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Legal & Regulation

Fraud under the microscope

CFTC orders James G Brandolino to pay USD1 million penalty to settle CFTC charges of commodity futures fraud

Tue, 28/02/2012 - 17:10

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against James Giacomo Brandolino, previously of Joliet, Illinois, for conducting a number of fraudulent commodity futures investment schemes and misappropriating customer funds. »

Anti-fraud sign

CFTC charges Alexander Giap with fraud

Tue, 28/02/2012 - 15:30

The US Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action charging Alexander Giap (Giap) of Annandale, Va, with fraud by acting as an unregistered commodity trading advisor (CTA) and operating two separate fraudulent schemes involving commodity futures trading. The CFTC’s complaint was filed in the US District Court for the Eastern District of Virginia, Alexandria Division. »

Carlo di Florio, Director of teh SEC's OCIE

SEC issues risk alert on unauthorised trading

Tue, 28/02/2012 - 13:49

The Securities and Exchange Commission (SEC) has released an alert to help firms prevent and detect unauthorised trading in brokerage and advisory accounts. »

Judgement hammer

SEC obtains final judgments against Jason Pflaum and Walter Shimoon

Tue, 28/02/2012 - 12:53

The Honourable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, has entered Final Judgments on Consent as to Jason Pflaum and Walter Shimoon in the SEC’s insider trading case, SEC v Mark Anthony Longoria, et al, 11-CV-0753 (SDNY) (JSR). »

A Cayman Islands street

Potential changes to registration requirements for Cayman master funds

Mon, 27/02/2012 - 10:00

On 15 February, the Cayman Islands Government issued a Financial Services Industry Advisory regarding Cayman Islands ‘master funds’ which had only one regulated feeder fund. »

 Martin Paul, Partner, Bedell Cristin

Bedell Cristin plays role in launch of Jersey’s first Private Placement Fund

Wed, 22/02/2012 - 10:00

Law firm Bedell Cristin has acted on the establishment of the first Private Placement Fund in Jersey following the introduction of the streamlined regulatory regime at the end of last month. »

Margaret Bailey, Director, Sales – Americas, at Lombard Risk

Lombard Risk launches Dodd-Frank Engine solution

Tue, 21/02/2012 - 16:00

Lombard Risk Management has addressed Title VII of the Dodd-Frank Act with its Dodd-Frank Act Engine solution. »

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

SEC charges California hedge fund manager connected to Galleon Insider trading case

Mon, 13/02/2012 - 06:29

The Securities and Exchange Commission has charged a hedge fund manager and his Menlo Park, California-based firm for their involvement in the insider trading ring connected to Raj Rajaratnam and hedge fund advisory firm Galleon Management. »

Information sign

Dechert provides FATCA update

Fri, 10/02/2012 - 10:03

Dechert has released the following update regarding the US Treasury Department’s recent proposed regulations and announcement relating to FATCA… »

Blue information sign

Changes to the Market Abuse Regime for Irish-listed Funds

Thu, 09/02/2012 - 16:00

Pursuant to the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the “Market Abuse Regulations”), since 1 July 2005 the Central Bank of Ireland has delegated market monitoring and investigation tasks to the ISE. These delegation arrangements ended on 31 January 2012 and the Central Bank is now carrying out all monitoring and investigation functions formerly carried out by the ISE, in addition to its own monitoring and investigation functions under the Market Abuse Regulations. »

Jonathan Piper, partner, DLA Piper

Tiffin vs Lester Aldridge LLP

Wed, 01/02/2012 - 22:33

The UK Court of Appeal has today handed down judgment in a case which considers the circumstances in which an individual who enters into a members' agreement in a limited liability partnership may be considered to be an employee. Jonathan Exten-Wright, employment partner, DLA Piper explains… »

Gregory Brandman, partner, Eversheds

Einhorn fine puts down a clear marker

Thu, 26/01/2012 - 19:37

The decision by the FSA to fine David Einhorn and his firm, Greenlight Capital, GBP7.2 million demonstrates the FSA’s commitment to stamping out market abuse, says Gregory Brandma »

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. »

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Richard A Kimball Jr, CEO, HEXL

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Tue, 10/02/2015 - 08:01

Just 20 years ago, exchange-traded funds (ETFs) were novelties. Now, after two decades of explosive growth, they are firmly entrenched in the asset management landscape. Total US-listed ETF assets reached a record-setting USD2.0 trillion at the end of 2014, up from USD1.7 trillion a year earlier, and inflows totaled USD244 billion for the year. European ETFs also saw record flows in 2014; they attracted USD61.4 billion in new assets, more than three times the 2013 total. ... »

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