Legal & Regulation

David Einhorn, Greenlight Capital

David Einhorn and Greenlight Capital Inc fined GBP7.2m for trading on inside information in Punch Taverns

Thu, 26/01/2012 - 11:53

The Financial Services Authority (FSA) has fined David Einhorn (pictured), owner of the prominent US hedge fund Greenlight Capital Inc (Greenlight), and his fund GBP7.2 million for engaging in market abuse in relation to an anticipated significant equity fundraising by Punch Taverns Plc (Punch) in June 2009. »

George Canellos, Director of the SEC’s New York Regional Office

Diamondback Capital agrees to settle SEC insider trading charges

Mon, 23/01/2012 - 18:51

Diamondback Capital Management LLC has agreed to pay more than USD9 million to settle insider-trading charges brought by the SEC on 18 January. The proposed settlement is subject to the approval of Judge Paul G Gardephe of the US District Court for the Southern District of New York. »

Charles Martin, senior partner, Macfarlanes

D Harris + Company hedge fund team joins Mcfarlanes

Mon, 16/01/2012 - 18:43

D Harris + Company’s eight-strong hedge fund team has joined law firm Macfarlanes. Daniel Harris, who founded the boutique hedge fund law firm eight years ago, is also joining Macfarlanes as a consultant. »

Orange Fraud sign

SEC charges multiple hedge fund managers with fraud in inquiry targeting suspicious investment returns

Fri, 02/12/2011 - 14:29

As part of an initiative to combat hedge fund fraud by identifying abnormal investment performance, the Securities and Exchange Commission has announced enforcement actions against three separate advisory firms and six individuals for various misconduct including improper use of fund assets, fraudulent valuations, and misrepresenting fund returns. »

Daniel O’Connor, Carey Olsen

Carey Olsen advises on the first Channel Islands listing of a litigation fund

Thu, 01/12/2011 - 16:00

Carey Olsen has advised Argentum Capital on the Jersey legal aspects of its multi-million pound listing on the Channel Islands Stock Exchange, the first listing of a litigation fund on the CISX. »

FSA Logo

FSA fines and bans hedge fund compliance officer GBP14,000 for failing to act with due skill, care and diligence

Wed, 23/11/2011 - 12:54

The Financial Services Authority (FSA) has fined Dr Sandradee Joseph GBP14,000 and banned her from performing any significant influence function in regulated financial services for breaching Principle 6 of the FSA’s Statements of Principle for Approved Persons. »

Scott D O'Malia, Commissioner, CFTC

Statement on MF Global – Next steps

Mon, 21/11/2011 - 09:37

By Commissioner Scott D O’Malia - The Commodity Futures Trading Commission (the “Commission”) has confirmed that our Division of Enforcement is investigating MF Global, Inc. (“MF Global”) for possible violations of the Commodity Exchange Act (“CEA”) and/or Commission regulations. I fully support the Commission’s efforts to conduct a thorough investigation to determine what happened with the customer funds, how we can return all customer funds as soon as possible, and punish any wrongdoing. »

Information sign

CFTC and SEC issue joint statement on MF Global

Tue, 01/11/2011 - 13:13

The Commodity Futures Trading Commission and Securities and Exchange Commission have made the following joint statement regarding MF Global Inc… »

Munib Ali, director, PwC

MiFID II proposals could contribute to the decline of OTC trading

Sun, 23/10/2011 - 18:14

Munib Ali, director at PwC, on the European Commission’s (EC) release of the Market in Financial Instruments Directive (MiFID) II proposals… »

Monique Melis, Kinetic Partners

Rajaratnam sentencing sends clear message

Tue, 18/10/2011 - 08:10

Monique Melis, a Member at financial advisory firm Kinetic Partners, on the sentencing of Raj Rajaratnam to 11 years in prison for insider trading… »

Gavel and scales

Weavering Capital trial commences

Mon, 17/10/2011 - 10:01

The civil trial arising from the collapse of Weavering Capital (UK) Limited (Weavering Capital) against its founder Magnus Peterson (and others) commences in the High Court today (Monday 17 October). »

