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Legal & Regulation

BATS files client suspension rule to expedite action against customers engaging in layering and spoofing

BATS files client suspension rule to expedite action against customers engaging in layering and spoofing

Fri, 31/07/2015 - 07:22

BATS Global Markets (BATS) has filed with the Securities and Exchange Commission the BATS Client Suspension Rule, which would enable the company to take swifter action to prohibit manipulative behaviour, such as spoofing and layering, on the BATS Exchanges. »

CFTC issues letter exempting CTAs from CTA-PR form filing

CFTC issues letter exempting CTAs from CTA-PR form filing

Fri, 24/07/2015 - 13:53

The US Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a letter that exempts commodity trading advisors (CTAs) that are registered but do not direct any client commodity interest accounts from filing Commission Form CTA-PR. »

CFTC extends designation of DTCC-SWIFT as LEI Provider

CFTC extends designation of DTCC-SWIFT as LEI Provider

Tue, 21/07/2015 - 11:19

In order to continue the transition to a global system of legal entity identification, the US Commodity Futures Trading Commission (Commission) has issued an Order extending the designation of the utility operated by DTCC-SWIFT as the provider of legal entity identifiers, or LEIs, pursuant to the Commission’s swap data recordkeeping and reporting rules. »

Jeremy cox

Bermuda positions to meet EU fund regime standards

Mon, 20/07/2015 - 14:08

A collaborative effort by Bermuda’s regulator and government, supported by industry stakeholders and the Bermuda Business Development Agency (BDA), has lined up new legislation to position the Island as a strong contender among jurisdictions vying to meet European standards set for alternative fund managers. »

Monique Mel

FCA fines firms and individuals over GBP1bn for market integrity breaches

Wed, 15/07/2015 - 13:58

The FCA fined firms and individuals a total of GBP1.23 billion in 2014 for market integrity related breaches, which included abusive market behaviour such as: manipulation, insider dealing, FX failings and benchmark (i.e. Libor) manipulation.  »

Marshall Bailey, president of ACI Financial Markets Association

ACI Financial Markets Association welcomes FEMR review…

Thu, 11/06/2015 - 17:28

Marshall Bailey (pictured), president of ACI Financial Markets Association, comments on the release of the Fair and Effective Markets Review (FEMR)… »

Joseph Bannister, MFSA

Malta continues to innovate with introduction of securitisation cell legislation

Wed, 10/06/2015 - 16:49

For London-based managers who are still trying to get their heads around the various machinations of the AIFMD, and where best to set up an EU-regulated fund, help is on its way.  »

Raj Purmessur, Head of Fund Services Bangalore, Deutsche Bank

Risk management framework for fund managers: The Deutsche Bank advantage

Mon, 08/06/2015 - 15:49

In today’s increasingly complex and evolving regulatory environment, fund managers expect their providers to have a sophisticated risk management framework that meets global, regional and local standards. »

retirement

Silver Law Group investigates retirement advisors who falsely promoted alternative investments

Tue, 26/05/2015 - 09:00

Silver Law Group is investigating claims against a pair of self-described retirement planners who are alleged to have falsely promoted to customers the safety and profitability of interest in life settlements. »

regulation books

Barclays to pay USD400m to settle CTFC forex benchmark rate manipulation charges

Wed, 20/05/2015 - 15:26

Barclays Bank is to pay USD400 million to settle US CFTC charges that it engaged in the attempted manipulation and false reporting of global foreign exchange (forex) banchmark rates to benefit the positions of certain traders. »

Jordan Schwartz, Director of Global Software Solutions, Cordium

A manager’s compliance filing cabinet

Tue, 19/05/2015 - 11:00

On 15 April 2015, Cordium, a leading global compliance consulting, accounting, tax and software provider to the financial services industry, introduced a new compliance software solution called Pilot.  »

Behind bars

Former hedge fund controller Herzing jailed for four years for embezzling more than USD9m

