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Legal & Regulation

Geoff Ruddick, IMS Fund Services

Independent directors and the split board saga

Wed, 30/09/2015 - 11:32

By Geoff Ruddick (pictured), IMS Fund Services – There has been an extraordinary focus on and trend towards `split boards' in the last few years. For most people the accepted definition of a `split board' is having independent directors from different fiduciary firms. It is considered by some to be the best way to construct a board. In reality this is an overly simplistic definition and assessment of how to recruit and construct an effective and diverse board.  »

BCS streamlines settlement and custody services

BCS streamlines settlement and custody services

Mon, 21/09/2015 - 13:56

BCS Financial Group, a securities broker on the Moscow Exchange, has been granted access to Euroclear, the international central securities depository, through BCS Prime Brokerage Limited. »

CFTC issues interpretative guidance for ‘firm or forced trades’ process by derivatives clearing organisations

CFTC issues interpretative guidance for ‘firm or forced trades’ process by derivatives clearing organisations

Mon, 21/09/2015 - 09:36

The US Commodity Futures Trading Commission’s (Commission) Division of Market Oversight and Division of Clearing and Risk has issued a letter providing the divisions’ view that the use of a “firm or forced trades” process by a derivatives clearing organisation (DCO) to determine the price of certain swaps for which public market prices are not available will not by itself require a DCO to register as a swap execution facility. »

Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

Mon, 21/09/2015 - 09:28

While CFTC Commissioners and staff have in the past asserted that the CFTC has jurisdiction over bitcoin derivatives in speeches and testimony, for the first time the Commission has issued a definitive finding that bitcoin derivative exchanges must register as a SEF or designated contract market.   »

CFTC settles charges against Bitcoin options trading platform operator Coinflip and CEO

CFTC settles charges against Bitcoin options trading platform operator Coinflip and CEO

Fri, 18/09/2015 - 17:38

The CFTC has settled charges against Bitcoin options platform operator Coinflip and its chief executive officer Francisco Riordan for conducting commodity options transactions without complying with the Commodity Exchange Act and CFTC Regulations. »

Malta

Developments and opportunities in Malta

Wed, 16/09/2015 - 10:21

By Dr Michael Xuereb, MFSA – Following several years of fund platform developments, the MFSA has more recently been focusing its efforts on upgrading and enhancing the product structuring framework. »

Joseph M Camilleri, Valletta Fund Services

Fund formation considerations in Malta

Wed, 16/09/2015 - 10:13

When it comes to the formation process, funds in Malta may take different legal forms and with respect to hedge funds, the most popular structure is the SICAV. The formation process is two-fold: »

Jean Farrugia

In profile: the Maltese self‑managed PIF

Wed, 16/09/2015 - 10:03

Malta's PIF regime allows the setting up of three different types of PIFs each based on the profile of the participating investors' taking into consideration their overall wealth and investment experience. The regulations governing each type of fund vary and are lighter in case of PIFs which are intended for promotion to more sophisticated investors.  »

Derek Adler, ifina

The gateway of choice for emerging investment managers

Wed, 16/09/2015 - 09:58

The emergence of complex rules and regulations such as AIFMD and FATCA means that any new manager with visions of running their own hedge fund business must think carefully about the best route to market.  »

Dr Louis de Gabriele

The Recognised Incorporated Cell Company

Wed, 16/09/2015 - 09:54

By Dr Louis de Gabriele (pictured), Camillieri Preziosi Advocates  – In recent years, the Maltese jurisdiction has continued to consolidate its reputation as a fund domicile of choice for fund promoters and managers alike. Having emerged as a cost-effective jurisdiction for funds, Malta boasts a comprehensive yet flexible regulatory framework, together with attractive rates of taxation. The Malta Financial Services Authority ("MFSA") has also played a considerable role in the strengthening of Malta's position as a fund domicile, particularly due to its accessibility, responsiveness, and expediency in the processing of applications.  »

Paul Mifsud

Becoming the EU’s leading securitisation centre

Wed, 16/09/2015 - 09:44

Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (`EWSM'); a joint venture between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.  »

Stefania Grech

Fund structure ecosystem continues to grow

Wed, 16/09/2015 - 09:41

Following Malta's implementation of the Alternative Investment Fund Managers Directive (AIFMD), it is possible to set-up Alternative Investment Funds (AIFs) in Malta in accordance with the AIFMD.  »

James Williams, Hedgeweek

Loan vehicles could become integral part of burgeoning funds industry

Wed, 16/09/2015 - 09:38

Malta's financial services industry has been continuously evolving since it joined the EU in 2004. The island has a buoyant banking and insurance sector, a trust and pensions sector, and along with its funds industry, has been growing in the region of 25 per cent per year, based on the MFSA's latest figures.  »

Kenneth Farrugia, FinanceMalta

Malta keeps all options on the table

Wed, 16/09/2015 - 09:31

FinanceMalta was set up in 2007 to holistically promote the various sectors of Malta's financial industry. FinanceMalta not only focuses on the fund management industry but also covers the insurance sector, trust and foundations sector and wealth management and as Kenneth Farrugia (pictured), Chairman of FinanceMalta confirms: "We are also exploring ways for FinanceMalta to support Islamic Finance and Capital Markets in Malta through various initiatives." »

Arthur J Gallagher enhances IMI Pro

Arthur J Gallagher enhances IMI Pro

Fri, 11/09/2015 - 14:37

Arthur J Gallagher has enhanced its liability and crime insurance solution for investment managers IMI Pro to provide its broadest cover yet. »

