Legal & Regulation

Geoff Cook, chief executive of Jersey Finance

Jersey’s ‘future proof’ funds regime to be showcased to London audience

Thu, 30/01/2014 - 15:07

Jersey’s position as the first “third country” to offer the option of a fully-compliant AIFMD regime is set to be highlighted at Jersey Finance’s annual funds conference in London this year. »

Tax

Finance professionals risk reputations by ignoring tax

Thu, 30/01/2014 - 10:35

Fewer than four in ten of those working in banks, asset managers and hedge funds believe investments in corporate tax policy have a significant impact on reputation, according to a new report from Kinetic Partners. »

Magnifying glass

SEC issues risk alert on investment advisers’ due diligence when selecting alternatives

Wed, 29/01/2014 - 12:08

The Securities and Exchange Commission’s office of compliance inspections and examinations (OCIE) has issued a risk alert on the due diligence processes that investment advisers use when they recommend or place clients’ assets in alternative investments such as hedge funds, private equity funds, or funds of private funds.   »

Hugh Stevens

AIFMD: make sure you’re connected

Tue, 28/01/2014 - 06:05

Using an AIFMD compliant depositary network offers a range of benefits to support private equity and real estate fund managers. »

Cayman Islands

Cayman insolvency petitions on the rise

Mon, 27/01/2014 - 14:41

Insolvency petition filings in the Cayman Islands spiked more than 30 per cent in 2013 when compared with 2012, resulting in the highest number of filings in the past three years, according to Appleby. »

Law books and gavel

S&P Dow Jones Indices and CBOE conclude ISE index litigation

Mon, 27/01/2014 - 14:06

The International Securities Exchange (ISE) has not appealed a federal court decision that rejected ISE's attempt in the New York courts to challenge S&P Dow Jones Indices’ (SPDJI) rights to control the use of the S&P 500 and the Dow Jones Industrial Average as the basis of index options. »

Ron Kashden, founder, Ingenious Initiatives

Coping with regulatory reporting for your fund

Mon, 27/01/2014 - 09:08

By Ron Kashden, founder of Ingenious Initiatives – Just when you think the regulatory landscape couldn’t get any tougher, government agencies increase their reporting requirements. Whether it’s a US Commodity Futures Trading Commission (CFTC) rule or compliance with the Foreign Account Tax Compliance Act (FATCA), there is a growing burden to conform to government regulations. While there’s no doubt that a fund accountant’s job has become more complicated, there are measures that can be taken to lessen the load. Here are three tips that will help simplify reporting. »

Trading screens

CFTC announces trade execution mandate for additional interest rate swaps

Fri, 24/01/2014 - 11:07

The Commodity Futures Trading Commission’s (CFTC) division of market oversight has announced trueEX’s self-certification of available-to-trade determinations (MAT Determinations) for certain interest rate swap contracts. »

Approved stamp

Alter Domus is first professional depositary approved by the CSSF in Luxembourg

Fri, 24/01/2014 - 09:00

Alter Domus is the first service provider to be authorised by the Luxembourg Financial Regulator (CSSF) to act as a professional depositary.  »

Approved stamp

DMS Offshore Investment Services approved for AIF Management Company solutions

Thu, 23/01/2014 - 06:00

Fund governance firm DMS Offshore Investment Services’ (DMS) AIF Management Company has been approved by the Central of Bank of Ireland. »

Ireland flag

Matheson provides insights into new Irish ICAV and future potential of UCITS in Asia

Mon, 20/01/2014 - 16:03

By James Williams – Irish law firm Matheson has provided an update from its London office on the introduction of a new corporate vehicle for Irish funds – the Irish Collective Asset Management Vehicle (ICAV). »

Clock

Over 80 per cent of fund managers have yet to seek AIFMD authorisation

Mon, 20/01/2014 - 14:00

Fewer than 20 per cent of alternative investment fund managers (AIFMSs) have submitted an application to their local regulator for Alternative Investment Fund Managers Directive (AIFMD) authorisation. »

Magnifying glass

Oppenheim Asset Management Services appoints KNEIP for AIFMD reporting

Mon, 20/01/2014 - 13:36

KNEIP has been appointed by Oppenheim Asset Management Services (OPAM) to carry out transparency reporting under the Alternative Investment Fund Management Directive (AIFMD). »

Prison bars

Ex-hedge fund manager sentenced to 15 years for USD5m fraud

Fri, 17/01/2014 - 14:09

Aleksander Efrosman, the former hedge fund manager who went on the run after defrauding his clients of over USD5m, has been sentenced to 15 years in prison. »

Gavel

CFTC charges Vertical Integration Group over off-exchange commodity transactions

Wed, 15/01/2014 - 06:02

The US Commodity Futures Trading Commission (CFTC) has filed a civil injunctive enforcement action against Vertical Integration Group, Richard V Morello and Junior Alexis.  »

