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Legal & Regulation

Court freezes assets of Chicago commodity pool in USD1m anti-fraud case

Court freezes assets of Chicago commodity pool in USD1m anti-fraud case

Mon, 02/11/2009 - 15:59

The US Commodity Futures Trading Commission has obtained an emergency court order freezing assets held by defendants Raleigh Capital Management of Chicago and its sole principal, Richmond Hamilton, Jr., who resides in Morocco. »

ASIC starts civil proceedings against former officers of MFS

ASIC starts civil proceedings against former officers of MFS

Mon, 02/11/2009 - 12:07

The Australian Securities and Investments Commission has commenced civil proceedings in the Supreme Court of Queensland against three subsidiary companies of the formerly listed MFS (now known as Octaviar) and four former officers and one manager of MFS Investment Management. »

Guernsey welcomes conclusions of Foot Review

Guernsey welcomes conclusions of Foot Review

Mon, 02/11/2009 - 06:00

The States of Guernsey has welcomed the final report of the Foot Review, which examines the long-term opportunities and challenges facing British Crown Dependencies and overseas territories as financial centres. »

Edhec welcomes consultations on Ucits depositary function

Edhec welcomes consultations on Ucits depositary function

Sun, 01/11/2009 - 15:58

A recent Edhec position paper has welcomed the European Commission’s consultation on the Ucits depositary function, but stresses that an in-depth study of the regulations and practices of those who are part of the value chain is necessary. »

Australian Court approves compensation for Westpoint investors

Australian Court approves compensation for Westpoint investors

Sun, 01/11/2009 - 13:43

The Federal Court of Australia has approved the settlement of a compensation claim to clients who were advised by Professional Investment Services to invest in the failed Westpoint Group. »

Jersey Finance welcomes review of British offshore financial centres

Jersey Finance welcomes review of British offshore financial centres

Sun, 01/11/2009 - 11:59

Jersey Finance has welcomed the conclusions of the Review of British Offshore Financial Centres, which was launched in November last year when Michael Foot was asked to review the opportunities and challenges facing British Crown Dependencies and overseas territories that had significant financial centres. »

BNY Mellon subsidiary receives banking licence in Ireland

BNY Mellon subsidiary receives banking licence in Ireland

Fri, 30/10/2009 - 07:03

BNY Mellon has received approval from the Irish Financial Regulator to establish a new bank licensed entity in Ireland. »

Comment: Much ado about nothing?

Comment: Much ado about nothing?

Fri, 30/10/2009 - 06:00

At first glance, it would be easy to say that the report by former UK regulator Michael Foot on the three British crown dependencies and six other overseas territories was a statement of the blindingly obvious. And possibly at second glance, too. »

Asset managers embrace arrival of Ucits IV, survey finds

Asset managers embrace arrival of Ucits IV, survey finds

Mon, 26/10/2009 - 14:17

A survey published by RBC Dexia Investor Services and KPMG shows how some of Europe's largest asset managers plan to capitalise on Ucits IV and identifies how these reforms will contribute to wider changes across the European investment fund landscape. »

Gibraltar joins OECD tax information exchange white list

Gibraltar joins OECD tax information exchange white list

Sun, 25/10/2009 - 10:57

Following the signing of tax information exchange agreements with Finland, Greenland and Faroe Islands, Gibraltar has now signed 13 such agreements and has accordingly been transferred by the OECD onto its white list. »

Bermuda Monetary Authority forms initiative to improve disclosure practices

Bermuda Monetary Authority forms initiative to improve disclosure practices

Sun, 25/10/2009 - 09:38

The Bermuda Monetary Authority has established a joint initiative with industry representatives and the Pensions Commission aimed at improving disclosure practices among Bermuda pension providers and investment firms. »

Regulators should move slowly on high-frequency trading, says Greenwich

Regulators should move slowly on high-frequency trading, says Greenwich

Thu, 22/10/2009 - 14:11

Institutional investors around the world would support new regulations on high-frequency trading, but much of this support appears centered on specific practices such as the use of flash orders, a survey by Greenwich has revealed. »

Deutsche Börse and Eurex support OTC derivatives market proposals

Deutsche Börse and Eurex support OTC derivatives market proposals

Thu, 22/10/2009 - 12:01

Deutsche Börse and Eurex have welcomed the communication issued by the EU Commission which aims to reduce systemic risks in the over-the-counter derivatives market. »

Hedge funds warned of regulatory backlash by Dutch manager

Hedge funds warned of regulatory backlash by Dutch manager

Tue, 20/10/2009 - 12:05

Hedge funds and private equity houses need to be prepared for a backlash in the wake of the credit crisis, according to Roland van den Brink, board member at Mn Services. »

Queensland investment scheme promoter jailed

Queensland investment scheme promoter jailed

Mon, 19/10/2009 - 16:03

Brett Tony Best of Middle Park, Brisbane, has been sentenced to 13 years imprisonment for various charges related to operating an unregistered managed investment scheme while director of Arafura Equities. »

Guernsey reviews corporate tax regime

Guernsey reviews corporate tax regime

Mon, 19/10/2009 - 15:58

Guernsey is reviewing its corporate tax regime in line with its agreed fiscal and economic strategy. »

CFTC and SEC issue joint report on regulatory harmonization

CFTC and SEC issue joint report on regulatory harmonization

Mon, 19/10/2009 - 11:07

The Commodity Futures Trading Commission and the Securities and Exchange Commission have issued a joint report identifying areas where the agencies’ regulatory schemes differ and recommending actions to address those differences, where appropriate. »

CFTC charges Florida resident and his Panamanian corporation with fraud and misappropriation

