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Legal & Regulation

German flag

Germany’s measures on sovereign debt markets counterproductive, says Edhec

Sun, 23/05/2010 - 11:10

The Edhec-Risk Institute believes the unilateral measures taken by Chancellor Merkel on the sovereign debt markets, both on the short selling of sovereign bonds and credit default swaps, are counterproductive, inconsistent and liable to hinder European growth. »

Mary Schapiro, Chairman, Securities and Exchange Commission (SEC)

SEC proposes stock-by-stock circuit breaker rule

Thu, 20/05/2010 - 11:57

In response to the market disruption of 6 May, the SEC and the Financial Industry Regulatory Authority (FINRA) are proposing new rules under which they would pause trading in certain individual stocks if the price moves 10 per cent or more in a five-minute period. »

Andrew Baker, chief executive of Aima

Ecofin proposals on alternatives directive impractical, says Aima

Thu, 20/05/2010 - 10:43

The Alternative Investment Management Association says it is concerned that many of the proposals in the texts of the Alternative Investment Fund Managers Directive discussed by the European Parliament’s Economic and Monetary Affairs Committee and European finance ministers at the Ecofin meeting are impractical and unworkable. »

Law books and gavel

KPMG challenges ASIC's action for Westpoint investors

Wed, 19/05/2010 - 16:08

The Australian Securities and Investments Commission says it will vigorously defend the constitutional challenge that accounting firm KPMG has initiated in the High Court of Australia against the Commonwealth of Australia and ASIC. »

Market

NYSE Euronext welcomes SEC decision on single-stock circuit breakers

Wed, 19/05/2010 - 15:20

NYSE Euronext has welcomed the Securities and Exchange Commission’s move to gain the agreement of exchanges and trading venues on the implementation of industry-wide single-stock circuit breakers.  »

Magnifying glass

MEPs call for more transparency around hedge funds

Wed, 19/05/2010 - 06:10

The European Parliament’s Economic and Monetary Affairs Committee has adopted its position on the draft EU law regulating managers of alternative investment funds, including hedge funds. »

Strategic Life Settlement Fund receives regulatory approval

Strategic Life Settlement Fund receives regulatory approval

Tue, 18/05/2010 - 10:36

PCE Investors has received regulatory approval from the Irish Financial Regulator for The Strategic Life Settlement Fund, a limited liquidity investment company with variable capital incorporated with limited liability in Ireland. »

Robert Taylor, chief executive at Kleinwort Benson

FSA approves change of control at Kleinwort Benson

Tue, 18/05/2010 - 06:01

RHJ International has received approval from the Financial Services Authority to become the controller of the UK and Channel Islands private bank and wealth management group Kleinwort Benson.  »

Guernsey’s Chief Minister Lyndon Trott

Chief Minister reinforces Guernsey’s tax credentials in Washington

Fri, 14/05/2010 - 05:56

Guernsey’s Chief Minister Lyndon Trott has been reinforcing the island’s position as a leader in tax transparency during meetings with officials in Washington. »

CFTC and SEC create advisory committee on emerging regulatory issues

CFTC and SEC create advisory committee on emerging regulatory issues

Wed, 12/05/2010 - 12:09

Commodity Futures Trading Commission chairman Gary Gensler and Securities and Exchange Commission chairman Mary Schapiro have formed a joint committee that will address emerging regulatory issues.  »

Walkers sees increased demand for insolvency and recovery in Asia

Walkers sees increased demand for insolvency and recovery in Asia

Thu, 06/05/2010 - 13:05

Offshore law firm Walkers says it has seen burgeoning growth in its insolvency and corporate recovery practice, especially in Asia. »

BNP Paribas completes SAS 70 Type 2

BNP Paribas completes SAS 70 Type 2

Wed, 05/05/2010 - 13:50

BNP Paribas has successfully completed a SAS 70 Type 2 examination of its US alternative fund administration, fund of hedge fund custody operations, and general computer controls. »

Law firm Hogan Lovells is launched

Law firm Hogan Lovells is launched

Tue, 04/05/2010 - 10:36

Law firms Hogan & Hartson and Lovells and completed the combination of their two firms. »

Seven contracts on ICE are significant price discovery contracts

Seven contracts on ICE are significant price discovery contracts

Thu, 29/04/2010 - 14:02

The Commodity Futures Trading Commission has determined that seven contracts traded on the IntercontinentalExchange perform significant price discovery functions. »

UK’s FSA files charges against ex-hedge fund trader

UK’s FSA files charges against ex-hedge fund trader

Thu, 29/04/2010 - 07:54

The UK’s Financial Services Authority (FSA) has charged Anjam Ahmad, an ex-hedge fund trader who worked with AKO Capital until last September, with one count of conspiracy to commit insider dealing. »

