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Legal & Regulation

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. »

Thumb down

Majority of fund managers remain opposed to AIFM Directive

Thu, 16/12/2010 - 06:26

A Preqin survey of over 100 alternative assets fund managers and investors found that just under a third support the Alternative Investment Fund Managers Directive to some extent, with firms in certain countries where the new legislation will replace more restrictive existing rules believing that it will serve to improve conditions. »

John Aspden, chief executive of the Isle of Man Financial Supervision Commission

Isle of Man says it will meet AIFM Directive criteria

Sun, 12/12/2010 - 16:17

Following approval of the Alternative Investment Fund Manager Directive by the European Parliament, the Isle of Man says it welcomes the final Directive and that work is under way to ensure it will meet key regulatory criteria.  »

Brian McDermott, head of investment funds at A&L Goodbody

A&L Goodbody completes investment fund company redomiciliation to Ireland

Sun, 12/12/2010 - 16:13

Law firm A&L Goodbody has completed the first investment fund company migration to Ireland from Bermuda, under new legislation which facilitates the effective redomiciliation of investment fund companies from six separate jurisdictions to Ireland.  »

Prison bars

Australian futures trader’s sentence upheld

Sun, 12/12/2010 - 12:18

Former futures trader Spartaco Fasciale has lost his appeal against a six year jail term for obtaining property and a financial advantage by deception and breaching his duties as a company director. »

British Virgin Islands

Appleby offering authorised representative services in BVI

Thu, 09/12/2010 - 11:26

Appleby Authorised Representative, an affiliate of Appleby Corporate Services (BVI), has been certified by the BVI Financial Services Commission to act as an authorised representative under the Securities and Investment Business Act 2010.  »

Report and magnifying glass

Caceis launches service for KID implementation

Tue, 07/12/2010 - 16:08

Caceis has launched a service that aims to help management companies implement the Key Information Document, which replaces the Ucits simplified prospectus on 1 July 2011. »

Marco Martins, head of Harney's Latin America practice

Harneys opens Montevideo office

Mon, 06/12/2010 - 12:04

Law firm Harneys has opened an office in Montevideo, Uruguay. »

Chris Bound, Collas Day’s senior partner

Law firms Collas Day and Crill Canavan merge

Thu, 02/12/2010 - 10:19

Collas Day in Guernsey and Crill Canavan in Jersey are to merge in the spring of 2011. »

Mary Shapiro, Chairman, SEC

SEC unveils rules for oversight of alternative asset managers

Mon, 22/11/2010 - 06:00

The Securities and Exchange Commission voted by a 4 to 1 majority on Friday to propose new rules to strengthen its oversight of investment advisers and fill key gaps in the regulatory landscape, notably by bringing managers of hedge funds and other alternative investments under its aegis. »

Regulation

Focus on regulation and new indices at Edhec-Risk forum in Monaco

Wed, 17/11/2010 - 14:42

At the fourth edition of the Edhec-Risk Institutional Days conference at the Grimaldi Forum in Monaco on 8-9 December, Edhec-Risk Institute will be presenting research results on two key themes for the investment industry: regulation and indices. »

Scam

Gold Coast resident pleads guilty to international investment scam

Wed, 17/11/2010 - 13:06

Melanie June Miller of Mermaid Waters, Queensland, has been sentenced to six months imprisonment in the Southport Magistrates’ Court for her involvement in an international investment scam which raised almost AUD7m from Australian investors. »

Law books

Advent educates firms on potential impact of legislation

Tue, 16/11/2010 - 11:02

Advent Software, a provider of software and services to the investment management industry, has hosted a series of events to educate firms on the impact of cost basis legislation and what they can do to prepare. »

Rod Palmer, partner and global head of investment funds with Walkers

AIFM Directive approval boosts fund industry in Cayman Islands, BVI and Jersey

Mon, 15/11/2010 - 14:39

Law firm Walkers says the confirmation of the final terms of the Alternative Investment Fund Managers Directive and the removal of uncertainty for non-European Union fund managers marketing non-EU funds in the EU is a very positive development for the investment funds industry in the Cayman Islands, British Virgin Islands and Jersey. »

Geoff Cook, chief executive of Jersey Finance

Jersey will meet AIFM Directive criteria, says Geoff Cook

Sun, 14/11/2010 - 12:05

Jersey Finance has welcomed the vote on the compromise agreement for the Alternative Investment Fund Managers EU Directive that was reached by European Parliament.   »

features
Special report
Commodities 2015: The outlook for investors

Investing in commodities can yield handsome returns, but investors need to focus sharply on timing and diversify their portfolios away from traditional safe havens and into sectors such as agriculturals and products such as ETFs. As one expert reveals in this special report, "Gold is not the only yellow commodity one should have in their portfolio"... »

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Spotlight

In an extract from the Preqin Special Report: Asia-Pacific Hedge Funds, we provide an overview of the industry in Asia-Pacific, covering assets under management as well as key locations, strategies, fund structures and more.  ... »

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up arrow

Assets under management for sovereign wealth funds globally reach USD6.31tn as of March 2015, increasing by more than USD900bn over the past 18 months. This information has been revealed in the 2015 Preqin Sovereign Wealth Fund Review, a comprehensive guide to these influential investors. ... »

Special report
Hedgeweek Global Awards 2015 – The Winners

Read the complete list of Winners and profiles at the sixth edition of the Hedgeweek Awards, presented in London's Mayfair and sponsored by Morgan Stanley, which brought together the leading names in the global hedge funds industry to celebrate the achievements of the best performing managers and service providers in 2014... »

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Hedgeweek Special Report: eVestment – The evolution of hedge fund investing

As revealed in this Hedgeweek Special Report sponsored by eVestment, the data, analytics and market intelligence provider to the institutional investment community, experts agree that investing in hedge funds represents a good way for institutions to access manager skill, which is key in constructing a diversified portfolio to achieve risk and return targets. ... »

Special report
Hedgeweek Special Report: The Bahamas – How it continues to evolve its funds industry

The Bahamas is taking steps to raise its profile as an attractive funds centre, continuing to build out the popular SMART Fund model template to provide a range of solutions for investment managers, plus its new ICON structure designed to appeal specifically to Brazilian investment managers and advisers.... »

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