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North America

Letter

CFTC issues no-action letter for swap dealers on prime brokerage arrangements

Wed, 01/05/2013 - 12:00

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. »

Magnifying glass

DTCC supports legislation to ensure continued market transparency and global data sharing

Fri, 12/04/2013 - 11:42

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. »

Approved stamp

CFTC and SEC approve joint final rule governing identity theft

Thu, 11/04/2013 - 12:11

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. »

Deborah Prutzman, chief executive and founder of RFG

Regulatory Fundamentals Group launches FATCA Watch

Thu, 04/04/2013 - 14:18

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. »

Regulation

SEC streamlines rule filing requirements for dually registered clearing agencies

Thu, 04/04/2013 - 12:00

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). »

Letter

CFTC’s DSIO issues no-action letter for commodity pool operators of securitisation vehicles

Wed, 03/04/2013 - 11:47

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. »

Ponzi Scheme

Third distribution of recovered funds to Madoff claims holders totals USD506.2m

Wed, 03/04/2013 - 06:01

Irving H Picard, SIPA trustee for the liquidation of Bernard L Madoff Investment Securities, is currently distributing approximately USD506.2m on a pro rata basis to BLMIS account holders with allowed claims. »

Law books and gavel

SEC charges Sigma Capital portfolio manager with insider trading

Tue, 02/04/2013 - 12:02

The Securities and Exchange Commission has charged Michael Steinberg, a portfolio manager at New York-based hedge fund advisory firm Sigma Capital Management, with trading on inside information ahead of quarterly earnings announcements by Dell and Nvidia Corporation. »

Regulation

CFTC approves regulations governing dual and multiple associations of APs of SDs and MSPs

Tue, 02/04/2013 - 10:06

The Commodity Futures Trading Commission (CFTC) has approved final regulations governing dual and multiple associations of associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other Commission registrants.  »

Gavel and scales

SEC charges California-based hedge fund analyst and two others with insider trading

Wed, 27/03/2013 - 16:10

The Securities and Exchange Commission has charged a California-based hedge fund analyst with insider trading in advance of a merger of two technology companies based on non-public information he received from his friend who was an executive at one of the companies. »

Lawsuit

Legal-Bay in talks with hedge funds and banks to raise more lawsuit funding capital

Wed, 27/03/2013 - 14:05

Legal-Bay, a US lawsuit settlement funding firm for BP Gulf of Mexico oil spill plaintiffs, has been in talks with several foreign institutional hedge fund investors as well as traditional banks to raise more funding capital.  »

Fraud

SEC charges hedge fund manager and brokerage CEO with fraud

Mon, 25/03/2013 - 12:01

The Securities and Exchange Commission has charged a Houston-based hedge fund manager and his firm with defrauding investors in two hedge funds and steering bloated fees to a brokerage firm chief executive officer. »

US flag and handcuffs

Former Galleon portfolio manager Rengan Rajaratnam charged with insider trading

Fri, 22/03/2013 - 12:00

Rajarengan (Rengan) Rajaratnam, a former portfolio manager at the hedge fund management firm Galleon Group, has been charged with conspiracy and securities fraud for his alleged involvement in an insider trading scheme. »

Gavel and scales

California hedge fund manager agrees USD1.8m settlement in Galleon-related insider trading case

Thu, 21/03/2013 - 14:09

The Honourable Jed S Rakoff of the US District Court for the Southern District of New York has entered a final judgment approving a USD1.8m settlement between the SEC and hedge fund manager Douglas F Whitman and his firm Whitman Capital in a case that arose from the SEC's investigation of widespread insider trading perpetrated by Raj Rajaratnam of Gallon Management and other hedge fund managers. »

Fraud

Former hedge fund manager Homm indicted on federal fraud charges

Thu, 21/03/2013 - 14:05

A German national who managed a series of hedge funds based in the Cayman Islands has been indicted on federal fraud charges alleging that he oversaw a stock manipulation scheme designed to “pump up” the reported returns of his hedge funds, while self-dealing for his own benefit to the detriment of the funds, in a fraud that caused investors to loss approximately USD200m. »

Document and pen

BNY Mellon launches Form PF reporting solution

Tue, 19/03/2013 - 16:07

BNY Mellon, a provider of investment management and investment services, 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). »

Frozen assets

SEC obtains asset freeze against Massachusetts-based investment adviser

Tue, 19/03/2013 - 11:31

The Securities and Exchange Commission (SEC) has obtained an asset freeze against a Massachusetts-based investment adviser charged with stealing money from clients who were given the false impression they were investing in a hedge fund. »

