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Legal & Regulation

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. »

British Virgin Islands

Mourant Ozannes opens BVI office

Tue, 25/09/2012 - 11:04

Mourant Ozannes has opened an office in the British Virgin Islands (BVI) in response to demand from clients and intermediaries for BVI legal services. »

Bernard Madoff

Second interim distribution to Madoff claims holders totals USD2.5bn

Mon, 24/09/2012 - 06:29

Irving H Picard, SIPA trustee for the liquidation of Bernard L Madoff Investment Securities, has announced that cheques for the second pro rata interim distribution of recovered monies from the BLMIS Customer Fund to eligible customers were mailed on 19 September. »

Bill Stone, chairman and chief executive officer, SS&C Technologies

Ares Management completes Form PF filing using SS&C GlobeOp’s Form PF solution

Fri, 21/09/2012 - 10:14

Ares Management, a multi-billion dollar asset manager, has completed its initial filing of Form PF in line with the August deadline, using SS&C GlobeOp’s Form PF reporting solution. »

Fraud

SEC charges Oregon-based hedge fund manager over USD37m Ponzi scheme

Fri, 21/09/2012 - 06:45

The Securities and Exchange Commission has filed fraud charges against a Portland, Oregon-based investment adviser who perpetrated a long-running Ponzi scheme that raised over USD37 million from more than 100 investors in the Pacific Northwest and across the country. »

Matthäus Den Otter, chief executive, SFA

SFA welcomes partial revision of CISA by Swiss parliament

Wed, 19/09/2012 - 12:21

The Swiss Funds Association says the solution reached by the Swiss parliament over the partial revision of the Federal Act on Collective Investment Schemes (CISA) is a balanced compromise between investor protection, market access and competitiveness. »

Paperwork

Fund managers regard AIFMD as business threat, says Deloitte survey

Fri, 14/09/2012 - 06:16

Nearly three-quarters (72 per cent) of fund managers view the Alternative Investment Fund Managers Directive as a business threat, according to a survey carried out by Deloitte. »

Jigsaw pieces

AIFMD will be a catalyst for the convergence of long-only and hedge funds, says Multifonds survey

Tue, 11/09/2012 - 06:28

More than two thirds (69 per cent) of the fund administration industry, with combined assets under administration exceeding USD16trn, believes AIFMD will accelerate the convergence of long-only and hedge funds. »

Guernsey’s chief minister, deputy Peter Harwood

Guernsey signs TIEAs with Italy and Latvia

Mon, 10/09/2012 - 10:02

Guernsey has signed Tax Information Exchange Agreements (TIEAs) with Italy and Latvia. »

Letter and pen

Cayman Court lays down more guidelines for enforceability of side letters

Mon, 03/09/2012 - 06:25

By Jeremy Walton, Partner and Jayson Wood, Counsel, Appleby Global – After being a hot topic in the Cayman Islands for a number of years, the Grand Court has handed down two decisions in quick succession relating to side letters entered into by Cayman Islands corporate hedge funds. »

Camille Thommes, director general, ALFI

Luxembourg submits draft law to parliament to transpose AIFMD

Thu, 30/08/2012 - 16:03

The Luxembourg Finance Ministry has submitted a draft bill transposing the European Alternative Investment Fund Managers Directive to the Luxembourg Parliament. »

Ponzi scheme

Convicted Ponzi scheme operator Jeffrey L Mowen to pay over USD18m in SEC action

Wed, 29/08/2012 - 06:22

The US District Court for the District of Utah has entered a final judgment against Jeffrey L Mowen, ordering him to disgorge USD8,041,779 in ill-gotten gains and USD1,964,203.67 in prejudgment interest. »

Barred

CFTC seeks to revoke registration of Growth Capital Management

Tue, 28/08/2012 - 06:00

The US Commodity Futures Trading Commission (CFTC) has filed a notice of intent to revoke the registration of Growth Capital Management LLC (GCM) of Rockwall, Texas. »

Barred sign

FSA to ban the promotion of UCIS and similar products to ordinary retail investors

Thu, 23/08/2012 - 06:44

The Financial Services Authority (FSA) has published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to the vast majority of retail investors in the UK. »

Approved stamp

NFA approves rule to enhance customer segregated funds protection regime

Mon, 20/08/2012 - 06:28

The board of directors of the National Futures Association (NFA) has approved amendments to NFA financial requirements that will require each futures commission merchant to provide its Designated Self-Regulatory Organization (DSRO) with view-only access via the internet to account information for each of the FCM's customer segregated funds account(s) maintained and held at a bank or trust company. »

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