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Legal & Regulation

Tracey McDermott,  acting director of enforcement and financial crime, FSA

FSA bans and fines hedge fund CEO Alberto Micalizzi GBP3 million

Wed, 30/05/2012 - 10:00

The Financial Services Authority (FSA) has published a decision notice indicating that it has decided to fine Alberto Micalizzi GBP3 million and ban him from performing any role in regulated financial services for not being fit and proper. This is the FSA’s largest fine for an individual in a non market abuse case. »


Miami HF adviser charged for misleading investors

Wed, 30/05/2012 - 06:30

The Securities and Exchange Commission has charged a Miami-based hedge fund adviser for deceiving investors about whether its executives had personally invested in a Latin America-focused hedge fund. »

Judgement hammer

Cayman Court rules against in kind distribution of fund assets

Wed, 09/05/2012 - 13:57

A recent decision of the Grand Court of the Cayman Islands (the Court) in the case of FIA Leveraged Fund has laid down, for the first time, the principles applicable to an in specie (or in kind) distribution of fund assets to investors. »

Judgement hammer

ECJ withholding tax ruling could give investment funds EUR4.2bn rebate  

Wed, 09/05/2012 - 10:00

A withholding tax ruling expected from the European Court of Justice (ECJ) could lead to investment funds receiving a EUR4.2bn tax rebate, says Deloitte, the business advisory firm. »

Daniel Maguire, head of SwapClear US.

Buy-side interest rate swap clearing surges ahead of Dodd-Frank mandate 

Wed, 02/05/2012 - 11:22

LCH.Clearnet Limited’s interest rate swap clearing service, SwapClear, has announced in increase in buy-side cleared volumes of 175% y-o-y to April 2012. »

Man talking through loud hailer

Eze Castle releases white paper on tech solutions for Form PF

Thu, 26/04/2012 - 16:00

Eze Castle has released a new white paper providing an in-depth examination of the challenges that Form Private Fund (Form PF) regulation poses to hedge funds. It also looks at the factors that customers should consider when making technology decisions for filing and data management. »

Dark pool of water

New Canadian regulations on dark pools protect institutional investors

Tue, 17/04/2012 - 16:00

Liquidnet, the global institutional trading network, has welcomed the decision by the Canadian regulators, released on Friday 13 April, to ensure that the new Canadian rules on dark pools preserve appropriate protections for institutions seeking to execute large block orders. »

Open door

Gibraltar opens door to further fund growth

Mon, 16/04/2012 - 09:34

The Government of Gibraltar has published the Financial Services (Experienced Investor Fund) Regulations, 2012, which various improvements to the original 2005 Regulations, including the opportunity for large funds to use reputable and substantial administrators based in jurisdictions of equivalent standing to Gibraltar.   »

Law suit

Euroption appeals SEB ruling

Mon, 09/04/2012 - 10:01

Specialist banking litigation firm Stewarts Law LLP is filing an appeal in the matter of Euroption Strategic Fund Ltd v Skandinaviska Enskilda Banken AB (“SEB” and the “Euroption Proceedings”) for its client, Euroption. »

Law books and gavel

RBC rejects CFTC allegations as “unwarranted”

Tue, 03/04/2012 - 19:10

Royal Bank of Canada has “vigorously rejected” the Commodity Futures Trading Commission’s (CFTC) allegations that the bank was involved with a “multi-hundred million dollar wash sale scheme”. »

David Meister, CFTC

CFTC charges Royal Bank of Canada with multi-hundred million dollar wash sale scheme

Tue, 03/04/2012 - 13:30

The US Commodity Futures Trading Commission (CFTC) has filed a complaint in federal district court in New York charging the Royal Bank of Canada (RBC), a Canadian bank and financial services firm doing business in New York, with conducting a multi-hundred million dollar wash sale scheme in connection with exchange-traded stock futures contracts. »

Judgement hammer

Court enters USD98.6m final judgement against UK hedge fund adviser Pentagon Capital Management

Tue, 03/04/2012 - 12:53

On Wednesday, March 28, 2012, United States District Judge Robert W Sweet of the Southern District of New York entered a final judgement in favour of the US Securities and Exchange Commission ordering total monetary relief of USD98.6 million from Pentagon Capital Management (PCM) and CEO Lewis Chester. »

Andrew Baker, CEO, AIMA

AIMA expresses concern about new European Commission AIFMD implementation text

Mon, 02/04/2012 - 09:51

The Alternative Investment Management Association (AIMA), the global hedge fund trade association, has expressed concern about the European Commission’s new draft text for the implementation of the Alternative Investment Fund Managers Directive (AIFMD). »

Irish flag

Ireland approves new corporate fund structure

Thu, 29/03/2012 - 10:00

The Irish Minister for Finance has approved, in principle, the development of legislation for a new corporate structure for funds which is intended to meet US ‘check the box’ requirements and reduce administrative costs. »

Information sign

Cayman Islands extends Master Funds registration deadline to 21 May 2012

Fri, 23/03/2012 - 06:00

The Cayman Islands Government has extended the deadline for the registration of ‘master funds’ by 60 days to 21 May 2012. »


SEC charges investment adviser James Michael Murray with fraud

Thu, 22/03/2012 - 14:10

The Securities and Exchange Commission has charged a San Francisco-area investment adviser with defrauding investors by giving them a bogus audit report that embellished the financial performance of the fund in which they were investing. »


CFTC vacates CME Clearing Europe Limited Registration as a derivatives clearing organization

Thu, 15/03/2012 - 10:00

At the request of CME Clearing Europe Limited (CMECEL), pursuant to Section 7 of the Commodity Exchange Act, the Commodity Futures Trading Commission issued an Order on 13 March, 2012, vacating the registration of CMECEL as a derivatives clearing organisation. »

Matthew Reinhard, Miller & Chevalier

Investing in trouble – the risks to hedge funds of international corruption

Sun, 11/03/2012 - 10:20

To date hedge funds have largely escaped the impact of the increasing scope and aggressive enforcement of the Foreign Corrupt Practices Act by the US Department of Justice and the Securities and Exchange Commission. However, Matthew Reinhard, a member at Washington, DC law firm Miller & Chevalier, argues that hedge fund firms must monitor two large FCPA risk areas: inbound investment into and outbound investment by the fund… »

James Lasry, Head of Funds at Hassans

Gibraltar expects to benefit from recent changes to SIF regulation in Luxembourg

Thu, 08/03/2012 - 16:00

Gibraltar could benefit from a change to Luxembourg law, which has slowed down the launch of specialised investment funds in the Grand Duchy. »


BVI FSC issues updated audit guidelines for funds and regulated companies

Wed, 29/02/2012 - 10:00

The British Virgin Islands Financial Services Commission (FSC) has issued guidance on the form and content of the audited financial statements to be prepared and filed by certain regulated companies. »

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. »

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