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Legal & Regulation

Regulation

UK Treasury makes changes to AIFMD deadline

Fri, 20/12/2013 - 12:12

Important concessions by the UK Treasury in relation to the Alternative Investment Fund Managers Directive (AIFMD) have been announced, according to specialist financial services regulatory consultancy Bovill. »

Jigsaw pieces

Cayman law firms to merge

Fri, 20/12/2013 - 10:08

Two law firms in the Cayman Islands have agreed to merge early in the new year forming one of the strongest and most experienced practices in the Caribbean. »

Gavel

Court rules in favour of S&P Dow Jones Indices in ISE index action

Fri, 20/12/2013 - 06:46

A New York federal judge has ruled in favour of S&P Dow Jones Indices (SPDJI) and dismissed an action brought by International Securities Exchange (ISE) that challenged SPDJI’s rights to license its indices for use. »

KPMG logo

Are hedge funds living up to investors’ expectations?

Thu, 19/12/2013 - 13:32

Robert Mirsky, Global Head of Hedge Funds and a Partner at KPMG’s UK Financial Services Practice and Jon Mills, UK Head of Financial Services Audit and Global Head of Audit for KPMG’s Investment Management and Funds Practice – share their views with Hedgeweek on some of the macro trends evolving in the hedge fund industry. »

Tick

Amundi Alternative Investments obtains AIFM authorisation

Fri, 13/12/2013 - 13:57

Amundi Alternative Investments SAS (Amundi AI) has obtained AIFM authorisation from the French securities regulator (Autorité des Marchés Financiers) for all of its investment solutions. »

Gavel

SEC charges London-based hedge fund adviser and US holding company over internal control failures

Fri, 13/12/2013 - 12:02

The US Securities and Exchange Commission (SEC) has charged a London-based hedge fund adviser GLG Partners and its former US-based holding company with internal controls failures. »

William Stern, Goodwin Procter

Questions remain over new Volcker rule

Thu, 12/12/2013 - 19:41

William Stern (pictured), New York based Partner in Goodwin Procter LLP’s Financial Institutions Group, comments on the publication of the new Volcker rule…   »

Metal

LME completes technical delivery for EMIR

Thu, 12/12/2013 - 11:41

The London Metal Exchange (LME) has delivered the systems modifications to support its members and clearing house in response to the European Market Infrastructure Regulation (EMIR) requirements. »

Scales

Regulators struggling to balance protection with growth

Thu, 12/12/2013 - 06:00

Nearly half of financial services professionals (49 per cent) globally do not believe that any regulator has managed to strike the right balance between protecting investors and underpinning growth, according to a survey by Kinetic Partners. »

Confused man

‘Patchwork quilt’ of AIFMD requirements will deter non-EU firms

Wed, 11/12/2013 - 06:03

The “patchwork quilt” of regulatory requirements resulting from European Union member states exercising discretion under the Alternative Investment Fund Managers Directive is likely to deter many non-EU firms from operating in the market – but that need not be the case, according to Sturgeon Ventures, the regulatory incubator. »

Regulation

BNY Mellon launches AIFMD regulatory reporting service

Tue, 10/12/2013 - 12:09

BNY Mellon has launched a new service for fund managers that helps them identify, aggregate and manage the regulatory reporting requirements of the Alternative Investment Fund Manager’s Directive (AIFMD). »

Fiona Le Poidevin, chief executive of Guernsey Finance

Optionality and substance in a world with AIFMD

Mon, 09/12/2013 - 16:09

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. »

Douglas Shulman, Kinetic Partners

Methods for obtaining a successful US Securities and Exchange Commission (SEC) examination result

Mon, 09/12/2013 - 06:00

By Douglas Shulman, Director, Regulatory Compliance team, Kinetic Partners US LLP – Each General Counsel (GC) and Chief Compliance Officer (CCO) faces the innate pressure of preparing for an SEC exam and, ultimately, leading their firm to a successful result.  The best method(s) for preparation are consistently discussed, and often debated, at roundtables and seminars.  »

Philippe Matélic, Director, Regulatory Compliance Team, Kinetic Partners (Luxembourg) Management Company

Options for distributing funds into Europe under AIFMD

Fri, 06/12/2013 - 12:51

By Philippe Matélic, Director, Regulatory Compliance Team, Kinetic Partners (Luxembourg) Management Company – How to connect your ideas to the market: The fund industry is constantly generating new ideas.  But, as in other industries, each needs to move through from creation, to production and then distribution.  For the fund management industry, this focus on distribution is equally key.  »

Fiona Le Poidevin, chief executive of Guernsey Finance

Guernsey reveals opt-in AIFMD equivalent regime

Thu, 05/12/2013 - 16:07

The Guernsey Financial Services Commission (GFSC) has released a new set of rules which form an opt-in regulatory regime of measures equivalent to the Alternative Investment Fund Managers Directive (AIFMD). »