Tue, 28/04/2015 - 11:15

Lawrence J Herzing, the former controller of Contrarian Capital Management, has been sentenced to four years in prison after being found guilty of embezzling more than USD9 million from the Greenwich-based hedge fund. »

gavel and scales

Madoff Trustee seeks release of USD1.249bn from customer fund reserves

Fri, 17/04/2015 - 06:00

The Trustee for the liquidation of Bernard L Madoff Investment Securities (BLMIS), is seeking the release of USD1.249 billion out of a total USD1.499 billion being held in reserve under a September 2012 Bankruptcy Court order. »

gavel and law books

ICE Clear Europe granted CFTC order permitting portfolio margining of futures and foreign futures contracts by non-clearing member FCMs

Mon, 30/03/2015 - 10:00

The US Commodity Futures Trading Commission (Commission) has issued an order granting a request from ICE Clear Europe Limited (ICE Clear Europe), a Commission-registered derivatives clearing organisation, for an order pursuant to Section 4d(a) and (b) of the Commodity Exchange Act. »

Beat Blattner, Head Representative Services, UBS Global Asset Management.

Regulatory compliance and confidentiality are key considerations when choosing a legal representative

Tue, 10/03/2015 - 17:14

As of 1 March 2015, it has become mandatory for fund managers distributing their products in Switzerland to commission a Swiss legal representative and paying agent. Regulatory compliance is the name of the game when it comes to the service provided by UBS.  »

DMS HW award

DMS Offshore Investment Services named Best Offshore Regulatory Advisory Firm in Hedgeweek Awards

Fri, 06/03/2015 - 15:00

DMS Offshore Investment Services (DMS has been named Best Offshore Regulatory Advisory Firm 2015 in the annual Hedgeweek Global Awards. »

Joe Truelove, Carey Group

Protected cell companies for fund and non-fund structures

Thu, 26/02/2015 - 10:00

PCCs can be used for a wide variety of fund and non-fund structures within the investment world, writes Joe Truelove (pictured), Head of Fund Services at Carey Group. »

James Williams, Hedgeweek

Managers face Swiss Legal Representative requirement

Tue, 24/02/2015 - 20:22

The sands of time are running out for hedge fund managers wishing to continue distributing their funds to Swiss investors. As of 1 March 2015, any foreign hedge fund looking to raise assets in Switzerland from qualified investors will be required to appoint a Swiss legal representative and paying agent.  »

Richard Day, ML Capital

Montlake QIAIF Platform provides AIFMD solution

Thu, 19/02/2015 - 18:29

Hedge fund managers have two options when looking to bring a regulated fund product to Europe. The first is to go the UCITS route, the second is to establish an AIF, under the much more recent AIFM Directive, which is a far less trodden path than the UCITS regime.  »

Timothé Fuchs, Fuchs Asset Management

The art of orchestration as a European AIFM

Thu, 19/02/2015 - 18:26

Luxembourg-based Fuchs Asset Management is not your typical AIFM provider. Its heritage is firmly rooted in wealth management. Having now grown into a team exceeding 100 people, it took the decision to diversify its offering and set up an AIFMD-compliant management company, receiving its license from the CSSF last June.  »

Derek Delaney, DMS

Understanding the AIFMD distribution landscape

Thu, 19/02/2015 - 18:23

“I was in Chicago recently. A German pension fund said they had a USD500m allocation in a Chicago-based fund. They wanted to know that they could continue having a relationship with the manager and they said that having the depositary guarantee (under AIFMD) was important to their end investors. They told the manager that they wanted to put their USD500m allocation into an EU-regulated fund.  »

Gerhard Grueter, Lawson Conner

Setting up a hedge fund under AIFMD

Thu, 19/02/2015 - 18:20

The AIFM Directive may not be universally welcome but with greater focus being applied to compliance and operational risk oversight within the fund management industry, it is at least ensuring a new breed of higher quality fund manager; which for investors is good news.  »

Bobby Johal, Cordium

Owning an AIFM without the operational burden

Thu, 19/02/2015 - 18:18

Cordium, one of the industry’s leading regulatory and compliance firms, has devised a new offering for the European market to help managers overcome the marketing challenges of AIFMD.  »