Hector Sants, Chief Executive, FSA

SEC and FSA hold strategic dialogue meeting

Fri, 14/10/2011 - 16:00

Securities and Exchange Commission Chairman Mary L Schapiro and senior SEC staff met today with the UK Financial Services Authority’s (FSA) chief executive Hector Sants (pictured) and its managing director of the conduct business unit Martin Wheatley as part of the regular, ongoing SEC-FSA Strategic Dialogue to discuss regulatory approaches to current issues. »

Dr Matthäus Den Otter. 

Dr Matthäus Den Otter. 

Dr Matthäus Den Otter. CEO, SFA

SFA supports partial revision of the CISA

Wed, 12/10/2011 - 07:00

The Swiss Funds Association SFA supports the primary objectives of the partial revision of the Swiss Federal Act on Collective Investment Schemes (CISA). As part of the revision processes, it has submitted specific proposals for improvements aimed at safeguarding the competitiveness of Switzerland as an asset management location. »

judgement hammer

BVI Court dismisses Madoff-related Fairfield claim

Tue, 11/10/2011 - 12:28

Less than a month after ruling on certain preliminary issues, the BVI court has ruled that the Madoff-related claim brought by Fairfield is unsustainable and should be dismissed, says law firm Harneys. »

people sitting in Channel Islands Funds Forum

CI funds industry must prepare for the challenge of new regulation

Mon, 10/10/2011 - 06:00

More than 125 delegates at the Channel Islands Funds Forum, held at the Hotel de France on 28 September and sponsored by KPMG, heard from a number of expert speakers that EU and US laws coming into force over the next few years will significantly increase the burden of regulation. »

 Daniel J Roth, President, NFA

NFA to provide Regulatory Services to GFI’s Swap Execution Facility

Fri, 30/09/2011 - 06:00

National Futures Association (NFA) and GFI Group have entered into an agreement that paves the way for NFA to perform regulatory services for GFI's swap execution facility (SEF). »

Andrew Baker, CEO, AIMA

AIMA expresses concerns over ESMA's AIFMD 'third country' proposals

Wed, 28/09/2011 - 06:00

The Alternative Investment Management Association (AIMA), the global hedge fund association, has expressed concerns over how the Alternative Investment Fund Managers Directive (AIFMD) would apply to non-EU managers and funds under proposals by a task force of the European Securities and Markets Authority (ESMA). »

 Beverley Lacey, litigation partner and regulatory law expert, Mourant Ozannes

Mourant Ozannes addresses directors' duties and concerns at recent seminar

Mon, 26/09/2011 - 10:00

Mourant Ozannes' litigation partner and regulatory law expert, Beverley Lacey (pictured), recently chaired and addressed a packed audience at the Royal Yacht Hotel on important recent legislative developments of concern to company directors offshore. »

Fraud

SEC charges solicitor in investment scheme targeting deaf community

Mon, 12/09/2011 - 14:28

The Securities and Exchange Commission has charged a Corinth, Texas man with securities fraud for soliciting more than USD3.45 million from several thousand deaf investors in an investment scheme that the SEC halted last year. »

Anne Dolan, chartered secretary, Walkers Management Services

Corporate governance and the Weavering judgement

Mon, 12/09/2011 - 06:00

Anne Dolan, a chartered secretary with Walkers Management Services in the Cayman Islands, argues that it is telling that in the recent case regarding the collapsed Macro Fixed Income Fund, which resulted in a USD111m judgement against the fund’s independent directors, significant weight was given to documentary evidence of board meetings and the way in which these meetings were conducted. »

Mark Surguy, partner, Eversheds

Hedge funds likely to stay in SFO spotlight despite collapse of Weavering investigation

Fri, 09/09/2011 - 12:16

The Serious Fraud Office has closed a long running investigation into collapsed hedge fund Weaving Capital, stating that there wasn’t a reasonable prospect of conviction. »

