Legal & Regulation

Approved stamp

AIFM Directive to come into force on 21 July

Mon, 04/07/2011 - 06:00

The European Union’s Directive on Alternative Investment Fund Managers will come into force on 21 July following its publication in the Official Journal of the European Union last Friday. »

Hamid Parsa, director of sales/business development, Alceda Fund Management

Comment: The opportunities and challenges of the KIID

Fri, 24/06/2011 - 06:00

Hamid Parsa (pictured), Director of Sales/Business Development, Alceda Fund Management SA, assess the challenges posed by the introduction of the Key Investor Information Document (KIID)… »

Andrew Shrimpton, member, Kinetic Partners

Comment: Dodd-Frank registration deadline extended by SEC

Thu, 23/06/2011 - 13:44

Andrew Shrimpton, member at Kinetic Partners, on the extension of the deadline for SEC registration for Foreign Private Investors… »

Fraud

CFTC charges Arrington, Kratville and Welke and their companies with USD4.7m fraud

Tue, 31/05/2011 - 06:00

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action charging Jonathan W Arrington, Michael B Kratville, Michael J Welke and their companies, Elite Management Holdings Corp (EMHC) and MJM Enterprises LLC (MJM), all of Omaha, Neb, with defrauding more than 130 commodity pool participants, the majority of whom are from the greater Omaha area, of at least USD4.7 million. »

John Roche, partner. PwC

US regulation continues to extend to the Channel Islands: Challenges for asset managers and local administrators

Tue, 24/05/2011 - 14:34

By John Roche, Partner, PwC – Whilst everyone no doubt has their own view of the financial crisis, what is clear is that its knock on effect has been dramatic. »

Regulation sign and magnifying glass

SEC seeks public comment on short sale disclosure

Fri, 06/05/2011 - 06:00

The Securities and Exchange Commission SEC has published on its website a request for public comment on the feasibility, benefits, and costs of two short selling disclosure regimes as a part of a study mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. »

Regulation sign with magnifying glass

ASC issues new guidance on substantial holding disclosure for securities lending

Sun, 17/04/2011 - 11:58

The Australian Securities and Investments Commission has released new regulatory guidance and relief aimed at achieving better disclosure by parties that are engaging in securities lending of substantial holdings in listed entities. »

Regulation sign with magnifying glass

FSA warns finance firms regarding compliance with new mobile phone recording rules

Wed, 13/04/2011 - 10:00

New compliance requirements arise in November this year for many UK finance industry firms, including hedge fund managers, dealers, traders, stockbrokers and some financial advisers. For the first time, it will be mandatory to record mobile telephone conversations, in a bid by the Financial Services Authority (FSA) to crack down on market abuse. »

Port with boats moored

Insolvency position clarified in the BVI

Wed, 06/04/2011 - 06:00

On Friday 1 April, the Court of Appeal handed down its much awaited written judgment in Westford Special Situations Fund Limited v Barfield Nominees et al. The decision has far reaching consequences, not only for BVI funds, but also for all types of BVI corporate vehicles, according to BVI law firm, Harneys which acted for Westford in the matter. The case directly and indirectly dealt with four major issues:- »

Anton Hormann, head of Business Development, Blue Ink Investments

Regulation 28 set to boost SA hedge fund industry

Tue, 05/04/2011 - 16:00

The recently announced changes to Regulation 28 of South Africa's Pension Funds Act, which are effective from 1 July this year, could result in an eight times surge in assets under management in the hedge fund space. »

Regulation Books

PwC comments on impacts of the Bribery Act for financial services companies

Fri, 01/04/2011 - 06:00

The final version of the guidance on anti-bribery policies and procedures was issued by the Government (pursuant to section 9 of the Bribery Act) today (Wednesday, 30 March).  The Act will come into force on 1st July 2011. »

Red circle with line through, Barred sign

FINRA expels MICG bars CEO for over Venture Strategies hedge fund fraud

Thu, 10/03/2011 - 10:19

The Financial Industry Regulatory Authority (FINRA) has expelled MICG Investment Management, LLC (MICG) of Newport News, VA, and barred Jeffrey A Martinovich, the firm’s CEO and majority owner, for securities fraud, misusing investors’ funds and causing false account statements to be issued to investors in connection with their management of a proprietary hedge fund named MICG Venture Strategies, LLC (Venture Strategies). »

The word regulation with a magnifying glass

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

Wed, 09/03/2011 - 14:00

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

Wed, 02/03/2011 - 09:33

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

Wed, 16/02/2011 - 10:44

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

Tue, 15/02/2011 - 15:06

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

Thu, 10/02/2011 - 11:01

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

Sun, 30/01/2011 - 10:37

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

Mon, 17/01/2011 - 10:04

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

Wed, 12/01/2011 - 06:00

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

Sun, 09/01/2011 - 13:37

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

Tue, 04/01/2011 - 06:00

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. »

Regulation and magnifying glass

BVI FSC forms Securities, Investment Business & Mutual Funds Advisory Committee

Mon, 03/01/2011 - 10:42

The British Virgin Islands Financial Services Commission (BVI FSC) has formed the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee) to review the Securities and Investment Business Act, 2010 (SIBA) and related relevant legislation and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the Territory. »

Fraud

Abad and companies to pay over USD860,000 to settle commodity pool fraud action

Mon, 03/01/2011 - 09:52

The US Commodity Futures Trading Commission (CFTC) has obtained more than USD860,000 in restitution and civil monetary penalties in a federal judgment against defendants Paul Abad of Orange County California, and his companies, Thirteen Thirty-Two, and Thirteen Thirty-Two, dba MRTS Asset Management. »

Bermuda

Bermuda updates investment fund regulation

Fri, 31/12/2010 - 12:04

Bermuda's new Investment Funds Amendment Act 2010, which received the assent of the Governor General on 22 December and amends the Investment Funds Act 2006, has introduced several new provisions for the regulation of investment funds in the Caribbean jurisdiction. »

Judgement hammer

Alternative funds lawyer awarded landmark decision by European Court of Justice

Thu, 30/12/2010 - 11:10

Robert Koller, an Austrian citizen, who completed law degrees in both Austria and Spain, has been awarded a landmark decision in a dispute lasting several years in relation to the Austrian legal profession. »

Bermuda

Bermuda extends assurance of tax neutrality

Fri, 24/12/2010 - 12:07

The Bermuda Government is planning to extend to 2035 the period of time for which the Ministry of Finance may grant an assurance to international businesses that are identified as exempted undertakings that they will be exempt from certain tax liabilities in Bermuda. »

Dave Grumer, co-partner in charge of Citrin’s financial industry group

Citrin granted Cayman license to provide offshore auditing services

Wed, 22/12/2010 - 12:06

Citrin Cooperman, an accounting and business consulting firm, has been granted a license to transact business as an approved auditor in the Cayman Islands. »

Colin McKie, partner, Maples & Calder

Comment: The Cayman Islands Privy Council decision in the Strategic Turnaround appeal

Fri, 17/12/2010 - 18:22

On 13 December 2010, the Privy Council delivered its judgment in the Strategic Turnaround appeal from the Cayman Islands Court of Appeal. Maples and Calder comments on the decision, which clarifies a number of important points in respect of suspensions and redemptions by Cayman Islands investment funds. »

Gavel

BVI Commercial Court ruling highlights divergence with Cayman law

Fri, 17/12/2010 - 06:34

British Virgin Islands law firm Harneys has secured an important victory for a large hedge fund this week in the Commercial Court of the British Virgin Islands. »

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