into Europe after the introduction of the EU Alternative Investment Fund Managers Directive (AIFMD) in July. »

Steven Maijoor, ESMA chair

ESMA promotes global supervisory co-operation on alternative funds



Thu, 30/05/2013 - 14:08

The European Securities and Markets Authority (ESMA) has approved co-operation arrangements between EU securities regulators, with responsibility for the supervision of alternative investment funds (AIFs), including hedge funds, private equity and real estate funds, and 34 of their global counterparts. »

Andrew Baker, AIMA chief executive

AIMA highlights areas for deeper coordination of OTC derivatives regulations

Tue, 28/05/2013 - 12:01

The Alternative Investment Management Association (AIMA), the hedge fund industry association, has produced a paper that highlights the key areas where deeper coordination of over-the-counter (OTC) derivatives regulation is required to achieve the G20 objective of maintaining global markets. »

Report

Vcheck Global protects hedge funds with accredited investor reports

Tue, 21/05/2013 - 16:20

Securities and Exchange Commission chairman Elisse Walter has voiced concerns over potential increased investment losses by qualified but unsophisticated “accredited investors”. »

Sebastien Danloy, RBC Investor & Treasury Services

What is the AIFMD state of play?

Tue, 21/05/2013 - 13:02

With just over eight weeks to go before the AIFMD transposition deadline, Sebastien Danloy (pictured), Head of Investor Services Europe and Offshore at RBC Investor & Treasury Services, comments on late implementation and its effects on asset managers… »

Professor Jon Rushman

Governments should be nervous about Bitcoin, says Rushman

Tue, 21/05/2013 - 10:04

 Professor Jon Rushman believes that in the long term cyber currencies like Bitcoin could see the end of central banks and foreign exchange and so it is understandable governments are nervous about it. »

Samer Ojjeh, principal in the financial services office, New York at Ernst & Young

Severing AIFMD's Gordian knot

Tue, 21/05/2013 - 06:21

Managers need to start performing a rational cost benefit analysis on the Alternative Investment Fund Managers Directive (AIFMD) and to strip out the emotion, says Ernst & Young. »

BVI International Finance Centre

The BVI funds industry: dynamic, robust and responsive

Mon, 20/05/2013 - 10:08

By Nadia Menezes, Senior Associate, Appleby – Since the introduction of the Mutual Funds Act, 1996, the British Virgin Islands (BVI) has grown from a fledgling jurisdiction to a strong and confident player at the frontline of the offshore funds industry. »

Gary Gensler, Chairman, CFTC

Final block rule for swaps is critical for transparency

Fri, 17/05/2013 - 12:59

The final block rule for swaps is critical to promoting transparency in this once opaque market, says US Commodity and Futures Commission Chairman, Gary Gensler… »

Irish flag

Central Bank of Ireland launches AIFMD regime

Thu, 16/05/2013 - 14:10

The Central Bank of Ireland has issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD). »

Nicola Smith, chief executive of Helvetic

EU proposal will only cause more confusion, says Helvetic

Fri, 10/05/2013 - 11:45

In light of continual struggles from European fund managers to comply with the impending AIFMD directive, Nicola Smith, chief executive of hedge fund administrator Helvetic, says that plans by the European Commission to introduce liquidity buffers and leverage caps on financial firms have come at the most inopportune time. »

Regulation

Impact of new regulations top concern in addressing systemic risks

Fri, 10/05/2013 - 10:05

The impact of new regulations in the financial services industry is by far the most important systemic-risk concern facing the global capital markets, according to a recent client survey conducted by The Depository Trust & Clearing Corporation (DTCC). »

Gus Black, Dechert

Understanding the legal issues of structuring a hedge fund and Fund Management Company

Tue, 07/05/2013 - 06:00

One of the discussion panels at the Bloomberg Hedge Fund Start-up Conference on 28 November 2012 in London explored some of the legal issues start-up managers need to think about when establishing both the fund, and the fund management structure. Entitled Legal: Getting it Right from the Start, the panellists included Gus Black, Dechert LLP (pictured); Richard Perry, Simmons and Simmons LLP and Chris Hilditch, Schulte Roth & Zabel LLP. »

Cayman's Premier Juliana O'Connor-Connolly

Cayman commits to G5 multilateral exchange pilot

Fri, 26/04/2013 - 14:01

The Cayman Islands has indicated to the UK government that it is committed to joining the G5 pilot, recently announced by the UK, France, Germany, Italy and Spain, on multilateral automatic exchange of tax information. »

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