CFTC issues proposed amendments to swap data recordkeeping and reporting requirements for cleared swaps

CFTC issues proposed amendments to swap data recordkeeping and reporting requirements for cleared swaps

Thu, 20/08/2015 - 15:42

The US Commodity Futures Trading Commission (CFTC) has voted to propose amendments to existing regulations in order to provide additional clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap transactions; and to improve the efficiency of data collection and maintenance associated with the reporting of the swaps involved in a cleared swap transaction. »

SEC charges ITG with operating secret trading desk and misusing dark pool subscriber trading info

SEC charges ITG with operating secret trading desk and misusing dark pool subscriber trading info

Thu, 13/08/2015 - 13:59

ITG Inc and its affiliate AlterNet Securities have agreed to pay USD20.3 million to settle SEC charges that they operated a secret trading desk and misused the confidential trading information of dark pool subscribers. »

BATS files client suspension rule to expedite action against customers engaging in layering and spoofing

BATS files client suspension rule to expedite action against customers engaging in layering and spoofing

Fri, 31/07/2015 - 07:22

BATS Global Markets (BATS) has filed with the Securities and Exchange Commission the BATS Client Suspension Rule, which would enable the company to take swifter action to prohibit manipulative behaviour, such as spoofing and layering, on the BATS Exchanges. »

CFTC issues letter exempting CTAs from CTA-PR form filing

CFTC issues letter exempting CTAs from CTA-PR form filing

Fri, 24/07/2015 - 13:53

The US Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a letter that exempts commodity trading advisors (CTAs) that are registered but do not direct any client commodity interest accounts from filing Commission Form CTA-PR. »

CFTC extends designation of DTCC-SWIFT as LEI Provider

CFTC extends designation of DTCC-SWIFT as LEI Provider

Tue, 21/07/2015 - 11:19

In order to continue the transition to a global system of legal entity identification, the US Commodity Futures Trading Commission (Commission) has issued an Order extending the designation of the utility operated by DTCC-SWIFT as the provider of legal entity identifiers, or LEIs, pursuant to the Commission’s swap data recordkeeping and reporting rules. »

Jeremy cox

Bermuda positions to meet EU fund regime standards

Mon, 20/07/2015 - 14:08

A collaborative effort by Bermuda’s regulator and government, supported by industry stakeholders and the Bermuda Business Development Agency (BDA), has lined up new legislation to position the Island as a strong contender among jurisdictions vying to meet European standards set for alternative fund managers. »

Monique Mel

FCA fines firms and individuals over GBP1bn for market integrity breaches

Wed, 15/07/2015 - 13:58

The FCA fined firms and individuals a total of GBP1.23 billion in 2014 for market integrity related breaches, which included abusive market behaviour such as: manipulation, insider dealing, FX failings and benchmark (i.e. Libor) manipulation.  »

Marshall Bailey, president of ACI Financial Markets Association

ACI Financial Markets Association welcomes FEMR review…

Thu, 11/06/2015 - 17:28

Marshall Bailey (pictured), president of ACI Financial Markets Association, comments on the release of the Fair and Effective Markets Review (FEMR)… »

Joseph Bannister, MFSA

Malta continues to innovate with introduction of securitisation cell legislation

Wed, 10/06/2015 - 16:49

For London-based managers who are still trying to get their heads around the various machinations of the AIFMD, and where best to set up an EU-regulated fund, help is on its way.  »

Raj Purmessur, Head of Fund Services Bangalore, Deutsche Bank

Risk management framework for fund managers: The Deutsche Bank advantage

Mon, 08/06/2015 - 15:49

In today’s increasingly complex and evolving regulatory environment, fund managers expect their providers to have a sophisticated risk management framework that meets global, regional and local standards. »

retirement

Silver Law Group investigates retirement advisors who falsely promoted alternative investments

Tue, 26/05/2015 - 09:00

Silver Law Group is investigating claims against a pair of self-described retirement planners who are alleged to have falsely promoted to customers the safety and profitability of interest in life settlements. »

regulation books

Barclays to pay USD400m to settle CTFC forex benchmark rate manipulation charges

Wed, 20/05/2015 - 15:26

Barclays Bank is to pay USD400 million to settle US CFTC charges that it engaged in the attempted manipulation and false reporting of global foreign exchange (forex) banchmark rates to benefit the positions of certain traders. »

Jordan Schwartz, Director of Global Software Solutions, Cordium

A manager’s compliance filing cabinet

Tue, 19/05/2015 - 11:00

On 15 April 2015, Cordium, a leading global compliance consulting, accounting, tax and software provider to the financial services industry, introduced a new compliance software solution called Pilot.  »

Behind bars

Former hedge fund controller Herzing jailed for four years for embezzling more than USD9m

Tue, 28/04/2015 - 11:15

Lawrence J Herzing, the former controller of Contrarian Capital Management, has been sentenced to four years in prison after being found guilty of embezzling more than USD9 million from the Greenwich-based hedge fund. »

gavel and scales

Madoff Trustee seeks release of USD1.249bn from customer fund reserves

Fri, 17/04/2015 - 06:00

The Trustee for the liquidation of Bernard L Madoff Investment Securities (BLMIS), is seeking the release of USD1.249 billion out of a total USD1.499 billion being held in reserve under a September 2012 Bankruptcy Court order. »

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