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gavel and law books

CFTC secures court order against TOTE Fund and MJS Capital Management for Commodity Exchange Act violations

Thu, 15/01/2015 - 11:30

The CFTC has secured a court order requiring two commodity pool operators and their principal Michael J Siegel to pay restitution of USD104,684.47, disgorgement of USD86,503.36, and a civil monetary of USD259,510.08 over the misappropriation of funds.   »

Gavel and scales of justice

MF Global Holdings to pay USD1.212bn for unlawful use of customer funds

Fri, 02/01/2015 - 11:37

MF Global Holdings (MFGH) is to pay USD1.212 billion to settle CFTC charges relating to the misuse of customer funds and related supervisory failures by subsidiary MF Global Inc (MFGI).  »

CFTC extends time-limited no-action relief to Eurex Clearing and US clearing members

CFTC extends time-limited no-action relief to Eurex Clearing and US clearing members

Wed, 24/12/2014 - 13:04

The US Commodity Futures Trading Commission (CFTC) has extended the no-action relief granted in CFTC Letter 14-27 to Eurex Clearing AG (Eurex Clearing) and its US clearing members. »

gavel and scales

RBC to pay USD35m penalty for illegal wash sales, fictitious sales and non-competitive transactions

Mon, 22/12/2014 - 06:00

The Royal Bank of Canada (RBC) is to pay a USD35 million penalty for engaging in more than 1,000 illegal wash sales, fictitious sales, and noncompetitive transactions over a three-year period.   »

regulation books

AlphaMetrix to pay USD5.6m to settle CFTC charges

Fri, 19/12/2014 - 09:00

Commodity Pool Operator (CPO) and Commodity Trading Advisor (CTA) AlphaMetrix is to pay USD5.6 million in restitution and penalties to settle US Commodity Futures Trading Commission (CFTC) charges. »

Fraud

SEC charges Buffalo firm and co-owners with fraud over HF investment advice

Thu, 11/12/2014 - 11:47

The Securities and Exchange Commission has charged a Buffalo, NY-based investment advisory firm and two co-owners accused of making false and misleading statements to clients regarding investments in a hedge fund.   »

document with pen

Irving H Picard reaches USD95m BLMIS recovery agreement with Senator Feeder Fund

Thu, 20/11/2014 - 06:00

Irving H Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), is seeking approval of a recovery agreement with Senator Fund SPC, a Cayman Islands incorporated investment fund invested exclusively with BLMIS. »

globe

Herald Fund SPC agrees global settlement with Madoff Trustee

Wed, 19/11/2014 - 06:00

BDO CRI (Cayman) Ltd, the Principal Liquidators of Herald Fund SPC, have reached a global settlement agreement with Irving H Picard, Trustee for the Estate of Bernard L Madoff Investment Securities.   »

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. »

features
Special report
Switzerland Hedge Fund Services 2015

Switzerland Hedge Fund Services 2015

Tue, 24/02/2015 - 19:14

New regulations are allowing hedge fund managers and institutional investors to take advantage of fresh opportunities in the Swiss market, from innovative new fund platforms to new fund strategies and structures that provide significant portfolio diversification opportunities... »

Article

The attraction of incubator platforms has increased noticeably in recent years. New hedge funds face a Sisyphus-like task getting up and running as global regulation and compliance pushes costs up, whilst investors simultaneously expect to see institutional quality operations in place from day one.    ... »

Special report
How to Access Europe using third party AIFMs

Read how managers seeking to distribute in Europe can appoint a third party AIFM (or ManCo), and the fund distribution benefits this can bring, both for new fund launches and redomiciled funds... »

Comment
Richard A Kimball Jr, CEO, HEXL

Healthcare costs continue to spiral out of control and yet still achieve relatively poor outcomes, says Richard A Kimball Jr (pictured), CEO of HEXL… ... »

Article

Six trends shaping the next generation

Tue, 10/02/2015 - 08:01

Just 20 years ago, exchange-traded funds (ETFs) were novelties. Now, after two decades of explosive growth, they are firmly entrenched in the asset management landscape. Total US-listed ETF assets reached a record-setting USD2.0 trillion at the end of 2014, up from USD1.7 trillion a year earlier, and inflows totaled USD244 billion for the year. European ETFs also saw record flows in 2014; they attracted USD61.4 billion in new assets, more than three times the 2013 total. ... »

specialreports