Clouds

Deutsche Börse acquires enterprise software firm Impendium Systems

Tue, 14/01/2014 - 12:01

Deutsche Börse Market Data + Services has acquired Impendium Systems, a London-based firm that deploys cloud-based software solutions to help customers’ achieve regulatory compliance in Europe, North America and Asia-Pacific. »

Gibraltar

Gibraltar signs up to new international financial standard

Mon, 13/01/2014 - 16:02

Gibraltar has become a full signatory to the Multinational Memorandum of Understanding (MMoU) of the International Organization of Securities Commissions (IOSC). »

Approved stamp

INDOS Financial gets AIFMD depositary authorisation from FCA

Fri, 10/01/2014 - 13:38

INDOS Financial Limited has received authorisation from the Financial Conduct Authority (FCA) as an Article 36 Custodian to provide AIFMD depositary-lite services to non-EU alternative investment funds.  »

Trading screens

GRC partners with REGIS-TR to provide EMIR-compliant trade reporting services

Thu, 09/01/2014 - 16:01

Global Reporting Company (GRC) and REGIS-TR have teamed up to provide buy-side and corporate clients with European Market Infrastructure Regulation (EMIR) compliant trade reporting services. »

Magnifying glass

FSB and IOSCO consult on identifying NBNI G-SIFIs

Thu, 09/01/2014 - 10:58

The Financial Stability Board (FSB) and the International Organisation of Securities Commissions (IOSCO) have published a consultation document on global systemically important financial institutions (G-SIFIs). »

Money scales

Settlement agreements reached with JPMorgan Chase in Madoff Fraud

Wed, 08/01/2014 - 16:07

Irving H Picard, SIPA Trustee for the liquidation of Bernard L Madoff Investment Securities (BLMIS), has filed two motions with the US Bankruptcy Court seeking approval of recovery agreements totalling USD543m for BLMIS customers. »

Document signing

FERC and CFTC sign MOUs on jurisdiction and information sharing

Mon, 06/01/2014 - 06:07

The Federal Energy Regulatory Commission (FERC) and the Commodity Futures Trading Commission (CFTC) have signed two memoranda of understanding (MOU) to address circumstances of overlapping jurisdiction and to share information in connection with market surveillance and investigations into potential market manipulation, fraud or abuse. »

Information sign

Firms must not take foot off the gas despite relaxation of AIFMD deadline

Fri, 03/01/2014 - 12:49

Anthony Rawlins, compliance manager at Moore Stephens, advises on the top tips to consider in wake of the Alternative Investment Fund Managers Directive (AIFMD) transitional arrangements update… »

Barred sign

NFA orders Cap Ex Partners to permanently withdraw from membership

Fri, 03/01/2014 - 12:36

The National Futures Association (NFA) has ordered Cap Ex Partners, a commodity trading advisor located in Westminster, California, to permanently withdraw from NFA membership. »

Approved stamp

CFTC approves comparability determinations for six jurisdictions for substituted compliance

Fri, 27/12/2013 - 10:30

The Commodity Futures Trading Commission has approved a series of broad comparability determinations that would permit substituted compliance with non-US regulatory regimes as compared to certain swaps provisions of Title VII of the Dodd-Frank Act and the Commission’s regulations.  »

Singapore

CFTC issues time-limited no-action letter for Singapore Exchange Derivatives Clearing

Tue, 24/12/2013 - 11:15

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) has issued a time-limited no-action letter to the Singapore Exchange Derivatives Clearing Limited (SGX-DC). »

Crystal ball

Regulatory changes won’t prevent future crash, says survey

Mon, 23/12/2013 - 15:07

Just three per cent of financial services professionals polled globally believe that the regulatory changes implemented since 2008 have done enough to prevent a future crash, according to a survey by Kinetic Partners. »

Fiona Le Poidevin, chief executive of Guernsey Finance

Optionality and substance in a world with AIFMD

Mon, 23/12/2013 - 10:05

With Guernsey’s new opt-in AIFMD equivalent regime effective from 2 January 2014, Fiona Le Poidevin, chief executive of Guernsey Finance, explores how the island offers optionality and substance to fund managers. »

Fraud

SEC charges ConvergEx subsidiaries with fraud

Fri, 20/12/2013 - 15:01

The Securities and Exchange Commission has filed fraud charges against three brokerage subsidiaries and two former employees of a global trading services provider. »

Coffee beans

Nunn to pay USD600,000 over illegal coffee futures trading scheme

Fri, 20/12/2013 - 14:04

David M Nunn has been fined USD600,000 for entering into fictitious sales, engaging in illegal non-competitive and fictitious trades in coffee futures contracts over a two-year period, and making false statements to representatives of ICE Futures US.  »

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