Simon Ruddick, Albourne Partners

Hedgeweek exclusive: Asian fund managers likely to adopt Hedge Fund Standards faster than the US, says Albourne Partners’ Ruddick

Thu, 08/09/2011 - 06:15

The Hedge Fund Standards Board, custodians of a set of Standards first drawn up in 2008 between global investors and hedge fund managers to promote best practice, are undergoing their third consultation. And with Dame Amelia Fawcett now at the helm having been appointed Chairman on 1 July 2011, the focus now is very much on taking the Standards globally: their first incarnation were written with an FSA lilt given that the working group contained 14 London-based hedge fund managers. »

Greg Medcraft, Chairman, ASIC

ASIC excludes remaining former Trio directors from financial services industry for four years

Wed, 24/08/2011 - 14:15

The Australian Securities and Investments Commission (ASIC) has entered into enforceable undertakings (EUs) with the remaining two former directors of Trio Capital Limited (Trio), Keith Finkelde and David O’Bryen. »

Fraud under the magnifying glass

CFTC charges Douglas Elsworth Wilson and three California companies over Forex scheme

Tue, 23/08/2011 - 14:18

A federal court in California has entered an order freezing the assets of defendants Douglas Elsworth Wilson of Poway, California, and three California companies that he controls and manages, Elsworth Berg Capital Management LLC (EBCM), Elsworth Berg Inc, and Elsworth Berg FX LLC (collectively, Elsworth Berg). The order also prohibits the destruction of their books and records. »

Tony Glickman, global head of Analytics, GlobeOp

GlobeOp launches Form PF reporting service for hedge funds ahead of SEC deadline

Fri, 19/08/2011 - 06:00

With the first SEC deadline for private fund (Form PF) reporting currently less than six months away for many large hedge funds and managed account platforms, GlobeOp Financial Services (LSE:GO.) has launched a reporting service to specifically support the requirements. »

Peter Moore, head of regulation, IMS Group

Comment: Investors should consider all components of asset management firms

Tue, 16/08/2011 - 13:34

The FSA’s significant fine and banning for life of hedge fund manager Michiel Visser highlights the age old need for independence between key functions at firms of all sizes, says Peter Moore (picture), head of regulations at The IMS Group… 

 »

Judgement hammer

Tribunal upholds FSA decision to ban and fine hedge fund CEO and CFO GBP2.1m for deceiving investors and market abuse

Tue, 16/08/2011 - 13:30

The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Michiel Weiger Visser GBP2 million and Oluwole Modupe Fagbulu GBP100,000 and ban them both from performing any role in regulated financial services for breaching Principle 1 of the FSA’s Statements of Principle for Approved Persons and for engaging in market abuse. »

Judgement hammer

Former Moore Capital Management portfolio manager Pia to pay USD 1m to settle CFTC charges

Tue, 26/07/2011 - 08:00

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges that Christopher Louis Pia of North Castle, NY, while employed as portfolio manager for Moore Capital Management, LLC (Moore Capital), attempted to manipulate the settlement prices of palladium and platinum futures contracts on the New York Mercantile Exchange (NYMEX).  Moore Capital is a predecessor of Moore Capital Management, LP. »

Steven Maijoor, chairman, ESMA

European regulatory body invites comment on AIFM Directive implementation

Fri, 15/07/2011 - 06:30

The European Securities and Markets Authority, which succeeded the Committee of European Securities Regulators at the beginning of this year, has asked for industry comment on the advice it proposes to send to the European Commission on detailed implementation measures for the European Union’s Alternative Investment Fund Managers Directive. »

Neil Hammerton, CEO of Natterbox

New FSA rules could see private mobile phones banned from the workplace, says Natterbox

Thu, 07/07/2011 - 16:00

New changes to FSA regulation on the use of mobile phones and electronic devices, may mean that many FSA-regulated businesses may be forced to ban private devices from the workplace, according to mobile voice provider Natterbox. »

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