Don Steinbrugge, Agecroft Partners

City of Detroit pension benefits ruling to impact HFs

Wed, 04/12/2013 - 19:21

By Don Steinbrugge, Agecroft Partners – Judge Steven W Rhodes’ ruling that the City of Detroit is officially bankrupt and that pension benefits for public pension fund beneficiaries may be reduced will have major repercussions throughout the public pension fund industry.  »

Regulation

Indus Valley Partners launches 40 Act fund reporting functionality for hedge funds

Wed, 04/12/2013 - 12:33

Indus Valley Partners (IVP), a provider of technology solutions to alternative asset managers, has added a standard 40 Act rules library within the IVP Polaris data warehouse. »

Magnifying glass

Citicom Solutions partners with Doran Jones to distribute flagship compliance solution

Tue, 03/12/2013 - 14:09

Citicom Solutions has partnered with Doran Jones, a full-service financial services consultancy, to sell Citicom Assure, a product designed to provide proactive, real-time analysis of data, including instant messages (IMs), emails, text messages and mobile- and fixed-voice recordings. »

Information

SuMi TRUST extends appointment of Kii Hub to produce KIIDs for UCITS funds

Mon, 02/12/2013 - 12:12

SMT Fund Services (Ireland) Limited has appointed Kii Hub to produce and deliver Key Investor Information Documents (KIIDs) for its established platform of UCITS funds.  »

Electronic trading floor

ICE Trade Vault Europe approved by ESMA as trade repository

Mon, 02/12/2013 - 06:03

The European Securities and Markets Authority (ESMA) has approved ICE Trade Vault Europe as a trade repository for the reporting of swaps and futures trade data to meet requirements of the European Market Infrastructure Regulation (EMIR). »

Traders

CME Group secures European TR approval

Fri, 29/11/2013 - 12:18

CME Group has received approval from the European Securities and Markets Authority (ESMA) as a trade repository (TR) under the European Market Infrastructure Regulation (EMIR). »

Dark pool

European investors have serious concerns about volume caps on dark pools

Thu, 28/11/2013 - 15:29

Rather than increase transparency, the latest proposals to restrict dark trading at four and eight per cent have the potential to create greater opacity as well as seriously impact institutional investors’ ability to execute order flow. »

Fiona Le Poidevin, Guernsey Finance

Meeting GP & LP demands

Wed, 27/11/2013 - 12:00

Evidence shows that Guernsey continues to meet the demands of both private equity managers and their investor base, writes Guernsey Finance chief executive Fiona Le Poidevin (pictured)… »

Traders

DTCC Limit Monitoring to provide early warning system to identify unusual trading activity

Wed, 27/11/2013 - 06:38

The National Securities Clearing Corporation (NSCC) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to provide its members with a new tool designed to serve as an early warning system that alerts those firms to trading activity that is nearing defined trading limits. »

Report

Report identifies need for voluntary standards within financial services

Tue, 26/11/2013 - 16:02

The financial services industry is failing to adopt voluntary standards crucial to rebuilding trust in banking, despite overwhelming support from those working in the sector, according to a report. »

Lawsuit

Boutique law firms for the alternative assets industry merge PE and HW practices

Tue, 26/11/2013 - 13:17

MJ Hudson and MW Cornish & Co have merged their respective private equity and hedge funds practices with immediate effect. »

Gavel and scales

SHK Management and former principal to pay USD400,000 to settle CFTC charges

Tue, 26/11/2013 - 10:03

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges that Daniel Shak of Las Vegas, Nevada and SHK Management attempted to manipulate crude oil futures contracts. »

Peter Harwood, Guernsey's Chief Minister

Shanghai’s Vice Mayor praises Guernsey’s quality and stability

Tue, 26/11/2013 - 06:16

The Vice Mayor of Shanghai has recognised the quality and stability of Guernsey’s financial services industry. »

Fraud

Former hedge fund manager indicted for defrauding investors and obstructing SEC

Thu, 21/11/2013 - 14:20

Stanley J Kowalewski has been arrested in South Carolina after being indicted by a federal grand jury in Atlanta for allegedly defrauding hedge fund investors of up to USD8m. »

European flags

Linedata strengthens European custodian and fund administrator presence

Thu, 21/11/2013 - 11:54

Linedata has recently upgraded four Luxembourg-based custodian and fund administrator clients to the latest version of Linedata Compliance.  »

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Christopher ELvin, Preqin

977 private equity funds held a final close throughout the year raising a total of USD486bn, higher than any annual amount between 2009 and 2012, and on track to match the 2013 total. Preqin’s Christopher Elvin (pictured) reviews a year of private equity fundraising:  ... »

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Cayman Islands Hedge Fund Services 2014

Cayman Islands Hedge Fund Services 2014

Fri, 19/12/2014 - 10:24

With service providers reporting growth in hybrid funds, funds for single investors and bespoke managed accounts, this report examines the regulations and new services being developed in Cayman to tackle the fast-changing offshore funds market... »

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Over half of infrastructure funds that closed in 2014 exceeded their fundraising target, up from 37% of funds in 2013. Andrew Moylan, Preqin’s Head of Real Assets Products, takes a look at infrastructure fundraising over the last 12 months: ... »

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