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Legal & Regulation

Joined hands

DeAWM partners with CAIA

Thu, 05/06/2014 - 12:01

Deutsche Asset & Wealth Management (DeAWM) has formed a new partnership with the Chartered Alternative Investment Analyst (CAIA) Association. »

Bill Stone, chairman and chief executive officer, SS&C Technologies

SS&C GlobeOp notches up 150 customers for regulatory services

Wed, 04/06/2014 - 14:00

SS&C Technologies is now supporting 150 customers through the SS&C GlobeOp Regulatory Solutions Group, which assists funds of all types with Form PF, FATCA, AIFMD and other compliance and reporting rules. »

Trading screens

ICE Clear Europe secures CFTC order permitting portfolio margining of futures and foreign futures contracts

Tue, 03/06/2014 - 06:03

The Commodity Futures Trading Commission has issued an order granting a request from ICE Clear Europe regarding portfolio margining of futures and foreign futures contracts. »

Canada flag

CFTC issues no-action letter for Canadian swap dealers over quarterly risk exposure reports

Mon, 02/06/2014 - 10:04

The US Commodity Futures Trading Commission (CFTC) has issued a time-limited no-action letter that provides relief to each of the five Canadian banks that are registered with the CFTC as swap dealers. »

Robert Shapiro

ATFA’s Robert J Shapiro and Nancy Soderberg support Argentina's settlement with Paris Club

Fri, 30/05/2014 - 14:49

Following Argentina's agreement to resolve its USD9.7 billion in debts to Paris Club member nations within five years, American Task Force Argentina co-chairs Robert Shapiro and Ambassador Nancy Soderberg have declared their support for Argentina's pledge to act responsibly and encouraged the Argentine government to go further. »

Gavel and scales

SEC charges Chicago-based investment fund manager over Ponzi scheme

Fri, 30/05/2014 - 14:05

The Securities and Exchange Commission (SEC) has issued fraud charges and an asset freeze against an investment fund manager accused of stealing money from investors to pay personal and business expenses. »

Up arrow

Regulators’ expenditure increases by nearly 60 per cent in recent years

Wed, 28/05/2014 - 12:00

US, UK and Hong Kong financial services regulators have increased their expenditure over the last seven years by 59.4 per cent, an average of 8.075 per cent each year, since the end of fiscal year 2006/07, according to Kinetic Partners. »

Report

Clearstream issues monitoring report to help depositary banks comply with AIFMD

Tue, 27/05/2014 - 15:00

Clearstream has issued the Domestic Markets Monitoring Report to support depositary banks in managing their new obligations as stipulated by the Alternative Investment Fund Manager Directive (AIFMD). »

Regulation

CFTC provides new guidance for delegating CPOs

Tue, 27/05/2014 - 10:07

Certain commodity pool operators (delegating CPOs) delegating investment management authority to registered CPOs (designated CPOs) will be able to request relief from CPO registration using a new “standardized, streamlined approach”. »

Liquidity

Acting CFTC chairman Mark Wetjen announces three actions to protect liquidity

Mon, 26/05/2014 - 16:00

The Commodity Futures Trading Commission’s acting chairman Mark Wetjen and commissioner Scott O’Malia have announced three actions to benefit utility special entities, further consider certain hedging practices for commercial market participants, and promote end-user trading on swap execution facilities (SEFs) and designated contract markets (DCMs).  »

Gavel

Supreme Court LLP 'whistle-blowing' ruling is good news

Thu, 22/05/2014 - 09:34

Michelle Chance, Partner, Employment and Partnership law, at Kingsley Napley LLP comments on the Supreme Court judgment determining that LLP members should be defined as workers in respect of the Public Interest Disclosure Act 1998… »

Risk

ALFI and ALRIM publish risk management guidelines

Wed, 21/05/2014 - 06:05

The Association of the Luxembourg Fund Industry (ALFI), in association with the Luxembourg Association of Risk Management (ALRiM), has published new risk management guidelines. »

Computer screen

Virtusa and Investor Analytics offer AIFMD reporting for hedge funds and alternative managers

Tue, 20/05/2014 - 10:04

IT service company Virtusa Corporation’s CSalt solution now integrates with Investor Analytics’ risk platform to streamline and simplify Alternative Investment Fund Managers Directive (AIFMD) Annex IV reporting. »

Law books and gavel

CFTC charges RP Martin Holdings with manipulation of Yen Libor

Fri, 16/05/2014 - 11:31

The US Commodity Futures Trading Commission (CFTC) has issued an order against RP Martin Holdings Limited, and its subsidiary Martin Brokers (UK) Limited, filing and settling charges of manipulation and attempted manipulation of the London Interbank Offered Rate (Libor) for Yen.  »

London

ConceptONE to open London office

Thu, 15/05/2014 - 14:02

ConceptONE, a provider of risk and regulatory reporting solutions for the global asset management industry, is opening its first European office in London. »

