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Legal & Regulation

Gavel and scales

SEC charges Chicago-based investment fund manager over Ponzi scheme

Fri, 30/05/2014 - 14:05

The Securities and Exchange Commission (SEC) has issued fraud charges and an asset freeze against an investment fund manager accused of stealing money from investors to pay personal and business expenses. »

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Regulators’ expenditure increases by nearly 60 per cent in recent years

Wed, 28/05/2014 - 12:00

US, UK and Hong Kong financial services regulators have increased their expenditure over the last seven years by 59.4 per cent, an average of 8.075 per cent each year, since the end of fiscal year 2006/07, according to Kinetic Partners. »


Clearstream issues monitoring report to help depositary banks comply with AIFMD

Tue, 27/05/2014 - 15:00

Clearstream has issued the Domestic Markets Monitoring Report to support depositary banks in managing their new obligations as stipulated by the Alternative Investment Fund Manager Directive (AIFMD). »


CFTC provides new guidance for delegating CPOs

Tue, 27/05/2014 - 10:07

Certain commodity pool operators (delegating CPOs) delegating investment management authority to registered CPOs (designated CPOs) will be able to request relief from CPO registration using a new “standardized, streamlined approach”. »


Acting CFTC chairman Mark Wetjen announces three actions to protect liquidity

Mon, 26/05/2014 - 16:00

The Commodity Futures Trading Commission’s acting chairman Mark Wetjen and commissioner Scott O’Malia have announced three actions to benefit utility special entities, further consider certain hedging practices for commercial market participants, and promote end-user trading on swap execution facilities (SEFs) and designated contract markets (DCMs).  »


Supreme Court LLP 'whistle-blowing' ruling is good news

Thu, 22/05/2014 - 09:34

Michelle Chance, Partner, Employment and Partnership law, at Kingsley Napley LLP comments on the Supreme Court judgment determining that LLP members should be defined as workers in respect of the Public Interest Disclosure Act 1998… »


ALFI and ALRIM publish risk management guidelines

Wed, 21/05/2014 - 06:05

The Association of the Luxembourg Fund Industry (ALFI), in association with the Luxembourg Association of Risk Management (ALRiM), has published new risk management guidelines. »

Computer screen

Virtusa and Investor Analytics offer AIFMD reporting for hedge funds and alternative managers

Tue, 20/05/2014 - 10:04

IT service company Virtusa Corporation’s CSalt solution now integrates with Investor Analytics’ risk platform to streamline and simplify Alternative Investment Fund Managers Directive (AIFMD) Annex IV reporting. »

Law books and gavel

CFTC charges RP Martin Holdings with manipulation of Yen Libor

Fri, 16/05/2014 - 11:31

The US Commodity Futures Trading Commission (CFTC) has issued an order against RP Martin Holdings Limited, and its subsidiary Martin Brokers (UK) Limited, filing and settling charges of manipulation and attempted manipulation of the London Interbank Offered Rate (Libor) for Yen.  »


ConceptONE to open London office

Thu, 15/05/2014 - 14:02

ConceptONE, a provider of risk and regulatory reporting solutions for the global asset management industry, is opening its first European office in London. »


CFTC streamlines CPO registration relief

Wed, 14/05/2014 - 06:31

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) is introducing a streamlined approach for requests for registration of no-action relief from commodity pool operators (CPO) who delegate certain activities to a registered CPO. »

Approved stamp

Central Bank of Ireland approves DMS AIFM passporting application to Luxembourg

Tue, 13/05/2014 - 16:00

DMS Offshore Investment Services has received approval from the Central Bank of Ireland for its AIFM passporting application to Luxembourg. »


Loan funds in Malta – Licensing and regulation

Mon, 12/05/2014 - 14:09

By Dr Charles Cassar, Malta – The Malta Financial Services Authority (MFSA) has recently clarified its position with respect to the licensing and regulation of loan funds in Malta. In this regard the MFSA issued supplementary standard licence conditions (SLCs) which apply to prospective Malta loan funds in addition to the applicable Investment Services Rules for Alternative Investment Funds/ Investment Services Rules for Professional Investor Funds, depending on whether the loan fund falls within the de minimis thresholds or fully AIFMD complaint regime.  »


European Court of Justice decision to result in EUR3bn tax refund for non-EU funds

Fri, 09/05/2014 - 16:10

The European Court of Justice (ECJ) has delivered a landmark ruling that will open the doors for investment funds based outside of the EU to reclaim billions of withholding tax levied by EU governments. »


CFTC issues no-action letter for OTC Clearing Hong Kong Limited

Fri, 09/05/2014 - 06:00

The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a time-limited no-action letter for OTC Clearing Hong Kong Limited. »


