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Legal & Regulation

Frozen assets

SEC freezes assets of missing Georgia-based investment adviser

Thu, 05/07/2012 - 06:00

The Securities and Exchange Commission has obtained a court order to freeze the assets of a Georgia-based investment adviser who has apparently gone into hiding after orchestrating a USD40m investment fraud. »


SEC charges Peter Madoff with fraud and false statements to regulators

Mon, 02/07/2012 - 15:58

The Securities and Exchange Commission has charged Peter Madoff, the brother of Bernie Madoff, with committing fraud, making false statements to regulators, and falsifying books and records in order to create the false appearance of a functioning compliance programme over Madoff’s fraudulent investment advisory operations. »

Approved stamp

CFTC approves guidance on cross-border application of Dodd-Frank swaps provisions

Mon, 02/07/2012 - 14:03

The Commodity Futures Trading Commission has approved for public comment proposed interpretive guidance regarding the cross-border application of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Commission’s regulations. »

Report with magnifying glass

ESMA proposes remuneration guidelines for alternative investment fund managers

Mon, 02/07/2012 - 11:23

The European Securities and Markets Authority has published a consultation paper on proposed guidelines on remuneration of alternative investment fund managers.  »

Blue information sign

Liffe terminates clearing relationship with LCH.Clearnet

Fri, 29/06/2012 - 14:43

NYSE Euronext’s London derivatives market, LIFFE Administration and Management (LIFFE) has now given formal notice of termination with respect to the services currently received from LCH.Clearnet Ltd under the Clearing Relationship Agreement to support NYSE Liffe Clearing, NYX’s London-based derivatives clearing service.  »

Steven Maijoor, Chair, ESMA

ESMA proposes rules on derivatives central counterparties and trade repositories

Wed, 27/06/2012 - 10:00

The European Securities and Markets Authority (ESMA) has launched a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which is aimed at improving the functioning of OTC derivatives markets in the European Union (EU).   »

Judgement hammer

New BVI Business Companies Act expected by year end

Tue, 19/06/2012 - 06:00

A Bill to amend the BVI Business Companies 2004 (the BC Act) has been introduced in the BVI’s House of Assembly. The Bill, and the BVI Business Companies Regulations 2012 (“Regulations”), have also been published in the official BVI Gazette.  »

Prison bars

Former Goldman Sachs director Rajat Gupta guilty of fraud

Mon, 18/06/2012 - 10:47

Rajat Gupta a former Goldman Sachs board member has been convicted on insider trading charges by a court in New York. »

Jonathan Cohn, a principal for IT strategy and performance.  KPMG

KPMG and AxiomSL team up to assist investment advisers with Form PF

Fri, 15/06/2012 - 11:32

KPMG has formed an alliance with Axiom Software Laboratories, Inc. (AxiomSL), a provider of regulatory reporting and risk management solutions, to address new regulatory requirements facing investment advisors, including Form PF. »

Alex Ohlsson,  managing partner, Carey Olsen

Carey Olsen to offer Cayman Islands and BVI legal services

Thu, 14/06/2012 - 06:00

Carey Olsen is extending its legal service offering to include the jurisdictions of the Cayman Islands and the British Virgin Islands (BVI). »

Regulation under the magnifying glass

Reliance on the 4.13(a)(3) Exemption from Registration as a Commodity Pool Operator

Fri, 08/06/2012 - 09:37

The Commodity Futures Trading Commission (CFTC) recently approved amendments to various CFTC regulations relating to registration as a commodity pool operator (CPO), says Seward & Kissel LLP… »


HFA asks SEC for clearer rules on vetting investors

Wed, 06/06/2012 - 15:00

The Hedge Fund Association, an international organisation that represents hedge funds, service providers and investors, believes liberalised advertising and solicitations rules contained in the new Jumpstart Our Business Startups (JOBS) Act would help hedge funds raise assets and “encourage emerging managers to continue to enter the industry.”  »

Judgement hammer

CFTC orders Morgan Stanley & Co to pay USD5m civil penalty over unlawful trades

Wed, 06/06/2012 - 06:30

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges that, over an 18-month period, Morgan Stanley & Co LLC (Morgan Stanley), a registered futures commission merchant (FCM), unlawfully executed, processed, and reported numerous off-exchange futures trades to the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) as exchanges for related positions (EFRPs). »


SEC charges additional defendants over USD90m Ponzi scheme

Tue, 05/06/2012 - 16:00

The Securities and Exchange Commission has amended its complaint against New York investment adviser, Brian Raymond Callahan, and Callahan’s investment advisory firms, Horizon Global Advisors Ltd, and Horizon Global Advisors, LLC, in the SEC’s emergency action filed on 5 March, 2012 that halted an ongoing USD90 million Ponzi scheme. »

Information sign

ASIC provides update on Trio

Tue, 05/06/2012 - 15:00

The Australian Securities and Investments Commission has provided an update on the work relating to the collapse of Trio Capital. »

Olivier Sciales, Chevalier & Sciales

AIFM Directive – Analysis highlights Commission’s divergence from Esma level 2 proposals

Wed, 30/05/2012 - 11:10

By Olivier Sciales of Chevalier & Sciales – The Alternative Investment Management Association has published an analysis of the divergences it has identified between the European Commission’s draft Level 2 regulation implementing the Alternative Investment Fund Managers Directive and the technical advice provided to the Commission last November by the European Securities and Markets Authority. »

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. »



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