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Legal & Regulation

Gonzalo Jalles, chief executive, Cayman Finance

Cayman opts for Model 1 IGA for FATCA

Mon, 18/03/2013 - 10:01

The Cayman Islands Government is to adopt a Model 1 intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act (FATCA). »

Geoff Cook, chief executive, Jersey Finance

Jersey AIFMD plans on track

Fri, 15/03/2013 - 10:05

Jersey remains on track to meet the requirements of the EU Alternative Investment Fund Managers Directive (AIFMD) and will introduce new fund regulations in April. »

Law books and gavel

Court hands down key judgment on BVI hedge fund insolvencies

Wed, 13/03/2013 - 10:03

The Court of Appeal of the Eastern Caribbean Supreme Court on 11 March handed down an important ruling on the question of where investors stand in the “waterfall” of distributions in the liquidation of investment funds under British Virgin Islands law. »

Ingrid Pierce, global managing partner, Walkers

Walkers named Best Offshore Law Firm in Hedgeweek Awards

Tue, 05/03/2013 - 10:06

Law firm Walkers’ hedge fund team has been named top provider of offshore legal services by readers of Hedgeweek, one of the key publications serving the hedge funds and alternative investment industry. »

Jan Hoffmeister, co-founder, Drooms

Drooms launches virtual data room solution for AIFMD compliance

Mon, 04/03/2013 - 11:58

Drooms has launched AIFMD/command, a virtual data room solution for the large number of fund managers who are lacking the resources to comply with the incoming reporting obligations under the Alternative Investment Fund Management Directive. »

Magnifying glass

Orical launches Reliance Hub to improve hedge fund compliance and operational standards

Thu, 28/02/2013 - 14:06

The founding partners of Orical have launched Reliance Hub, which assists private fund managers and other companies in maintaining compliance and operational programmes that represent industry best practices. »

Cayman Islands

Fund Fiduciary Partners launches in Cayman

Wed, 27/02/2013 - 11:42

The Cayman Islands Monetary Authority (CIMA) has given the stamp of approval to Cayman's newest independent director services provider, Fund Fiduciary Partners. »

Eddie Teare, Isle of Man Treasury Minister

Isle of Man sets new standard in tax transparency

Wed, 20/02/2013 - 14:04

The Isle of Man Government has set a new standard in tax transparency by agreeing the main details of an automatic information exchange package with the UK. »

Gonzalo Jalles, chief executive, Cayman Finance

Cayman Finance welcomes Moody's outlook on Cayman

Mon, 18/02/2013 - 14:02

Cayman Finance chief executive Gonzalo Jalles has welcomed recent news that Moody’s credit ratings agency has affirmed its Aa3 sovereign rating for the Cayman Islands, viewing the outlook on the country as “stable”. »

Steven Maijoor, ESMA chair

ESMA issues first risk report on EU securities markets

Fri, 15/02/2013 - 12:03

The European Securities and Markets Authority (ESMA) has published its first report on trends, risks and vulnerabilities in European Union securities markets and a risk dashboard for the fourth quarter 2012.  »

Nicola Smith, chief executive of Helvetic Fund Administration in Gibraltar

Europe’s elite not the only ones struggling under weight of compliance, says Helvetic

Thu, 14/02/2013 - 14:13

Compliance bosses for Europe’s largest asset managers are not the only ones struggling under the weight of increased regulation, according to Nicola Smith, chief executive of Helvetic Fund Administration in Gibraltar, who says that smaller funds are being forced to shut-up-shop in light of the costs needed to remain compliant. »

Short selling

ESMA seeks feedback for review of the Short Selling Regulation

Wed, 13/02/2013 - 10:07

The European Securities and Markets Authority (ESMA) has published a call for evidence on the evaluation of the EU regulation on short selling and certain aspects of credit default swaps (SSR).  »

Steven Maijoor, ESMA chair

ESMA rules aim to curb excessive risk taking by alternative fund managers

Mon, 11/02/2013 - 11:40

The European Securities and Markets Authority (ESMA) has published final guidelines on remuneration of alternative investment fund managers (AIFMs). »

Fraud

Two charged over USD311m global hedge fund fraud scheme

Mon, 11/02/2013 - 06:16

Two business associates in the hedge fund management industry have been charged with defrauding institutional investors and causing collective losses of more than USD311m, according to US Attorney Zane David Memeger. »

two fingers

Darian Capital Services addresses JOBS Act and AIFMD changes to private fund marketing