Kavitha Ramachandran , Maitland Luxembourg

Extending AIFM license to PE and real estate funds

Thu, 19/02/2015 - 18:15

Last May, MS Management Services SA, a Luxembourg-based subsidiary of the Maitland group, received authorisation from the CSSF to act as a third-party AIFM to alternative investment funds. At the same time, it established its own umbrella fund platform, MS SICAV SIF, to support managers wishing to fast track the process of launching an AIFMD-compliant fund in Europe.  »

Dan Connell, ConceptOne

ESMA needs to clarify specific Annex IV issues

Thu, 19/02/2015 - 18:11

Ask any AIFM what the key regulatory challenge is under AIFMD and the response is unanimous: Annex IV reporting.  »

Guernsey flag

Managers continue to use Guernsey’s AIFMD private placement regime

Fri, 13/02/2015 - 16:00

As at 31 January 2015, 46 Guernsey Alternative Investment Fund Managers (AIFMs) have used the isand’s National Private Placement (NPP) regime to market Alternative Investment Funds (AIFs) into Europe. »

Gavel

Fund managers could face regulatory sanctions over EMIR

Wed, 11/02/2015 - 13:28

Tim Thornton, Chief Data Officer, Mitsubishi UFJ Fund Services, says fund managers could face regulatory sanctions over EMIR… »

gavel and law books

DTCC’s legal entity identifier service gathers significant momentum in 2014

Tue, 10/02/2015 - 10:30

The Depository Trust & Clearing Corporation’s (DTCC) Global Markets Entity Identifier (GMEI) utility, offered in collaboration with SWIFT, has issued over 165,000 legal entity identifiers (LEIs) to entities from over 140 jurisdictions, representing approximately 50% share of the LEIs issued worldwide. »

two fingers

SEC charges Direct Edge exchanges with failing to properly describe order types

Tue, 13/01/2015 - 13:00

Two exchanges formerly owned by Direct Edge Holdings and since acquired by BATS Global Markets are to pay a USD14 million penalty to settle SEC charges that their rules failed to accurately describe the order types being used on the exchanges.   »

Information sign

FFIs must be FATCA compliant as deadline approaches

Mon, 29/12/2014 - 14:00

Tim Thornton, Chief Data Officer at Mitsubishi UFJ Fund Services, comments on the December 31 FATCA deadline… »

features
Article
EU Flag

Hedge fund manager outlook on the AIFMD

Wed, 22/07/2015 - 19:52

The introduction of the Alternative Investment Fund Managers Directive (AIFMD) into European law in 2013 was part of a series of moves towards greater regulatory oversight of the hedge fund industry in recent years. In our survey, we asked hedge fund managers for their views on the effect of these new regulations on the industry as well as their expectations about the impact of the AIFMD on their firm over the next 12 months, the results of which are analyzed in this extract from the Preqin Special Report: AIFMD in the Hedge Fund Industry – 2015 Update. ... »

Article
Ken MacCuish, Intralinks

A couple of years ago, the title Chief Information Security Officer, or CISO for short, was a foreign concept within the hedge fund community. The winds have changed, however, as hedge funds become increasingly targeted by cyber hackers, causing many to hire a CISO to uphold the network integrity of the firm.  ... »

Article
Sovereign Wealth Funds

Sovereign wealth funds, though small in number and secretive in nature, wield considerable influence as investors as a result of their sizeable assets under management. This extract is taken from Preqin’s latest report which features exclusive content from the 2015 Preqin Sovereign Wealth Fund Review.  ... »

Special report
Hedgeweek Special Report: Hedge Fund Administration

Hedge Fund Administration 2015

Tue, 16/06/2015 - 09:57

Mergers and acquisitions in recent years have changed the face of hedge fund administration. Big custodial banks are likely to dominate the HFA space in years to come, forming one part of a barbell with a number of well-run, well-capitalised independent HFAs on the other end. This report examines the implications for both hedge funds and their administrators... »

Article
North America

Private debt in North America

Fri, 05/06/2015 - 12:06

The North American private debt industry has seen substantial growth in assets over the last decade. This extract from the Preqin Special Report: Private Debt in North America looks at the current state of private debt fundraising and funds currently in market. ... »

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