Legal & Regulation

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. »

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.   »

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. »

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”. »

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. »

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. »

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). »

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. »

The Cayman Islands Government has extended the deadline for the registration of ‘master funds’ by 60 days to 21 May 2012. »

The Securities and Exchange Commission has charged a San Francisco-area investment adviser with defrauding investors by giving them a bogus audit report that embellished the financial performance of the fund in which they were investing. »