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Legal & Regulation

Irish flag

Ireland removes requirement for non-resident declarations by fund investors

Sun, 22/08/2010 - 13:27

Dechert’s Declan O’Sullivan and Conor Durkin outline recent changes in revenue practice under which Irish funds may obtain an exemption from the Irish Revenue Commissioners making it easier for investors to subscribe for shares/units in an Irish fund. »

Amir H. Alavi, Ahmad, Zavitsanos & Anaipakos

Delaware court clears way for coordination of hedge fund investors

Wed, 18/08/2010 - 13:53

Attorneys from Houston's Ahmad, Zavitsanos & Anaipakos have helped a hedge fund investor earn a ruling at the Delaware Supreme Court that will allow investors in failed hedge funds to investigate their losses as a group while coordinating potential legal actions. »

Electronic trading floor

Iosco publishes principles for direct electronic access to markets

Mon, 16/08/2010 - 06:23

The technical committee of the International Organization of Securities Commissions has published principles designed to guide intermediaries, markets and regulators on the areas of pre-conditions for direct electronic access, information flow and adequate systems and controls. »

Brian Fahey, TerraNua chief executive

TerraNua launches latest version of MyComplianceOffice

Wed, 11/08/2010 - 12:15

TerraNua, a provider of investment compliance solutions, has launched a new version of MyComplianceOffice for hedge fund and private equity firms. »

Law books and gavel

Court of Appeal overturns judgements in Lehman client money case

Wed, 04/08/2010 - 07:03

The Court of Appeal has handed down its judgment on the appeals made against Justice Briggs’ judgments in an application for directions brought by the joint administrators of Lehman Brothers International (Europe) (in administration). »

Guernsey plans timing for move to automatic exchange of information

Guernsey plans timing for move to automatic exchange of information

Thu, 29/07/2010 - 06:30

Guernsey’s government plans to give financial institutions a window from 1 January 2011 to 1 July 2011 for moving to automatic exchange of information. »

Regulation

Dodd-Frank Act changes regulatory regime for investment advisers

Tue, 27/07/2010 - 10:25

The Dodd-Frank Wall Street Reform and Consumer Protection Act will significantly change the regulatory regime governing investment advisers, particularly investment advisers to private funds, such as hedge funds and private equity funds, a report by law firm Pillsbury says. »

ETFs

Pillsbury warns hedge funds about ETF ownership limits

Mon, 26/07/2010 - 10:19

Law firm Pillsbury says hedge funds should be aware that substantially increasing their long positions in exchange-traded funds could result in a violation of the ownership limit set forth in the Investment Company Act of 1940. »

Guernesy

Butterfield Fulcrum says reorganisation will not mean business leaving Guernsey

Mon, 26/07/2010 - 08:03

Staff changes at its Guernsey office is not a precursor to the transfer of fund administration operations outside the island, according to alternative fund service provider Butterfield Fulcrum Group. »

Disclosure

ASIC updates disclosure guidance for capital protected products

Thu, 22/07/2010 - 14:17

The Australian Securities and Investments Commission has released a report outlining its key findings from a review of selected product disclosure statements for capital protected products and other structured or derivative products marketed to retail investors. »

Prison bars

Christopher Koch sentenced to 13 years in jail

Thu, 22/07/2010 - 12:52

Former high profile motivational speaker Christopher Philip Koch has been sentenced in the Melbourne County Court to 13 years and two months jail on charges brought by the Australian Securities and Investments Commission. »

Abdulla Al Awar, chief executive of the DIFC Authority

Dubai makes changes to collective investment funds regime

Wed, 21/07/2010 - 16:08

The Dubai International Financial Centre Authority has welcomed a series of regulatory changes to the DIFC’s collective investment funds regime. »

Matthew Hudson, MJ Hudson

Private equity lawyer launches law firm MJ Hudson

Mon, 19/07/2010 - 06:03

Private equity lawyer Matthew Hudson has formed a new law firm, MJ Hudson, to provide legal advice on the formation of specialist investment funds and structuring deals. »

Kevin McNulty, Isla’s chief executive

Isla unsure what benefit German ban on naked short selling holds

Mon, 12/07/2010 - 14:13

The International Securities Lending Association says it is disappointed in Germany’s decision to ban the naked short selling of certain assets, including the prohibition of credit default swaps on government bonds. »

