By Ian Gobin (pictured) & Philip Graham – 2020 is a presidential election year in the US. Economists generally forecast a period leading up to it which avoids any major US financial market upsets. However, this time it’s building up to be anything other than a normal election year.
Legal & Regulation
Commodity pool operator and CEO to pay more than USD10m for misleading statements and supervisory failures
The Commodity Futures Trading Commission has issued an order filing and simultaneously settling charges against Catalyst Capital Advisors, of Huntington, New York, and its CEO, Jerry Szilagyi, for materially misleading statements made by Catalyst and one of its portfolio managers, and for failing to implement an adequate supervisory system to prevent such misstatements.
The Commodity Futures Trading Commission has issued an order filing and settling charges against Propex Derivatives Pty Ltd, a proprietary trading firm headquartered in Australia, for spoofing in the Chicago Mercantile Exchange E-mini S&P 500 futures market.
The majority of asset managers dragged into new uncleared margin requirements over the next two years could avoid tying up capital altogether, but still play by the rules, according to recent research from OpenGamma.
By Don A Steinbrugge (pictured), Agecroft Partners – The CFA Institute has released and circulated the final version of its guidelines to improve performance standards in the hedge fund industry. They will go into effect on 1 January, 2020. We strongly support the effort to create and implement performance standards in the industry and believe that the CFA Institute is the right organisation to lead this charge.
New FCA regime’s failure to include appointed representatives is an oversight, saysSturgeon Ventures
The Senior Managers & Certification Regime that comes into effect today (9 December) is a positive step for the financial services industry – but its failure to include Appointed Representative Firms (ARFs) and their individuals is an oversight, according to Sturgeon Ventures, a regulatory incubator.
Crestbridge has been granted a funds administration licence in Luxembourg in a move that significantly bolsters the company’s capabilities in the jurisdiction and its multi-jurisdictional proposition for alternative fund managers.
Just under two months out from the 2018/19 tax return submission deadline, KPMG is warning offshore fund investors to check their tax reporting, before HMRC does.
The US Commodity Futures Trading Commission has issued an order filing and simultaneously settling charges against Goldman Sachs & Co for failing to make and keep certain audio recordings as required under CFTC regulations for swap dealers.
By Simon Gray, BVI Finance – A new generation of hedge fund managers are looking to make a name for themselves. But starting a fund, raising money and managing a back office can be a gruelling task even for the most talented rising stars.