Latest News
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
Total capital invested globally in hedge funds increased to a record level for the fourth consecutive quarter in Q2 2013, according to the latest HFR Global Hedge Fund Industry Report.
The growth in assets in 2Q13 extended a streak of steady increases in hedge fund capital despite a surge in financial market volatility into quarter end.
Total hedge fund capital increased by a net total of USD40bn in 2Q13 to a record USD2.41trn. Hedge funds that took in new capital saw inflows of USD55.9bn during the quarter, while funds that experienced redemptions booked outflows totalling USD41.4bn, resulting in
Deutsche Börse is to launch a new block trading service on Xetra MidPoint on 29 July and has named Liquidnet, the global institutional trading network, as the block agent for the new service.
The block trading model provides a platform where more than 240 Xetra members will have the opportunity to trade directly with Liquidnet’s network of more than 700 of the world’s leading asset management firms safely and efficiently with minimal market impact and maximum price improvement.
Xetra MidPoint’s Block Agent model will combine the liquidity of multiple sources, increasing the probability that large orders will be executed
The Goldman Sachs Group has sold a majority equity interest in REDI, the technology provider for the REDIPlus Execution Management System (EMS), to a consortium of investors including BofA Merrill Lynch, Barclays, BNP Paribas, Citadel and Lightyear Capital.
Goldman Sachs is retaining a significant minority equity stake in the company.
This transaction establishes REDI as an independent financial technology company. The consortium of investors enhances REDI’s business by providing a broad range of benefits to the marketplace through an expanded broker network, broad cross-asset capabilities, expansive global coverage and industry-leading customer service. In addition, REDI will leverage the valuable
