Legal & Regulation

The word regulation with a magnifying glass

EDHEC warns European Parliament of the dangers of banning naked CDS sales

In an open letter of March 8, 2011 addressed to the Chair of the Economic and Monetary Affairs Committee of the European Parliament, Sharon Bowles, and Pascal Canfin, the Committee’s Rapporteur on the draft EU regulation on short selling and credit default swaps, EDHEC-Risk Institute has warned of the dangers of prohibiting “naked” sales of sovereign credit default swaps. »


Side pocket on a pool table

SEC charges Bay Area hedge fund manager with misappropriating 'side pocketed' assets

The Securities and Exchange Commission (SEC) has charged a Bay Area hedge fund manager with concealing more than USD12 million in investment proceeds that he owed investors in his fund. »


The word FRAUD with a magnifying glass

CFTC charges PMC Strategy over forex Ponzi scheme

The US Commodity Futures Trading Commission (CFTC) has filed an anti-fraud civil lawsuit charging defendants PMC Strategy, LLC (PMC) of Monroe, NC, and its principals, Michael Hudspeth of Statesville, NC, and Timothy Bailey of Monroe, NC, with committing fraud in connection with operating a foreign currency (forex) Ponzi scheme that solicited at least USD669,000 from more than 22 individuals since June 2008. The defendants also allegedly misappropriated USD129,000 of customer funds for their personal use. »


Jersey coat of arms

Jersey maintains zero-ten tax regime

The Council of Ministers has announced that Jersey is to maintain its zero-ten tax regime, following a recent review by the EU Code of Conduct Group and High Level Working Party. »


The word FRAUD with magnifying glass

CFTC charges Hasaan R Steel with commodity pool fraud

The US Commodity Futures Trading Commission (CFTC) has filed an anti-fraud enforcement action charging Hasaan R Steel of Brooklyn, NY, with fraudulently soliciting more than USD1 million from 28 participants to invest in a commodity pool to trade commodity futures and securities. »


The word Fraud with a magnifying glass

CFTC fines Andrew Daniels, Ed Taylor and Daniels Trading Group USD2m

The US Commodity Futures Trading Commission (CFTC) has fined Andrew W Daniels of Hinsdale, Ill, Edward Taylor of Naperville, Ill, and Daniels Trading Group LLC (DTG) of Chicago, Ill, for violating speculative position limits in the Chicago Board of Trade’s (CBOT) rough rice futures contracts and for willfully concealing material facts from the CME Group, Inc. (CME). »


Law books and gavel

Bermuda Monetary Authority introduces amended fees

The Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2010, which includes changes to the Investment Funds Act 2006, as amended, is now in effect. »


 Phil Masterson, Managing Director for SEI's Investment Manager Services division

Regulatory requirements are biggest challenge for hedge fund CFOs, says SEI survey

While the economy remains a concern, hedge fund CFOs say addressing new regulatory requirements and meeting evolving investor expectations are the biggest challenges for 2011, according to a poll by SEI. »


Switzerland flag

Newedge offices in Switzerland granted branch status

Multi-asset brokerage and clearing specialist Newedge is reinforcing its position in Switzerland, with FINMA, the local regulator, granting branch licenses to the firm's representative offices in Zurich and Geneva. »


British Virgin Islands

BVI introduces Public Funds Code 2010

Following the enactments of the Securities and Investment Business Act, 2010 (SIBA) and Mutual Funds Regulations, 2010, the BVI Financial Services Commission (BVI FSC) has now released the Public Funds Code, 2010. »


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