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gavel in black and white

Madoff Trustee reaches recovery agreement of nearly USD500m with Herald and Primeo Feeder Funds

Tue, 18/11/2014 - 11:45

Irving H Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), has filed a motion today in the United States Bankruptcy Court...  »

Thumbs up

Markit | Genpact KYC Services registers more than 600 firms

Wed, 12/11/2014 - 14:03

More than 600 buyside firms and corporations are registered for Markit | Genpact KYC Services centralised service to streamline the management of know your customer (KYC) information required by banks. »

Barred

NFA bars commodity pool operator Belvedere Asset Management from membership

Fri, 31/10/2014 - 12:03

National Futures Association (NFA) has ordered commodity pool operator Belvedere Asset Management to permanently withdraw from NFA membership. »

Gavel

Federal Court approves receiver’s USD264m Kenwood Group distribution plan

Fri, 31/10/2014 - 06:15

Court-appointed receiver John J Carney has received authorisation for a USD264 million distribution plan for the receivership estate of Michael Kenwood Capital Management and related entities. »

Gavel

SEC charges NJ-based HF manager with insider trading

Tue, 28/10/2014 - 14:11

The SEC has filed insider trading charges against a New Jersey-based hedge fund manager who allegedly used material, nonpublic information to trade in advance of market-moving news concerning Carter's Inc. »

Dollars

Investment adviser regulatory assets under management reach USD61.7trn

Tue, 28/10/2014 - 14:04

Total regulatory assets under management (RAUM) reported by all investment advisers as of 7 April was USD61.7 trillion, representing a substantial increase from the USD54.8 trillion RAUM reported in April 2013. »

Gavel

Rengan Rajaratnam to settle SEC insider trading charges

Mon, 27/10/2014 - 05:00

Former hedge fund manager Rajarengan “Rengan” Rajaratnam has agreed to pay more than USD840,000 and accept securities industry bars in order to settle the Securities and Exchange Comission’s (SEC) insider trading case against him. »

Fraud

SEC charges NYC high-frequency trading firm with fraud

Fri, 17/10/2014 - 13:36

The SEC has sanctioned a high frequency trading firm for placing a large number of rapid-fire trades in the final two seconds of trading each day to manipulate the closing prices of NASDAQ-listed stocks.   »

Singapore

CFTC issues no-action letter for Singapore Exchange Derivatives Clearing Limited

Fri, 10/10/2014 - 06:30

The US CFTC has issued a time-limited no-action letter stating that it will not take enforcement action against Singapore Exchange Derivatives Clearing Limited (SGX-DC) for failure to comply with the applicable swap data reporting requirements of Commission Regulations 45.3 and 45.4. »

Regulation

HFA cautions SEC on impact of raising accredited investor net worth requirements

Wed, 08/10/2014 - 16:02

The Hedge Fund Association (HFA) has submitted a comment letter to the US Securities and Exchange Commission (SEC) as the regulatory agency considers proposed changes to the definition of an “accredited investor” under Rule 501 of Regulation D. »

Jack Seibald, managing member at Concept Capital Markets

Basel III set to increase prime brokerage costs

Tue, 07/10/2014 - 11:33

Market regulation is starting to impact the way prime brokers do business with their hedge fund clients. The need to store away more capital and strengthen their balance sheets under Basel III regulations and other requirements imposed by central banks are set to redefine the way primes view their clients, with the return on assets they earn from them likely to become the de facto parameter. »

Kavitha Ramachandran, Maitland Group

Getting around AIFMD

Tue, 07/10/2014 - 11:28

By Kavitha Ramachandran, Maitland Group – The EU’s Alternative Investment Fund Managers Directive (AIFMD) has essentially created a vast ‘Fortress Europe’. As of 22 July this year, managers of alternative investment funds must become authorised under the Directive as ‘AIFMs’ (Alternative Investment Fund Managers) or accept the burden and uncertainty of the private placement regimes if they want to market their funds in Europe. »

Mark Ruddy, Ruddy Law

SEC enforcement: the state of play

Tue, 07/10/2014 - 10:35

Developing trends – Recent SEC investigations into hedge funds, investment advisers, officers, directors, and political intelligence firms have been indicative of two separate trends that are currently shaping SEC enforcement decisions. »

USA flag

Regulation puts US hedge funds firmly in the spotlight

Tue, 07/10/2014 - 10:11

Under the stewardship of Mary Jo White, Chairperson of the SEC, the US regulator is pursuing a “Broken Windows” enforcement strategy, as used to great effect by the New York police department in the 90s. »