Aima welcomes French/German statement on alternatives directive

Aima welcomes French/German statement on alternatives directive

Wed, 28/04/2010 - 16:03

The Alternative Investment Management Association has welcomed the statement by the French and German Finance Ministers, Christine Lagarde and Wolfgang Schäuble, that qualified investors should be free to invest in funds from all around the globe irrespective of quality standards set for European hedge funds. »

G20 calls for consistent approach to hedge funds oversight

G20 calls for consistent approach to hedge funds oversight

Tue, 27/04/2010 - 15:16

The Alternative Investment Management Association has welcomed the call by G20 finance officials for a consistent and coordinated approach to the oversight of hedge funds. »

ASIC releases guidance on short selling obligations

ASIC releases guidance on short selling obligations

Mon, 26/04/2010 - 12:30

The Australian Securities and Investments Commission has released regulatory guidance to assist with compliance with new legal requirements under the Corporations Act 2001 and Corporations Regulations 2001 in relation to short selling. »

Bermuda proposes changes to investment provider code

Bermuda proposes changes to investment provider code

Sun, 25/04/2010 - 16:01

The Bermuda Monetary Authority has proposed a series of changes to the general business conduct and practice code of conduct issued under the Investment Business Act 2003 that aim to improve practices among investment providers. »

EU should not stray from G20 path on hedge fund regulation, says Aima

EU should not stray from G20 path on hedge fund regulation, says Aima

Thu, 22/04/2010 - 16:04

The European Union should not diverge from the path already set by the G20 on hedge fund regulation, the Alternative Investment Management Association says. »

SEC charges Goldman Sachs with fraud over USD1bn sub-prime mortgage CDO losses

SEC charges Goldman Sachs with fraud over USD1bn sub-prime mortgage CDO losses

Sun, 18/04/2010 - 18:39

The Securities and Exchange Commission has charged Goldman, Sachs & Co and one of its vice-presidents with defrauding investors by misstating and omitting key facts about a financial product tied to sub-prime mortgages launched as the US housing market was beginning to falter. »

New mutual funds act for the British Virgin Islands

New mutual funds act for the British Virgin Islands

Thu, 15/04/2010 - 15:11

Funds incorporated in the British Virgin Islands will now have further legal and regulatory support following the enactment of the Securities & Investment Business Act.  »

SEC proposes large trader reporting system

SEC proposes large trader reporting system

Thu, 15/04/2010 - 14:06

The Securities and Exchange Commission has proposed rules that would impose reporting requirements on traders whose trading activities exceed certain thresholds.  »

Funds frozen as ASIC investigates possible scam

Funds frozen as ASIC investigates possible scam

Tue, 13/04/2010 - 14:22

The Australian Securities and Investments Commission has obtained interim orders against Peter van de Steeg, Jonathan Ezzy, Peter Berlowitz and Scott Walker and their 16 associated companies due to concerns about the possible operation of a Ponzi-style scheme. »

Law firm Thorp Alberga opens Hong Kong office

Law firm Thorp Alberga opens Hong Kong office

Tue, 13/04/2010 - 11:42

Thorp Alberga, a newly formed Cayman Islands boutique law firm, has opened a Hong Kong office and appointed two partners. »

Law firm Harneys adds Cyprus office

Law firm Harneys adds Cyprus office

Mon, 12/04/2010 - 11:25

Offshore law firm Harney Westwood & Riegels has opened an office in Cyprus. »

Akin Gump expanding to Geneva

Akin Gump expanding to Geneva

Thu, 08/04/2010 - 10:37

Law firm Akin Gump Strauss Hauer & Feld will open an office in Geneva on 1 May 2010, expanding its international footprint further into Western Europe.  »

CFTC creates separate account class for cleared OTC derivatives

CFTC creates separate account class for cleared OTC derivatives

Thu, 01/04/2010 - 16:11

The Commodity Futures Trading Commission has approved final rules that create a sixth and separate account class, applicable in the event of futures commission merchant bankruptcy, for cleared OTC derivatives. »

Guernsey trade mission targets funds investing in India

Guernsey trade mission targets funds investing in India

Tue, 30/03/2010 - 06:04

A delegation of politicians, officials and business leaders from Guernsey will visit India next month to enhance financial services links between the two jurisdictions. »

Former Chartwell secretary pleads guilty

Former Chartwell secretary pleads guilty

Mon, 29/03/2010 - 07:14

The former company secretary of Chartwell Enterprises, Ian Rau, has pleaded guilty in the Victorian Supreme Court to eight charges brought by the Australian Securities and Investments Commission. »

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