ISLA chief executive Kevin McNulty

ICMA and ISLA partner on global master agreements workshops

Tue, 06/07/2010 - 14:18

The International Capital Market Association and the International Securities Lending Association will partner to hold joint public workshops on the Global Master Repurchase Agreement and the Global Master Securities Lending Agreement. »

Ponzi scheme

Madoff Ponzi effect influences investor due diligence

Wed, 30/06/2010 - 12:07

As a result of recent frauds and Ponzi schemes, a Madoff effect has developed, altering the nature and scope of investor due diligence, according to a study by Corgentum Consulting. »

Survey

IFA consultation into life settlement industry launched

Mon, 28/06/2010 - 10:47

The European Life Settlement Association has launched a retail market consultation into the practices and issues surrounding life settlements. »

Document signing

CFTC issues exemption to Bursa Malaysia Derivatives

Thu, 24/06/2010 - 06:05

The Commodity Futures Trading Commission has issued an order to Bursa Malaysia Derivatives permitting designated Bursa Malaysia members to solicit and accept orders and customer funds directly from US customers for trading on that exchange without having to register with the CFTC as futures commission merchants.  »

Kevin McNulty, chief executive of Isla

Isla urges European Commission to harmonise short selling regulation

Wed, 23/06/2010 - 16:04

The International Securities Lending Association is urging consistent and proportionate regulation for short selling, in response to a current European Commission consultation exercise. »

Peter Niven, chief executive of Guernsey Finance

Guernsey Finance welcomes tax consultation document

Wed, 23/06/2010 - 13:15

The Guernsey Government’s publication of a consultation document on its future corporate tax regime has been welcomed by the promotional agency for the island’s finance industry. »

Short selling

ASIC starts reporting of short positions

Wed, 23/06/2010 - 05:54

The Australian Securities & Investments Commission has started daily reporting of aggregated short positions, which will be published on the ASIC website. »

Gibraltar

Gibraltar ends distinction between onshore and offshore business

Sun, 20/06/2010 - 14:05

The government of Gibraltar has published the text of the new, amended and consolidated Income Tax Act, which ends all distinction between “onshore” and “offshore” business. »

Islamic

Islamic banking regulation to be implemented in Afghanistan

Fri, 18/06/2010 - 06:19

H.E. Abdul Qadir Fitrat, governor of the Central Bank Afghanistan, says the regulation of Islamic banking in Afghanistan should be implemented in the country within next two months. »

Fraud

SEC charges money manager and firm touting ties to Belgian royal family

Tue, 15/06/2010 - 16:04

The Securities and Exchange Commission has charged a New York-based money manager and his firm with fraud for touting investments he claimed were tied to the Chimay royal family of Belgium, and then stealing millions of dollars to pay his divorce lawyers and the mortgage on his house in the Hamptons. »

Barred

CFTC denies OCC rule amendment

Tue, 15/06/2010 - 10:39

The Commodity Futures Trading Commission has issued a notice of non-approval of a rule amendment submitted by the Options Clearing Corporation.  »

SFA chief executive Matthäus Den Otter

Implications of alternatives directive unclear, says Swiss Funds Association

Tue, 15/06/2010 - 06:15

The Swiss hedge fund industry is well positioned but the implications of the Directive on Alternative Investment Fund Managers are still unclear, the Swiss Funds Association says. »

Jane Diplock, chairman of Iosco's executive committee

Securities regulators adopt new principles and increase focus on systemic risk

Sun, 13/06/2010 - 14:24

The International Organization of Securities Commissions has published its revised Objectives and Principles of Securities Regulation to incorporate eight new principles, based on the lessons learned from the recent financial crisis and subsequent changes in the regulatory environment. »

Regulation books

CFTC proposes rule for co-location/proximity hosting services

Sun, 13/06/2010 - 11:58

The Commodity Futures Trading Commission has proposed a rule that specifies requirements for designated contract markets, derivatives transaction execution facilities and exempt commercial markets that list significant price discovery contracts and offer co-location and/or proximity hosting services to market participants.  »

Regulation

Fund managers face regulatory challenges, says Northern Trust

Thu, 10/06/2010 - 06:25

Northern Trust says that if investment managers are to navigate the intricacies of pending new European regulations they cannot look at each regulation in isolation. »

Gavel

FSA levies largest ever fine of GBP33.32m on JPMorgan Securities

Fri, 04/06/2010 - 06:04

The UK’s Financial Services Authority has fined JPMorgan Securities GBP33.32m for failing to protect client money by segregating it appropriately. »

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