US Legal & Regulation

As hedge funds anticipate the finalisation of a JOBS Act provision that will lift advertising restrictions on hedge funds, they are faced with the new challenge of installing more robust investor due diligence procedures. »

Northern Trust Hedge Fund Services has launched an online regulatory module to streamline the preparation and submission of Form PF filings. »

Mary Jo White, who became chairman of the US Securities and Exchange Commission on 10 April, is pushing to adopt the JOBS ACT without major changes and potentially adding additional investor protections at a later date.  »

Connecticut-based hedge fund advisory firm Level Global Investors has agreed to pay more than USD21.5m to settle Securities and Exchange Commission (SEC) charges that its co-founder, who also served as a portfolio manager, and its analyst engaged in repeated insider trading in the securities of Dell and Nvidia. »

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight has issued a time-limited no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of prime brokerage arrangements. »

The Depository Trust & Clearing Corporation (DTCC) has expressed continued support for legislation that would resolve issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act. »

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission have jointly issued final rules and guidelines to require certain regulated entities to establish programmes to address risks of identity theft. »

The Regulatory Fundamentals Group (RFG), a New York-based firm that provides business and regulatory insights for alternative funds, institutional investors and their advisers, has released FATCA Watch, a customised "issue spotting" tool to help advisers and fund managers quickly determine their exposure to the Foreign Account Tax Compliance Act. »

The Securities and Exchange Commission has adopted a final rule that streamlines the process for rulemaking by clearing agencies that are registered with both the SEC and the Commodity Futures Trading Commission (CFTC). »

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a time-limited no-action letter for commodity pool operators of securitisation vehicles. »