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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. The HFA is urging the SEC to reject an increase in the current requirements, originally set in 1982, to account for inflation. The definition was already significantly narrowed when the value of an investor’s primary residence was excluded under The Dodd–Frank Wall Street Reform and Consumer Protection Act.   “While the HFA fully appreciates and shares the SEC’s goal of protecting investors
The SciBeta Developed Multi-Beta Multi-Strategy EW index and the SciBeta Developed Multi-Beta Multi-Strategy ERC index posted negative relative returns in September of -0.65 per cent and -0.68 per cent, respectively, compared to cap-weighted indices. However, year-to-date the relative performance of the two indices remains positive, with a relative return of around 1.00 per cent for both, while both have also, over the past ten years, recorded strong annual relative returns of 2.06 per cent and 1.99 per cent, respectively, compared to cap-weighted indices.   This month, all smart factor indices post negative returns from both relative and absolute perspectives, with
The Tel Aviv Stock Exchange (TASE) board of directors has approved the launch of derivatives (options and futures) on the TA-100 index. The new derivatives join existing products on a number of underlying assets – the TA-25 index, the TA-Banks index, the ILS/USD exchange rate, the ILS/Euro exchange rate, and 10 individual stocks included in the TA-100 index.   The derivatives on the TA-100 index are scheduled to begin trading on 29 January 2015.   Robby Goldenberg, senior vice president and head of the trading, derivatives and indices department, says: “The launch of derivatives on the TA-100 index constitutes a
Following consultation with the US Securities and Exchange Commission, Euronext has received new class no-action relief for foreign options markets, enabling it to offer Dutch and Belgian equity options to certain eligible US investors. The no-action relief applies to a broad suite of equity and equity index options.   In addition, an extension to the current arrangements on equity option contracts available for trading on Euronext Paris has been agreed.   The initiative is complementary to the existing ability of qualifying investors in the US to trade index futures on the AEX, CAC40, BEL 20 and all Euronext commodity products. 
By Derek Adler (pictured), IFINA – There are many questions being asked by Investment Managers (IMs) today and relatively few satisfactory answers available. For many years IMs have merely had to satisfy the regulatory requirements of the chosen jurisdiction and with limited restrictions have been able to go about their business without too much difficulty. Along comes the financial crisis in the mid noughties and the situation changed quite dramatically. As always, the pendulum swings from one extreme to the other but in this case the pendulum had clearly not reached its extreme, as several draconian rules were brought out
Five Continents Financial Limited, a Cayman Islands-based asset management and corporate services company, has launched its governance services offering, which will be headed by former Deloitte partner Glen Wigney. Wigney has over 30 years of experience with Deloitte in Canada, Cayman, and most recently, the US.   “Fund investors and investment managers are demanding enhanced fund governance with independent professional judgment applied in a business-like manner,” he says. “I believe that when my experience is combined with the asset management, corporate and legal expertise of the founding partners of Five Continents, our offering is differentiated in the marketplace and is
With the Alternative Investment Fund Managers Directive (AIFMD) which came in force last July 22, together with the introduction of the European Market Infrastructure Regime (EMIR) and Foreign Account Tax Compliance Act (FATCA), fund administrators are facing big challenges in terms of getting up to speed on the full ramifications of these directives. AIFMD and EMIR in Europe represent opportunities to administrators whose level of preparedness is such that, through the identification and implementation of multiple reporting options, places themselves at the forefront to increase their revenue streams. With the right technology solutions, reports can be generated and validated to meet
The official grandfathering period of the AIFMD only ended this July so assessing how different jurisdictions and their fund industry networks are adjusting to the new challenge is a little too early to call. Nevertheless, as burdensome as the Directive is for managers, it is at least pushing service providers to further extend their solution sets; whether that be from a regulatory reporting perspective, providing depositary services to AIFs – both onshore and offshore – or simply providing platform capabilities to allow new managers to feel their way; to get up and running without incurring the full cost and glare
By Robert Higgans (pictured) & Clare Farrugia, MFSA – Since the end of the transition period applicable to Alternative Investment Fund Managers (AIFMs) that were undertaking activities before the coming into force of the AIFM Directive on 22 July 2013, a clearer picture is emerging on the preparedness of operators to conduct activities under AIFMD – a Directive which has attracted mixed reactions from various sectors, with some advocating the added advantages of increased investor protection and the passporting opportunities whilst others are highlighting the increased compliance costs, uncertainty and complexities that it has brought about. Whilst AIFMD has posed various challenges
For a number of years, it has been practically impossible for funds to grant loans to third parties unless done on a one-off basis. Potential loan funds have, until now, not considered Malta. The issue in this regard has always been a licensing one in that, in terms of the Financial Institutions Act, generally speaking the provision of a loan on a regular or habitual basis requires a financial institutions licence from the MFSA. This, coupled with the often strict interpretation of the MFSA as to what constitutes ‘lending’ and what constitutes ‘regular’ or ‘habitual’, has meant that funds have

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