US Legal & Regulation

Trader at screen

Mandatory clearing of iTraxx CDS indices for Category 2 entities has begun, says CFTC

The second phase of required clearing for certain iTraxx credit default swap (CDS) indices for Category 2 entities has begun, according to a statement issued by the division of clearing and risk of the Commodity Futures Trading Commission.   »


Gavel

Hedge funds ordered to pay private equity firm TPG more than USD500,000

TPG, one of the world’s largest private equity firms, has been awarded over USD500,000 in sanctions against three hedge funds who had been pursuing unsuccessful involuntary bankruptcy petitions against two former TPG related companies. »


Gavel

FERC orders USD453m penalties for power market manipulation

The Federal Energy Regulatory Commission (FERC) has ordered Barclays Bank PLC and four of its traders to pay USD453m in civil penalties for manipulating electric energy prices in California and other western markets between November 2006 and December 2008. »


Gavel and scales

SEC obtains USD13.9m penalty against Rajat Gupta

The Securities and Exchange Commission has obtained a USD13.9m penalty against former Goldman Sachs board member Rajat K. Gupta for illegally tipping corporate secrets to former hedge fund manager Raj Rajaratnam. »


Rick McVey, chief executive of MarketAxess

MarketAxess files swap execution facility application with CFTC

MarketAxess Holdings has filed an application on to become a swap execution facility (SEF) under the Commodity Futures Trading Commission’s (CFTC) Dodd-Frank Act.  »


Regulation

HFA applauds SEC for lifting ban on hedge fund advertising

The Securities and Exchange Commission (SEC) has now adopted final rules in connection with the Jumpstart Our Business Startups (JOBS) Act, lifting an 80 year old ban on general solicitation and allowing hedge fund managers to advertise. »


Marketing

JOBS ACT should prompt hedge funds to review marketing strategy, says Agecroft

The hedge fund industry is the most competitive industry in the world, where portfolio managers are constantly struggling to identify inefficiencies in the capital markets and quickly take advantage of them before their competitors. »


Approved stamp

ICE Trade Vault gets CFTC approval to remove foreign exchange asset class

The US Commodity Futures Trading Commission (CFTC) has approved an order for ICE Trade Vault, a provisionally registered swap data repository, to drop its foreign exchange asset class. »


Form

BNY Mellon launches Form PF reporting solution

BNY Mellon has developed a reporting solution that enables its affected alternative investment clients to prepare and file Form PF, as required by recent rules introduced by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). »


Fraud

Hedge fund manager Shepherd pleads guilty to fraud

North Carolina hedge fund manager James Alexander Shepherd has agreed to plead guilty to charges that he defrauded investors of approximately USD6m.  »


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