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By Fiona Le Poidevin (pictured), Guernsey Finance – In July 2013 the global economy is continuing to throw up significant events but these are nothing in comparison with what we s
By Jennifer Fox, Dillon Eustace – The EU Alternative Investment Fund Managers Directive (2011/61/EC) (“AIFMD” or “the Directive”) will be transposed into Irish legislation by implementing regulations and will come into effect on 22 July, 2013.
In Ireland the implementation of AIFMD is grounded not only on the Directive and on the European Commission Delegated Regulation of 19 December, 2012 (the “Level 2 Regulations”), but also on the long established regulatory framework in place for alternative investment funds. In this regard, Ireland services over 40% of all alternative fund assets with Irish domiciled funds now representing over EUR277 billion in
By Ashley Le Feuvre, Volaw Fund Services Group – After a lengthy period of negotiation and development the European Union’s (the “EU”) Alternative Investment Fund Managers Directive (“AIFMD” or the “Directive”) finally comes into force on 22 July 2013. Following implementation and in order to continue marketing their funds to European investors, managers (“AIFMs”) of European domiciled investment funds must fully comply with the Directive.
Managers with funds domiciled in countries such as Jersey, which are defined in the Directive as “third countries” will, subject to certain conditions, continue being able to market their non-EU funds to European investors under
By Malta Financial Services Authority – The law on investment services in Malta has undergone a number of significant changes in preparation for the implementation of the Alternative Investment Fund Managers Directive (hereinafter referred to as the “AIFMD”). Among these changes has been the issue of second tier legislation in the form of Regulations issued under the Investment Services Act as well as the publication both of new and of revised third level Investment Services Rules by Malta’s finance industry regulator, the Malta Financial Services Authority (hereinafter referred to as the “MFSA”).
The new regime makes provision for and sets
The Securities and Exchange Commission has announced charges against hedge fund adviser Steven A Cohen for failing to supervise two senior employees and prevent them from insider trading under his watch.
The SEC’s Division of Enforcement alleges that Cohen received highly suspicious information that should have caused any reasonable hedge fund manager to investigate the basis for trades made by two portfolio managers who reported to him – Mathew Martoma and Michael Steinberg. Cohen ignored the red flags and allowed Martoma and Steinberg to execute the trades. Instead of scrutinizing their conduct, Cohen praised Steinberg for his role in the
It could be some time yet before the AIFMD brings standard regulatory requirements across the EU, says Glynn Barwick (pictured), regulatory lawyer at Goodwin Procter LLP…
Member states are required to implement the Alternative Investment Fund Managers Directive into their law by 22 July. Although it is intended to create a standard set of regulatory requirements in all member states for European and, separately, non-European managers, in fact some states (such as Norway, Finland and various Mediterranean countries) will be late in implementing the directive.
Moreover, those that will implement it on time are being inconsistent or unclear as
Electronic trading platform MarketAxess has appointed Lesley Daniels Webster to its board of directors.
Daniels Webster (pictured) is the founder and president of Daniels Webster Capital Advisors, a consulting firm specialising in enterprise risk management. In this capacity she has designed corporate governance and capital allocation structures, as well as led complex credit evaluations for a broad range of major financial institutions, including wealth and asset management firms, banks, consumer lenders, clearing houses and government organisations.
From 2000 to 2005, Daniels Webster was executive vice president, market risk and fiduciary risk management at J.P. Morgan Chase, where she
The board of directors of Swiss alternative investment company ALTIN has decided to implement the capital reduction programme announced in March 2013 through the issuance of free, tradable put options.
The put options will be assigned to all shareholders with a strike price set at an attractive premium to the market price.
With this action, ALTIN’s board of directors reaffirms its strong commitment to better align the share price of the company with its NAV and hence to reduce the discount in the best interest of all shareholders. The board intends to take all necessary measures to achieve
The European Securities and Markets Authority (ESMA) has approved seven co-operation arrangements between EU securities regulators and their global counterparts with responsibility for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds.
ESMA’s board of supervisors, at its July meeting, approved memoranda of understanding (MoUs) with authorities from the Bahamas, Japan, Malaysia, Mexico and the US, including the Commodity Futures Trading Commission (CFTC).
ESMA has now negotiated 38 agreements on behalf of the 31 EU/EEA national competent authorities for securities markets supervision. The co-operation agreements allow for the exchange of information, cross-border
Brad Ackerman has joined Kinetic Partners’ New York office as a director within the consulting team.
In his new role, Ackerman will support the existing due diligence team and further develop the global alternative investment operational due diligence service offering to investors.
An increasing number of investors are ensuring that detailed compliance and regulatory framework reviews are undertaken as part of the operational due diligence (ODD) process. Together with a focus on ensuring the independence of fund directors, ODD skills are increasingly in demand.
With more than 20 years working in financial services, Ackerman joins Kinetic Partners
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