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By Kent Barnes – On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Act). The Act, which is set to become effective on July 21, 2011, is a comprehensive suite of regulatory reforms intended to contain risk in the financial services industry through tightened regulation, increased consumer safety, and stricter oversight of public companies.
Requirement to Register with the Securities Exchange Commission (the “SEC”)
Title IV of the Act, referred to as the Private Fund Investment Advisers Registration Act of 2010 (the Registration Act), contains a broad
The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 20th semi-annual survey of the European repo market, undertaken in December 2010. The survey sets the baseline figure for market size at EUR 5,908 billion representing a modest year-on-year increase of 6% on the figure of EUR 5,582 billion for the survey in December 2009.
There was a sharp fall from the headline total of EUR6,979 recorded in June 2010, but this figure included unusual specialised transactions that have subsequently been unwound. The results of the latest survey confirm the continuing trend of modest
The US Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the Western District of Wisconsin charging defendants Jacob Juma Omukwe, JadeFX Ltd (JadeFX) and Jade Investments Group, LLC (Jade), with operating a fraudulent off-exchange retail foreign currency (forex) scheme through the website www.jadefx.com. None of the defendants has ever been registered with the CFTC.
On the same day the complaint was filed under seal, March 2, 2011, US District Court Judge William M.Conley entered a restraining order, also under seal, freezing defendants’ assets and prohibiting the destruction of books and records.
The CFTC
By James Williams – When the Dodd-Frank regulatory reform law was passed last July, there was probably a degree of denial amongst the hedge fund community as to precisely what the long-term implications would be.
Such sweeping changes – forcing hedge funds with USD150million or more to be registered with the SEC, and those with USD25million to USD150million in AUM to still require state-level registration – were hard to grasp initially. But the reality is sinking in fast.
The USA is home to the world’s biggest alternatives market (Bloomberg’s list of 2010’s top 100 hedge funds reveals that 13 of
Liquidnet, the institutional equities marketplace, has appointed Scott Harrison as Global Head of Product with responsibility for overseeing, enhancing and building out the company’s product offerings. Based in New York, he will report directly to Liquidnet CEO and Founder Seth Merrin (pictured) and will be part of the Liquidnet Leadership team.
“Over the last 10 years, Liquidnet created an electronic institutional marketplace where there once was none, then we took that marketplace global. Now we are building solutions for our Members that will change the way they work, add value in ways that until now were not possible, and create
The Financial Industry Regulatory Authority (FINRA) has expelled MICG Investment Management, LLC (MICG) of Newport News, VA, and barred Jeffrey A Martinovich, the firm’s CEO and majority owner, for securities fraud, misusing investors’ funds and causing false account statements to be issued to investors in connection with their management of a proprietary hedge fund named MICG Venture Strategies, LLC (Venture Strategies).
MICG and Martinovich organized, controlled and managed the hedge fund.
FINRA found that MICG and Martinovich improperly assigned excessive asset values to two non-public securities owned by Venture Strategies, and used the excessive asset values as the basis
Guernsey has not only followed through its 2002 commitment to observe the OECD principles on transparency and exchange of information for tax purposes, but has made substantive developments in expanding its exchange of information network, according to a report published by the Global Forum on Transparency & Exchange of Information for Tax Purposes.
The report also confirms that Guernsey has in place all the necessary legal and regulatory powers to ensure it can meet the internationally agreed standard on obtaining and exchanging information for tax purposes.
Guernsey’s Chief Minister, Lyndon Trott, says: “I am delighted that, hard on the heels
Hedge funds as measured by the Greenwich Global Hedge Fund Index (GGHFI) gained across every major strategy in February. The GGHFI gained 1.28% compared to global equity returns in the S&P 500 Total Return +3.43%, MSCI World Equity +3.33%, and FTSE 100 +2.24% equity indices. Some 75% of constituent funds in the GGHFI ended the month with gains.
“Hedge funds were led by directional strategies in February given the rise in equities and surging commodity prices,” says Clint Binkley, Senior Vice President. “Tension in the Middle East is being overshadowed by strong corporate earnings and continued economic recovery which is reflected
KIS Capital an Australian-based hedge fund with an Asia ex-Japan focus primarily trading equities, options, warrants and convertibles, has selected Imagine Software’s award-winning ASP service for real-time portfolio and risk management.
In response to investor interest following recently published results that show a return of over 40 per cent since its October 2009 launch, KIS Capital is in the process of launching an off-shore vehicle, managed in parallel with the Australian fund.
After careful consideration of the leading solutions on the market, Imagine was selected due to its ease of use, depth of functionality, asset-class coverage and superior
GAM has collaborated with Fermat Capital Management to launch GAM FCM Cat Bond. GAM has invested with Fermat for over six years and now has an exclusive arrangement to offer this fund to the broader market place.
The fund’s objective is to capture the structural return from the catastrophe market via a portfolio focused on catastrophe bonds and complimented by exposure to other insurance linked securities (ILS) to produce attractive, consistent returns which are uncorrelated to traditional asset classes.
Dr John Seo (pictured), Co-Founder and Managing Principal at Fermat Capital Management says: “Given catastrophe bonds’ unique underlying risks, they are
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