The Securities and Exchange Commission has charged the US investment banking subsidiary of Japan-based Mizuho Financial Group and three former employees with misleading investors in a collateralised debt obligation by using “dummy assets” to inflate the deal’s credit ratings. The
Guernsey’s much discussed corporate governance code came into effect at the beginning of the year. Carol Goodwin (pictured) highlights its key principles, asserting that good corporate governance is about board behaviour and not always about the rules. Never has so
The Australian Securities and Investments Commission has started proceedings in the Federal Court in Sydney challenging whether Wellington Capital is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF). On
Singapore Exchange is enhancing the rules to strengthen its default management framework to protect its derivatives market against systemically destabilising events, which include the possibility of multiple member defaults. This enhancement follows a public consultation issued in September 2011. Clearing
The Depository Trust & Clearing Corporation and Swift have been named by the Commodity Futures Trading Commission to provide the CFTC Interim Compliant Identifier (CICI) for legal entities involved in OTC derivatives trading. “We are pleased that the CFTC has
The European Securities and Markets Authority has published a review of Greek government bonds accounting practices in the IFRS financial statements for the year ended 31 December 2011. It sets out the results of the review conducted by ESMA on
The European Securities and Markets Authority (ESMA) has published final guidelines on the reporting obligations for alternative investment fund managers (AIFMs). ESMA’s guidelines, which relate to the Alternative Investment Fund Managers Directive (AIFMD), will require AIFMs – including hedge
Fund managers believe the European Commission’s Alternative Investment Fund Managers Directive will lead to fewer non-EU fund managers operating in Europe resulting in a less competitive market, according to research from Deloitte. More than two-thirds (68 per cent) believe that
The UK Supreme Court, in the conjoined appeals in Rubin and New Cap, has rejected the modified universalist doctrine that established common law rules as to the enforcement of foreign judgments, do not (or should not) apply to insolvency orders.
Due to the damage caused by Hurricane Sandy, the staff of the Commodity Futures Trading Commission’s Division of Clearing and Risk has issued a no-action letter to temporarily delay the compliance date for the Commission’s Part 22 rules, which set