Regulation

CFTC streamlines CPO registration relief

Wed, 14/05/2014 - 06:31

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) is introducing a streamlined approach for requests for registration of no-action relief from commodity pool operators (CPO) who delegate certain activities to a registered CPO. »

Approved stamp

Central Bank of Ireland approves DMS AIFM passporting application to Luxembourg

Tue, 13/05/2014 - 16:00

DMS Offshore Investment Services has received approval from the Central Bank of Ireland for its AIFM passporting application to Luxembourg. »

Malta

Loan funds in Malta – Licensing and regulation

Mon, 12/05/2014 - 14:09

By Dr Charles Cassar, Malta – The Malta Financial Services Authority (MFSA) has recently clarified its position with respect to the licensing and regulation of loan funds in Malta. In this regard the MFSA issued supplementary standard licence conditions (SLCs) which apply to prospective Malta loan funds in addition to the applicable Investment Services Rules for Alternative Investment Funds/ Investment Services Rules for Professional Investor Funds, depending on whether the loan fund falls within the de minimis thresholds or fully AIFMD complaint regime.  »

Gavel

European Court of Justice decision to result in EUR3bn tax refund for non-EU funds

Fri, 09/05/2014 - 16:10

The European Court of Justice (ECJ) has delivered a landmark ruling that will open the doors for investment funds based outside of the EU to reclaim billions of withholding tax levied by EU governments. »

Letter

CFTC issues no-action letter for OTC Clearing Hong Kong Limited

Fri, 09/05/2014 - 06:00

The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a time-limited no-action letter for OTC Clearing Hong Kong Limited. »

Frozen assets

SEC freezes assets of hedge fund advisory firm Aphelion Fund Management

Thu, 08/05/2014 - 16:00

The Securities and Exchange Commission (SEC) has charged Aphelion Fund Management and two executives with fraud for distributing falsified performance results to prospective investors in two hedge funds. »

Regulation

SGSS Ireland launches Depositary Lite service offering

Wed, 30/04/2014 - 06:30

Societe Generale Securities Services (SGSS) Ireland has launched a “Depositary Lite” service offering to support European and non-European asset managers in meeting the requirements of the AIFMD. »

Gavel

Tunney & Associates to pay USD100,000 penalty for improper audits of FCM

Wed, 30/04/2014 - 06:02

Accounting firm Tunney & Associates (T&A) and owner Michael Tunney are to pay a USD100,000 civil monetary penalty for violating CFTC Regulations when conducting audits for The Linn Group (TLG). »

Perrie Michael Weiner, DLA Piper

SEC to funds: If you tell others what you hold or what you intend to buy, you “cross the line.” Funds to SEC: “Really?”

Mon, 28/04/2014 - 14:18

By Perrie Michael Weiner (pictured) and Patrick Hunnius at international law firm DLA Piper – In the past few weeks, there has been much press attention and debate regarding the legal i »

Computer screen

Cordium partners with IVP to offer AIFMD Annex IV and Form PF reporting solution

Fri, 25/04/2014 - 06:02

Cordium, a provider of compliance consulting, accounting, tax and software, is partnering with financial services technology specialist Indus Valley Partners (IVP) to help clients meet the Alternative Investment Fund Managers Directive’s (AIFMD) stringent Annex IV reporting requirements. »

Gavel

SEC charges technology company insider with tipping information exploited by hedge funds

Thu, 24/04/2014 - 10:17

The Securities and Exchange Commission has filed insider trading charges against a former accounting manager at Nvidia Corp, who tipped a friend with confidential company information that set in motion a chain of tipping and illegal trading among a network of hedge fund traders who reaped millions of dollars in illicit gains. »

Announcement

HFSB launches ‘governance and internal processes’ toolbox

Thu, 17/04/2014 - 06:40

The Hedge Fund Standards Board (HFSB) has launched a Toolbox to provide guidance to managers and investors on issues relating to fund manager governance and internal processes. »

Social media

SEC allows broader use of social media for investment manager advertising

Wed, 16/04/2014 - 06:03

The US Securities and Exchange Commission (SEC) has issued guidance to assist investment managers in applying Section 206(4) of the Investment Advisers Act of 1940 to their use of social media.  »

Electronic trading floor

CFTC issues ‘no-action letter’ for swaps trading on EU multilateral trading facilities

Thu, 10/04/2014 - 16:00

The Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight (DMO) and Swap Dealer and Intermediary Oversight (DSIO) have issued a no-action letter with respect to swaps trading on multilateral trading facilities overseen by authorities designated by European Union member states. »

Fiona Le Poidevin, Guernsey Finance

What a third country offers asset managers under AIFMD

Tue, 08/04/2014 - 16:42

AIMA CEO Andrew Baker recently commented that the complicated nature of AIFMD, the different interpretations of EU Member States and variety of approaches from third countries meant that fund managers are facing complex choices. Here, Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance, explores what a third country can offer asset managers under AIFMD. »

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