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Legal & Regulation

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. »

Court rules in favour of Walkers’ client in major hedge fund dispute

Court rules in favour of Walkers’ client in major hedge fund dispute

Sun, 28/03/2010 - 11:38

The Cayman Islands Court of Appeal has sent a clear message that winding up petitions should not be used to place undue and improper pressure on companies to accede to investor demands, according to a briefing by law firm Walkers. »

ASIC cancels Teys’ Australian financial services licence

ASIC cancels Teys’ Australian financial services licence

Thu, 25/03/2010 - 16:04

The Australian Securities and Investments Commission has cancelled the Australian financial services licence held by Teys Property Funds Limited which is under external administration. »

Comment: What does the FSA dawn raid mean for our financial industry?

Comment: What does the FSA dawn raid mean for our financial industry?

Wed, 24/03/2010 - 18:19

Jérôme de Lavenère Lussan, CEO of hedge fund consultancy Laven Partners, comments on the UK Financial Services Authority’s first operation carried out with the Serious Organised Crime Agency (SOCA), resulting in the arrests this week of six men on suspicion of being involved in an insider dealing ring. »

Fund industry leaders set to tackle ‘Newcits’ threat

Fund industry leaders set to tackle ‘Newcits’ threat

Wed, 24/03/2010 - 08:14

Leaders of the European fund industry are calling for action from the European Union authorities because they fear that the success of the Ucits ‘brand’, which has enabled EU-domiciled retail funds to be sold all over the world, is under threat from the use of the structure by hedge fund managers. »

Moore Capital trader arested in 'largest-ever' FSA insider-dealing swoop

Moore Capital trader arested in 'largest-ever' FSA insider-dealing swoop

Wed, 24/03/2010 - 08:04

A trader at the London-arm of New York hedge fund Moore Capital is one of the six men arrested on Tuesday morning in a series of early-morning raids on 16 addresses in London, Oxfordshire and the south east of England. »

Alternative asset firms lagging in compliance

Alternative asset firms lagging in compliance

Mon, 22/03/2010 - 10:41

Many alternative investment firms are lagging in internal IT, compliance, policy enforcement, business continuity planning and IT security, according to analysis by Richard Fleischman & Associates, a provider of outsourced technology and IT services. »

Maples adds new partners

Maples adds new partners

Mon, 22/03/2010 - 06:42

International law firm, Maples and Calder, has announced the appointment of eight new partners. Five of the new partners – Matthew Crawford, John Dykstra, Jarrod Farley, Michael Richardson and Joannah Bodden Small -– are based in its Cayman Islands office, while the other three – Phillip Ireland, Colm Rafferty and John Trehey – are based in Dubai, Dublin and Hong Kong, respectively. »

Miller Commission says no to direct taxes in Cayman Islands

Miller Commission says no to direct taxes in Cayman Islands

Wed, 17/03/2010 - 10:32

Direct taxation has been ruled out for the Cayman Islands, according to the findings of an independent economic commission. »

ASIC cancels City Pacific's Australian financial services licence

ASIC cancels City Pacific's Australian financial services licence

Tue, 16/03/2010 - 11:23

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific. »

Tighter regulation needed to protect Ucits brand

Tighter regulation needed to protect Ucits brand

Mon, 15/03/2010 - 12:07

The increasing number of Ucits hedge funds launched in Europe means that tighter regulation is needed both to protect retail investors and the Ucits brand, a paper by PricewaterhouseCoopers says. »

Comment: Regulatory arbitrage - the case of credit default swaps

Comment: Regulatory arbitrage - the case of credit default swaps

Mon, 15/03/2010 - 06:00

Dr Richard Reid (pictured), director of research at the International Centre for Financial Regulation in London, says the controversy surrounding the role of credit default swaps in allegedly aggravating Greece’s fiscal problems illustrate differences between countries in Europe and beyond on the priorities for financial sector reforms. »

PwC asks if future Newcits regulation is needed – is it time for UCITS V?

PwC asks if future Newcits regulation is needed – is it time for UCITS V?

Mon, 15/03/2010 - 00:01

Over 200 UCITS hedge funds have now been launched in Europe with many more in the pipeline. As the trend continues to grow, tighter regulation is needed both to protect retail investors and the UCITS brand.

 »

CFTC charges Arizona resident with operating fraudulent forex scheme

CFTC charges Arizona resident with operating fraudulent forex scheme

Sun, 14/03/2010 - 14:13

The US Commodity Futures Trading Commission has filed a complaint against Arizona resident Helmut H. Weber, doing business as Weber Capital Management, charging Weber with operating a fraudulent off-exchange foreign currency scheme. »

ASIC delays short selling reporting requirements

ASIC delays short selling reporting requirements

Mon, 08/03/2010 - 11:55

The Australian Securities and Investments Commission has delayed the commencement of short seller obligations to lodge short position reports from 1 April 2010 to 1 June 2010. »

MFA expresses concern over short sale disclosure recommendations

MFA expresses concern over short sale disclosure recommendations

Wed, 03/03/2010 - 12:10

The Managed Funds Association has expressed concern regarding a proposal from the Committee of European Securities Regulators to require investors to publicly disclose short sale positions.  »

CESR recommends pan-European short-selling disclousre regime

CESR recommends pan-European short-selling disclousre regime

Tue, 02/03/2010 - 17:26

The Committee of European Securities Regulators (CESR) has recommended the introduction of a pan-European disclosure regime for net short positions in shares. »

Spending on post-Mifid market surveillance to reach EUR185m in 2012

Spending on post-Mifid market surveillance to reach EUR185m in 2012

Mon, 01/03/2010 - 15:55

The implementation of the Markets in Financial Instruments Directive is turning market surveillance, traditionally a cost centre, into a competitive edge, says capital markets research and advisory firm Tabb Group. »

MFA urges SEC to analyse impact of short selling restrictions

MFA urges SEC to analyse impact of short selling restrictions

Mon, 01/03/2010 - 14:06

The Managed Funds Association says it is disappointed that the Securities and Exchange Commission’s short selling restrictions are not supported by empirical data. »

Iosco publishes systemic risk data requirements for hedge funds

Iosco publishes systemic risk data requirements for hedge funds

Fri, 26/02/2010 - 07:02

The International Organization of Securities Commissions’ Technical Committee has published details of an agreed template for the global collection of hedge fund information which it believes will assist in assessing possible systemic risks arising from the sector.  »

Elsa welcomes FSA speech on life settlements

Elsa welcomes FSA speech on life settlements

Fri, 26/02/2010 - 06:01

The European Life Settlement Association has welcomed the frank address given by the UK Financial Services Authority at the Elsa/Lisa European Life Settlement Trade Mission in London.  »

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