Gavel

SEC charges two with insider trading on Pershing Square’s Herbalife announcement

Thu, 02/10/2014 - 06:00

The SEC has charged two individuals with insider trading on a hedge fund manager’s announcement that his fund had formed a negative view of Herbalife Ltd and taken a USD1 billion short position in its securities. »

Document signing

CFTC and ASIC sign MoU on supervision of cross-border entities

Wed, 01/10/2014 - 11:36

The US Commodity Futures Trading Commission (CFTC) has signed a memorandum of understanding (MoU) with the Australian Securities and Investments Commission (ASIC) on the supervision of cross-border entities. »

Clock

CFTC issues time-limited no-action relief for CDS clearing-related swaps

Tue, 30/09/2014 - 16:01

The US Commodity Futures Trading Commission (CFTC) has issued an extension to no-action letter 13-86 which provided time-limited relief relating to certain CDS clearing-related swaps. »

Marketing

JOBS Act changing hedge fund communications, says study

Tue, 30/09/2014 - 14:00

Hedge funds are beginning to take advantage of new communications channels one year after the enactment of the JOBS Act, according to a Peppercomm study. »

Gavel and scales

Barclays Capital charged with compliance failures following acquisition of Lehman’s advisory business

Wed, 24/09/2014 - 10:03

The US Securities and Exchange Commission (SEC) has charged Barclays Capital with failing to maintain an adequate internal compliance system after its US wealth management business acquired the advisory business of Lehman Brothers in September 2008.  »

Traders

CFTC provides time-limited no-action relief for SEFs from block trade requirements

Mon, 22/09/2014 - 12:04

The US Commodity Futures Trading Commission (CFTC) has provided time-limited no-action relief concerning swap execution facility (SEF) access for block trade execution. »

Barred sign

CFTC revokes registrations of SAC Capital Advisors

Wed, 17/09/2014 - 16:06

The US Commodity Futures Trading Commission (CFTC) has filed a notice of intent to revoke the registrations of SAC Capital Advisors LLC and SAC Capital Advisors LP. »

Gavel

SEC sanctions 19 firms and one individual trader for short selling violations

Wed, 17/09/2014 - 14:05

The Securities and Exchange Commission (SEC) has imposed a further 20 sanctions in its continuing enforcement initiative against hedge fund advisers and private equity firms illegally participating in stock offers short selling the stock during a restricted period. »

Regulation

IVP extends Managed Services model to include support for global regulatory filings

Wed, 17/09/2014 - 13:00

Indus Valley Partners (IVP) has extended its Managed Services offering to include regulatory filings for hedge funds, private equity funds and other alternative asset managers. »

Gavel and scales

CFTC fines Morgan Stanley Smith Barney for supervision and records failures

Tue, 16/09/2014 - 11:49

The US Commodity Futures Trading Commission (CFTC) has fined Morgan Stanley Smith Barney, a CFTC-registered futures commission merchant, for improper supervision and records violations.  »

Edward T. Tilly

CBOE and C2 in FINRA discussions over regulatory services agreement

Mon, 15/09/2014 - 16:00

The Chicago Board Options Exchange (CBOE) and C2 Options Exchange are in discussions with the Financial Industry Regulatory Authority (FINRA) on a potential agreement for FINRA to provide certain regulatory services to their options markets. »

Magnifying glass

SEC creates new office in division of economic and risk analysis

Mon, 15/09/2014 - 13:46

The Securities and Exchange Commission (SEC) is creating a new office within the division of economic and risk analysis (DERA) that will coordinate efforts to provide data-driven risk assessment tools and models to support a wide range of SEC activities.  »

Slow

Regulation slows push for alternatives, says Cerulli


Thu, 11/09/2014 - 12:05

Regulation is slowing the push for alternative investments, according to research released by Cerulli Associates. »

Letter

CFTC issues exemptive letter providing relief from certain JOBS Act SEC amendments

Thu, 11/09/2014 - 11:09

The US Commodity Futures Trading Commission (CFTC) has issued an exemptive letter which provides relief from certain provisions restricting marketing to the public. »

Howard Groedel, Ulmer & Berne LLP

Harmonisation of CFTC and SEC hedge fund advertising rules is a ‘sensible step’

Thu, 11/09/2014 - 09:23

Securities attorney Howard Groedel of Ulmer & Berne LLP, comments on the CFTC’s easing of hedge fund advertising restrictions…  »

Gavel

CFTC charges Florida attorney with aiding and abetting illegal metals transactions and fraud

Thu, 11/09/2014 - 06:01

The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement complaint against Florida attorney Jay Bruce Grossman charging him with aiding and abetting multiple clients in the operation of illegal and fraudulent precious metals schemes. »

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