Drugs

CR Intrinsic to pay more than USD600m over insider trading case

Mon, 18/03/2013 - 14:02

Connecticut-based hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than USD600m to settle Securities and Exchange Commission (SEC) charges that it participated in an insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies. »

Law books and gavel

SEC charges hedge fund firm Sigma Capital with insider trading

Mon, 18/03/2013 - 11:47

New York-based hedge fund advisory firm Sigma Capital Management has agreed to pay nearly USD14m to settle the Securities and Exchange Commission (SEC) charges that the firm engaged in insider trading based on non-public information obtained through one of its analysts about the quarterly earnings of Dell and Nvidia Corporation. »

Magnifying glass

DTCC supports legislation to ensure continued transparency in OTC derivatives market

Mon, 18/03/2013 - 06:01

The Depository Trust & Clearing Corporation (DTCC) has expressed support for legislation that would resolve issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act to ensure regulators continue to have access to a global set of over-the-counter (OTC) derivatives data for systemic risk oversight and mitigation purposes. »

Fraud

Federal Court fines Colorado man over foreign currency fraud

Fri, 15/03/2013 - 12:05

The US Commodity Futures Trading Commission (CFTC) has obtained federal court orders for more than USD3.5m in restitution and civil monetary penalties against Nicholas Trimble and his companies, Capstone FX Quantitative Analysis and Beekeepers Fund Capital Management. »

Gavel and scales

Highland Capital obtains USD21.5m jury verdict against Royal Bank of Canada

Thu, 14/03/2013 - 16:05

Law firm Lackey Hershman has obtained a USD21.5m jury verdict in favour of its client, Highland Capital Management, and against RBC Capital Markets, which is part of the Royal Bank of Canada (RBC).  »

Prison bars

Fugitive hedge fund manager arrested in Italy

Mon, 11/03/2013 - 12:07

Florian Wilhelm Jürgen Homm, a German hedge fund manager who was on the run for more than five years, has been arrested in Italy on US federal fraud charges that accuse him of orchestrating a market manipulation scheme designed to artificially improve the performance of his funds. »

Fraud

Connecticut hedge fund execs charged with conspiracy, securities fraud and wire fraud

Wed, 27/02/2013 - 16:19

A federal grand jury sitting in New Haven has returned a 19-count indictment charging three executives of New Stream Capital, a Ridgefield, Connecticut hedge fund, with conspiracy, securities fraud, and wire fraud offences. »

Disclosure

CFTC charges NYMEX and former employees over disclosure of customer information

Fri, 22/02/2013 - 11:39

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action charging the New York Mercantile Exchange (CME NYMEX) and two former employees, William Byrnes and Christopher Curtin, with violating the Commodity Exchange Act and CFTC regulations. »

Handcuffs and money

Michael J Welke to pay USD387,000 to settle commodity pool fraud charges

Mon, 18/02/2013 - 10:01

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order requiring defendant Michael J Welke, of Omaha, Nebreska, to pay USD257,000 in disgorgement and a USD130,000 civil monetary penalty to settle CFTC charges of fraud, failure to register with the CFTC, and failure to comply with disclosure and reporting requirements. »

Ponzi scheme

Hedge fund manager convicted over USD40m Ponzi scheme

Tue, 12/02/2013 - 16:00

A federal jury in Charlotte has convicted certified public accountant Jonathan D Davey, 48, of Newark, Ohio, of four criminal charges relating to a hedge fund investment fraud conspiracy. »

Cynthia Hetherington, president of the Hetherington Group

Fraudulent hedge funds pose greater threat in 2013, says Hetherington

Fri, 08/02/2013 - 12:07

Thanks to the recent JOBS Act (Jumpstart Our Business Startups Act), signed by President Obama last year, the Securities and Exchange Commission (SEC) has lifted advertising restrictions for hedge funds and other kinds of private investment offerings as of 2013, allowing for direct solicitation to individual investors.     »

Barred sign

NFA takes emergency enforcement action against Prodigy Asset Management

Fri, 01/02/2013 - 16:01

The National Futures Association (NFA) has taken an emergency enforcement action against Prodigy Asset Management (PAM), a commodity pool operator (CPO) and commodity trading advisor (CTA) located in New York City, and its principal Ezekiel Abdel Rahman. »

Report

National Futures Association adopts recommendations from analysis of Peregrine Financial Group audits

Fri, 01/02/2013 - 11:53

The National Futures Association’s board of directors has voted to accept the recommendations made by Berkeley Research Group (BRG) as part of its independent analysis of NFA's audits of Peregrine Financial Group. »

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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