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Legal & Regulation

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. »

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. »

MediaWatch WA awards 2015

See interviews and presentation at the Wealth Adviser 2015 awards ceremony, held at Sketch, Mayfair on the 15th May .... »

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