SGSS Ireland launches Depositary Lite service offering

Wed, 30/04/2014 - 06:30

Societe Generale Securities Services (SGSS) Ireland has launched a “Depositary Lite” service offering to support European and non-European asset managers in meeting the requirements of the AIFMD. »


Tunney & Associates to pay USD100,000 penalty for improper audits of FCM

Wed, 30/04/2014 - 06:02

Accounting firm Tunney & Associates (T&A) and owner Michael Tunney are to pay a USD100,000 civil monetary penalty for violating CFTC Regulations when conducting audits for The Linn Group (TLG). »

Perrie Michael Weiner, DLA Piper

SEC to funds: If you tell others what you hold or what you intend to buy, you “cross the line.” Funds to SEC: “Really?”

Mon, 28/04/2014 - 14:18

By Perrie Michael Weiner (pictured) and Patrick Hunnius at international law firm DLA Piper – In the past few weeks, there has been much press attention and debate regarding the legal i »

Computer screen

Cordium partners with IVP to offer AIFMD Annex IV and Form PF reporting solution

Fri, 25/04/2014 - 06:02

Cordium, a provider of compliance consulting, accounting, tax and software, is partnering with financial services technology specialist Indus Valley Partners (IVP) to help clients meet the Alternative Investment Fund Managers Directive’s (AIFMD) stringent Annex IV reporting requirements. »


SEC charges technology company insider with tipping information exploited by hedge funds

Thu, 24/04/2014 - 10:17

The Securities and Exchange Commission has filed insider trading charges against a former accounting manager at Nvidia Corp, who tipped a friend with confidential company information that set in motion a chain of tipping and illegal trading among a network of hedge fund traders who reaped millions of dollars in illicit gains. »


HFSB launches ‘governance and internal processes’ toolbox

Thu, 17/04/2014 - 06:40

The Hedge Fund Standards Board (HFSB) has launched a Toolbox to provide guidance to managers and investors on issues relating to fund manager governance and internal processes. »

Social media

SEC allows broader use of social media for investment manager advertising

Wed, 16/04/2014 - 06:03

The US Securities and Exchange Commission (SEC) has issued guidance to assist investment managers in applying Section 206(4) of the Investment Advisers Act of 1940 to their use of social media.  »

Electronic trading floor

CFTC issues ‘no-action letter’ for swaps trading on EU multilateral trading facilities

Thu, 10/04/2014 - 16:00

The Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight (DMO) and Swap Dealer and Intermediary Oversight (DSIO) have issued a no-action letter with respect to swaps trading on multilateral trading facilities overseen by authorities designated by European Union member states. »

Fiona Le Poidevin, Guernsey Finance

What a third country offers asset managers under AIFMD

Tue, 08/04/2014 - 16:42

AIMA CEO Andrew Baker recently commented that the complicated nature of AIFMD, the different interpretations of EU Member States and variety of approaches from third countries meant that fund managers are facing complex choices. Here, Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance, explores what a third country can offer asset managers under AIFMD. »

Gavel and scales

CBOE wins appeal in ISE patent case

Tue, 08/04/2014 - 16:01

The United States Court of Appeals for the Federal Circuit has ruled in favour of the Chicago Board Options Exchange (CBOE) in a seven-year-old patent litigation with the International Securities Exchange (ISE). »


CFTC releases rule enforcement review of OneChicago

Tue, 08/04/2014 - 14:25

The Commodity Futures Trading Commission’s division of market oversight has issued the results of a rule enforcement review of OneChicago.  »


Customers of MF Global to begin receiving final restitution payments

Fri, 04/04/2014 - 16:00

The trustee for MF Global will begin making final distributions to satisfy its obligation of full restitution for USD1.212bn in losses sustained by customers when the company failed in 2011. »

Kevin Gundle

Investors will miss out on returns if they don’t navigate AIFMD barriers, says Aurum

Fri, 04/04/2014 - 15:04

The barriers for investment created by the Alternative Investment Fund Managers Directive (AIFMD) are still preventing investors from reaching European funds, despite solutions becoming available, according to Aurum. »

Monique Meils, Kinetic Partners

Balance is key to whistleblowing programs

Thu, 03/04/2014 - 09:49

Monique Melis (pictured), Global Head of Consulting at Kinetic Partners, the global professional services firm comments on whistle blowers… »


FCA sets out its regulatory priorities for asset managers

Wed, 02/04/2014 - 12:01

The Financial Conduct Authority (FCA) has revealed its thematic supervisory plans for 2014/15 as a central part of its annual Business Plan. »

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