Legal & Regulation

At the request of CME Clearing Europe Limited (CMECEL), pursuant to Section 7 of the Commodity Exchange Act, the Commodity Futures Trading Commission issued an Order on 13 March, 2012, vacating the registration of CMECEL as a derivatives clearing organisation. »

To date hedge funds have largely escaped the impact of the increasing scope and aggressive enforcement of the Foreign Corrupt Practices Act by the US Department of Justice and the Securities and Exchange Commission. However, Matthew Reinhard, a member at Washington, DC law firm Miller & Chevalier, argues that hedge fund firms must monitor two large FCPA risk areas: inbound investment into and outbound investment by the fund… »

Gibraltar could benefit from a change to Luxembourg law, which has slowed down the launch of specialised investment funds in the Grand Duchy. »

The British Virgin Islands Financial Services Commission (FSC) has issued guidance on the form and content of the audited financial statements to be prepared and filed by certain regulated companies. »

The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against James Giacomo Brandolino, previously of Joliet, Illinois, for conducting a number of fraudulent commodity futures investment schemes and misappropriating customer funds. »

The US Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action charging Alexander Giap (Giap) of Annandale, Va, with fraud by acting as an unregistered commodity trading advisor (CTA) and operating two separate fraudulent schemes involving commodity futures trading. The CFTC’s complaint was filed in the US District Court for the Eastern District of Virginia, Alexandria Division. »

The Securities and Exchange Commission (SEC) has released an alert to help firms prevent and detect unauthorised trading in brokerage and advisory accounts. »

The Honourable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, has entered Final Judgments on Consent as to Jason Pflaum and Walter Shimoon in the SEC’s insider trading case, SEC v Mark Anthony Longoria, et al, 11-CV-0753 (SDNY) (JSR). »

On 15 February, the Cayman Islands Government issued a Financial Services Industry Advisory regarding Cayman Islands ‘master funds’ which had only one regulated feeder fund. »

Law firm Bedell Cristin has acted on the establishment of the first Private Placement Fund in Jersey following the introduction of the streamlined regulatory regime at the end of last month. »