CFTC charges Florida resident and his Panamanian corporation with fraud and misappropriation

Mon, 19/10/2009 - 06:00

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action against Trader’s International Return Network (TIRN), a Panamanian corporation, and its president David Merrick of Apopka, Florida, charging them with solicitation fraud and misappropriation of customer funds involving at least USD16.4 million. »

Directive must not undermine benefits of investment companies, says AIC

Directive must not undermine benefits of investment companies, says AIC

Tue, 13/10/2009 - 13:45

The Association of Investment Companies says the proposed Alternative Investment Fund Managers Directive fails to take account of the benefits the investment company structure provides for shareholders.  »

Chatham Financial testifies in OTC derivatives legislation hearing

Chatham Financial testifies in OTC derivatives legislation hearing

Mon, 12/10/2009 - 11:16

Chatham Financial, an interest rate and foreign exchange risk management adviser, has testified before the House Financial Services Committee hearing on derivatives legislation. »

Funds debate reveals Guernsey is aiming for EU equivalence

Funds debate reveals Guernsey is aiming for EU equivalence

Mon, 12/10/2009 - 05:50

Leaders from Guernsey’s funds industry have revealed that the island is aiming to achieve equivalence with the EU in light of the proposed Directive on Alternative Investment Fund Managers. »

Aima signals new phase of engagement on alternatives directive

Aima signals new phase of engagement on alternatives directive

Thu, 08/10/2009 - 16:07

The Alternative Investment Management Association has signalled a new phase of engagement with European policymakers on the European Commission’s draft Directive on Alternative Investment Fund Managers. »

CFTC asks whether 17 contracts perform significant price discovery functions

CFTC asks whether 17 contracts perform significant price discovery functions

Thu, 08/10/2009 - 10:42

The US Commodity Futures Trading Commission has issued a notice of intent to undertake a determination whether 17 contracts offered for trading on the IntercontinentalExchange perform significant price discovery functions.  »

MFA reaffirms support for enhancing oversight of private pools of capital

MFA reaffirms support for enhancing oversight of private pools of capital

Wed, 07/10/2009 - 16:03

The Managed Funds Association has reaffirmed its support for proposals that would enhance the transparency and regulatory oversight over private pools of capital, including hedge funds and managed futures funds. »

SEC approves new exchange rules for breaking erroneous trades

SEC approves new exchange rules for breaking erroneous trades

Wed, 07/10/2009 - 11:58

The Securities and Exchange Commission has approved new exchange rules for breaking stock trades that deviate so substantially from current market prices that they are considered “clearly erroneous”. »

BVI upgrades annual fund returns procedure

BVI upgrades annual fund returns procedure

Mon, 05/10/2009 - 06:30

The British Virgin Islands Financial Services Commission has introduced a new electronic reporting system for filing annual fund returns. »

Luxembourg to exempt microfinance investment funds from subscription tax

Luxembourg to exempt microfinance investment funds from subscription tax

Sun, 04/10/2009 - 14:37

In its proposal for the State Budget 2010, to be adopted by the Luxembourg Parliament in December, the Luxembourg Government has included an exemption from subscription tax for microfinance investment funds. »

Butterfield Fulcrum licensed by Irish Financial Services Regulatory Authority

Butterfield Fulcrum licensed by Irish Financial Services Regulatory Authority

Thu, 01/10/2009 - 11:56

Butterfield Fulcrum Group (Ireland), an alternative fund administration company, has been licensed to provide fund administration services by the Irish Financial Services Regulatory Authority. »

PrimeFundSolutions Luxembourg licence is approved

PrimeFundSolutions Luxembourg licence is approved

Tue, 29/09/2009 - 15:52

PrimeFundSolutions has received approval of its Luxembourg licence applications by the Luxembourg regulator CSSF and by the Luxembourg Minister of Finance. »

UK dithering is harming Cayman business, says CIFSA

UK dithering is harming Cayman business, says CIFSA

Mon, 28/09/2009 - 11:37

The delay by the British Government in signing off on funding arrangements in the Cayman Islands is becoming a major cause for concern among leading business practitioners, according to the Cayman Islands Financial Services Association. »

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Switzerland Hedge Fund Services 2015

Tue, 24/02/2015 - 19:14

New regulations are allowing hedge fund managers and institutional investors to take advantage of fresh opportunities in the Swiss market, from innovative new fund platforms to new fund strategies and structures that provide significant portfolio diversification opportunities... »

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The attraction of incubator platforms has increased noticeably in recent years. New hedge funds face a Sisyphus-like task getting up and running as global regulation and compliance pushes costs up, whilst investors simultaneously expect to see institutional quality operations in place from day one.    ... »

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Read how managers seeking to distribute in Europe can appoint a third party AIFM (or ManCo), and the fund distribution benefits this can bring, both for new fund launches and redomiciled funds... »

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Richard A Kimball Jr, CEO, HEXL

Healthcare costs continue to spiral out of control and yet still achieve relatively poor outcomes, says Richard A Kimball Jr (pictured), CEO of HEXL… ... »

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Six trends shaping the next generation

Tue, 10/02/2015 - 08:01

Just 20 years ago, exchange-traded funds (ETFs) were novelties. Now, after two decades of explosive growth, they are firmly entrenched in the asset management landscape. Total US-listed ETF assets reached a record-setting USD2.0 trillion at the end of 2014, up from USD1.7 trillion a year earlier, and inflows totaled USD244 billion for the year. European ETFs also saw record flows in 2014; they attracted USD61.4 billion in new assets, more than three times the 2013 total. ... »

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