Thu, 07/02/2013 - 12:05

Darian Capital Services has launched two services to address impending US and European regulations that will change the way hedge and private equity funds are marketed. »

Regulation

Final FATCA regulations released

Thu, 07/02/2013 - 11:57

By Richard Cassell and Kristin Konschnik, partners, Withers – The US Treasury Department has now released the long-anticipated final FATCA regulations (the ‘Regulations’), which build upon the foundation of the proposed regulations but contain some significant additions and modifications. »

Steven Maijoor, ESMA Chair

ESMA issues guidelines on market-making and primary dealer exemptions

Sun, 03/02/2013 - 17:41

The European Securities and Markets Authority (ESMA) has published its final Guidelines and a Feedback Statement on the Exemption for market making activities and primary market operations under the Short Selling Regulation.  »

Alex Ohlsson, Carey Olsen's managing partner

New association between Carey Olsen and Hempel and Boyd

Tue, 29/01/2013 - 06:02

Offshore law firms Carey Olsen and Hempel and Boyd are entering into an association to provide their clients with British Virgin Islands (BVI), Cayman Islands, Guernsey and Jersey legal services. »

Clock

UK gives firms an extra year to comply with AIFMD

Mon, 28/01/2013 - 16:11

The UK’s fund management industry has been given an extra year to comply with the EU’s Alternative Investment Fund Managers Directive (AIFMD), says Bovill, the financial services regulatory consultancy. »

Tax

Dion launches FATCA TRAC Indicia Check Service

Mon, 28/01/2013 - 14:18

Dion Global Solutions, a technology partner to the financial services industry, has launched the FATCA (Foreign Account Tax Compliance Act) TRAC Indicia Check Service to assist financial firms in making an initial assessment of the impact of the FATCA regulations on their business. »

Gary Linford, managing director of HighWater

CIMA initiates private funds sector consultation process

Mon, 28/01/2013 - 12:18

The Cayman Islands Monetary Authority (CIMA) has initiated a formal consultation process with the financial services industry and other stakeholders to further its dialogue with the industry on corporate governance practices, developments and standards as it relates to the private funds sector. »

Peter Heaps, managing director, Carne Cayman Islands

Carne welcomes CIMA consultation on governance of Cayman Islands funds

Mon, 21/01/2013 - 06:11

Carne Group, the global fund governance specialist, has welcomed the consultation initiative and the decision by the Cayman Islands Monetary Authority (CIMA) to enhance and clarify corporate governance standards for the Cayman Islands funds community. »

Brian Forrester, investment partner at Deloitte

HM Treasury consultation paper goes beyond AIFMD minimum rules, says Deloitte

Wed, 16/01/2013 - 14:09

HM Treasury’s latest Alternative Investment Fund Managers Directive (AIFMD) consultation paper goes significantly beyond the minimum rules contained in the Directive for small hedge fund managers, according to Brian Forrester, investment partner at Deloitte. »

Brian Forrester, partner, Deloitte

HM Treasury consultation paper goes beyond AIFMD minimum rules

Tue, 15/01/2013 - 13:36

Brian Forrester (pictured), investment partner at Deloitte comments on HM Treasury’s latest Alternative Investment Fund Managers Directive (AIFMD) consultation paper… »

Tax

Markit and CTI launch FATCA compliance service for global fund industry

Tue, 08/01/2013 - 12:06

Markit and Compliance Technologies International (CTI) have launched the FATCA Service Bureau, a new service designed to help financial institutions comply with the Foreign Account Tax Compliance Act (FATCA). »

SEC

Rajaratnam to pay USD1.47m over insider trading charges

Tue, 01/01/2013 - 17:09

Former hedge fund manager Raj Rajaratnam is to pay USD1.47 million to settle insider trading charges brought against him by the Securities and Exchange Commission (SEC). »

Regulation

New European regulations will put compliance pressures on US alt fund managers, says KPMG survey

Tue, 01/01/2013 - 09:25

A KPMG International survey of more than 70 alternative investment fund managers reveals that nearly half have not taken any concrete steps to analyse the impact the Alternative Investment Fund Managers Directive (AIFMD) will have on their businesses, or to make changes to their operations. »

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). »

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