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By Oliver Sciales, Chevalier & Sciales – Luxembourg’s Financial Sector Supervisory Authority has published on July 18 the latest update to its Frequently Asked Questions document on the grand duchy’s law of July 12, 2013 implementing the European Union’s Alternative Investment Fund Managers Directive and the European Commission’s Level 2 regulation on implementation of the AIFMD.
The FAQ document, now in its seventh version in just over a year, is intended by the CSSF to highlight aspects of the AIFMD rules from a Luxembourg perspective for the benefit primarily of alternative funds and managers established in the grand duchy.
The Upper Tribunal has dismissed Alberto Micalizzi’s appeal against the Financial Conduct Authority’s (FCA) decision to fine and ban him over charges that he failed to act with integrity in his role as CEO at hedge fund Dynamic Decisions.
The Tribunal directed the FCA to impose a penalty on Micalizzi, the former CEO of the now defunct hedge fund, of GBP2.7 million (reduced from GBP3 million) and a full prohibition.
Dynamic Decisions was the manager of the DD Growth Premium Master Fund which was marketed by as having a low risk, highly liquid, market neutral strategy.
In
Capita Financial Managers (Ireland) Limited has been granted an alternative investment fund manager (AIFM) licence by the Central Bank of Ireland.
The licence authorises Capita to take regulatory responsibility for the funds to which it acts as AIFM.
Capita will provide independent AIFM services to both EU and non-EU funds in the alternative investment market, so they are compliant with the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD is an EU directive that came into force on 22 July 2013. It regulates EU and non-EU fund managers that market alternative investment funds to investors domiciled, or with a
Commodity funds, as represented by the Newedge Commodity Trading Index, were the best performers in the firm’s suite of hedge fund indices in June, finishing the month up 0.63 per cent.
The Newedge Trading Index continues to build on 2014 gains, leading the Newedge Index performance year-to-date with a return of 3.55 per cent.
The Commodity Equity sub-index extends the positive performance achieved in 2013 and is up 4.85 per cent year-to-date with a return of 1.62 per cent for the month of June.
James Skeggs, global head of advisory group alternative investment solutions at Newedge says: “The
Bedell Trust has received regulatory approval and a variation of permission from the Financial Conduct Authority (FCA) to provide depositary services to UK alternative investment funds (AIFs) as well as "depositary-lite" services to non-EEA AIFs from its London office.
Furthermore, Bedell has received regulatory approval from the Jersey Financial Services Commission (JFSC) to provide depositary services from its Jersey office to all JFSC regulatory categories of investment funds.


Bedell Trust is now able to provide full depositary services covering cash flow monitoring, safekeeping, and oversight responsibility to unregulated collective investment undertakings – specifically closed-ended AIFs of alternative investment fund
The Depository Trust & Clearing Corporation (DTCC) has teamed up with six banks to launch Clarient Entity Hub, which is designed to provide increased controls, standardisation and transparency during the client on-boarding process and ongoing client lifecycle events.
Clarient Entity Hub is owned and operated by Clarient Global, a new DTCC company founded with BNY Mellon, Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street.
DTCC’s Matthew Stauffer will serve as the company’s CEO. The founder banks and DTCC have collaborated in the design and development of the utility.
Clarient Entity Hub will enable industry participants worldwide
Cordium, a provider of compliance consulting, accounting, tax and software to the financial services industry, has partnered with IP Sentinel, a provider of IT solutions, cybersecurity, monitoring and audit services to regulated entities. 


Cordium and IP Sentinel have entered into this partnership due to the increased demand from clients for advice on safeguarding their infrastructure and the identification of cost-effective solutions for technology issues.
Much of the infrastructure underlying a firm’s ability to comply with financial regulation, such as the maintenance of records and the proper execution of trades, is now technology dependent.
The SEC has put
Chi-X Japan, a wholly owned subsidiary of alternative market operator Chi-X Global, has added two local brokers, Yamawa Securities and Ark Securities, as trading participants.
This brings the total number of trading participants to 23.
Yamawa and Ark will access Chi-X Japan’s market centre through Intertrade’s platform.
Nagahori, chief operating officer of Chi-X Japan, says: “We are pleased to announce that Yamawa Securities and Ark Securities have commenced trading on Chi-X Japan. Since the launch, our strategy has been to provide investors with better prices and price improvement opportunities. Today’s announcement reflects the industry’s demand to lower the
Gottex Fund Management has received FINMA approval for its merger with EIM Group.
The merger is expected to complete during August.
The combined firm has USD8.5 billion in fee earning assets and will be one of the leading independent global alternative asset managers.
The merged company will focus on providing alternative investment solutions, multi-asset and Asian focused products to institutional investors, family offices and retail channels.
Moody’s outlines six things to watch for in the wake of new US money fund rules…
1. Will money fund managers alter their investment strategies?
Yes. VNAV pricing will help keep sponsors on the straight and narrow. Watch for more conservative and more liquid investments. The change to a variable share price will drive MMF managers to more conservative investment decisions.
2. Who will actually use gates and fees?
Probably no one, absent extreme conditions. Institutional investors in prime and municipal funds are sure to be wary of redemption gates and liquidity fees.
3. Will tax treatment change
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