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Legal & Regulation

Mark Weir, Maples Fund Services

How to generate regulatory alpha

Wed, 30/09/2015 - 11:53

The recent swathe of regulation has meant that managers face an incredible drain on internal resources, leading to increased headcount, increased operating costs, and distraction from core competencies. »

Nixk Tsafos, EisnerAmper

Tax implications of trading swaps with prime brokers

Wed, 30/09/2015 - 11:38

There are some early signs that the effects of Basel 3 are changing the way that hedge funds do business with their prime brokers. In today's new reality, primes are becoming more prescriptive over how the bank's balance sheet is being utilised to support clients' trades. To mitigate the costs of trading physical securities, some managers are beginning to use more synthetic instruments.  »

Geoff Ruddick, IMS Fund Services

Independent directors and the split board saga

Wed, 30/09/2015 - 11:32

By Geoff Ruddick (pictured), IMS Fund Services – There has been an extraordinary focus on and trend towards `split boards' in the last few years. For most people the accepted definition of a `split board' is having independent directors from different fiduciary firms. It is considered by some to be the best way to construct a board. In reality this is an overly simplistic definition and assessment of how to recruit and construct an effective and diverse board.  »

BCS streamlines settlement and custody services

BCS streamlines settlement and custody services

Mon, 21/09/2015 - 13:56

BCS Financial Group, a securities broker on the Moscow Exchange, has been granted access to Euroclear, the international central securities depository, through BCS Prime Brokerage Limited. »

Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

Mon, 21/09/2015 - 09:28

While CFTC Commissioners and staff have in the past asserted that the CFTC has jurisdiction over bitcoin derivatives in speeches and testimony, for the first time the Commission has issued a definitive finding that bitcoin derivative exchanges must register as a SEF or designated contract market.   »


Developments and opportunities in Malta

Wed, 16/09/2015 - 10:21

By Dr Michael Xuereb, MFSA – Following several years of fund platform developments, the MFSA has more recently been focusing its efforts on upgrading and enhancing the product structuring framework. »

Joseph M Camilleri, Valletta Fund Services

Fund formation considerations in Malta

Wed, 16/09/2015 - 10:13

When it comes to the formation process, funds in Malta may take different legal forms and with respect to hedge funds, the most popular structure is the SICAV. The formation process is two-fold: »

Jean Farrugia

In profile: the Maltese self‑managed PIF

Wed, 16/09/2015 - 10:03

Malta's PIF regime allows the setting up of three different types of PIFs each based on the profile of the participating investors' taking into consideration their overall wealth and investment experience. The regulations governing each type of fund vary and are lighter in case of PIFs which are intended for promotion to more sophisticated investors.  »

Derek Adler, ifina

The gateway of choice for emerging investment managers

Wed, 16/09/2015 - 09:58

The emergence of complex rules and regulations such as AIFMD and FATCA means that any new manager with visions of running their own hedge fund business must think carefully about the best route to market.  »

Dr Louis de Gabriele

The Recognised Incorporated Cell Company

Wed, 16/09/2015 - 09:54

By Dr Louis de Gabriele (pictured), Camillieri Preziosi Advocates  – In recent years, the Maltese jurisdiction has continued to consolidate its reputation as a fund domicile of choice for fund promoters and managers alike. Having emerged as a cost-effective jurisdiction for funds, Malta boasts a comprehensive yet flexible regulatory framework, together with attractive rates of taxation. The Malta Financial Services Authority ("MFSA") has also played a considerable role in the strengthening of Malta's position as a fund domicile, particularly due to its accessibility, responsiveness, and expediency in the processing of applications.  »

Paul Mifsud

Becoming the EU’s leading securitisation centre

Wed, 16/09/2015 - 09:44

Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (`EWSM'); a joint venture between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.  »

Stefania Grech

Fund structure ecosystem continues to grow

Wed, 16/09/2015 - 09:41

Following Malta's implementation of the Alternative Investment Fund Managers Directive (AIFMD), it is possible to set-up Alternative Investment Funds (AIFs) in Malta in accordance with the AIFMD.  »

James Williams, Hedgeweek

Loan vehicles could become integral part of burgeoning funds industry

Wed, 16/09/2015 - 09:38

Malta's financial services industry has been continuously evolving since it joined the EU in 2004. The island has a buoyant banking and insurance sector, a trust and pensions sector, and along with its funds industry, has been growing in the region of 25 per cent per year, based on the MFSA's latest figures.  »

Kenneth Farrugia, FinanceMalta

Malta keeps all options on the table

Wed, 16/09/2015 - 09:31

FinanceMalta was set up in 2007 to holistically promote the various sectors of Malta's financial industry. FinanceMalta not only focuses on the fund management industry but also covers the insurance sector, trust and foundations sector and wealth management and as Kenneth Farrugia (pictured), Chairman of FinanceMalta confirms: "We are also exploring ways for FinanceMalta to support Islamic Finance and Capital Markets in Malta through various initiatives." »

Arthur J Gallagher enhances IMI Pro

Arthur J Gallagher enhances IMI Pro

Fri, 11/09/2015 - 14:37

Arthur J Gallagher has enhanced its liability and crime insurance solution for investment managers IMI Pro to provide its broadest cover yet. »

Joanne Segars, NAPF

NAPF welcomes UK financial advice review

Wed, 05/08/2015 - 09:49

Joanne Segars (pictured), Chief Executive, NAPF, comments on the launch if a major review of how to improve financial advice by HM Treasury and the Financial Conduct Authority (FCA)… »

BATS files client suspension rule to expedite action against customers engaging in layering and spoofing

BATS files client suspension rule to expedite action against customers engaging in layering and spoofing

Fri, 31/07/2015 - 07:22

BATS Global Markets (BATS) has filed with the Securities and Exchange Commission the BATS Client Suspension Rule, which would enable the company to take swifter action to prohibit manipulative behaviour, such as spoofing and layering, on the BATS Exchanges. »

Mark Makepeace

FTSE Russell confirms compliance with IOSCO Principles

Fri, 17/07/2015 - 12:49

Global index provider FTSE Russell has published its Statement of Compliance with the recommendations made by the International Organization of Securities Commissions (IOSCO), as laid out in the Principles for Financial Benchmarks and published in July 2013 (the IOSCO Principles). »

Monique Mel

FCA fines firms and individuals over GBP1bn for market integrity breaches

Wed, 15/07/2015 - 13:58

The FCA fined firms and individuals a total of GBP1.23 billion in 2014 for market integrity related breaches, which included abusive market behaviour such as: manipulation, insider dealing, FX failings and benchmark (i.e. Libor) manipulation.  »

Joanne Segars, NAPF

Review of pensions tax is welcome news

Thu, 09/07/2015 - 10:52

Joanne Segars (pictured), Chief Executive, National Association of Pension Funds (NAPF) comments on the changes to pensions announced in the 2015 Summer Budget, including the Chancellor’s announcement to introduce a taper on higher rate pensions tax relief along with the introduction of a wider review of pensions taxation…  »

Tom Lingard, Stevens & Bolton

Beware the perils of intellectual property rights

Tue, 23/06/2015 - 11:00

James Williams writes on the importance of nailing the IP when funding a start-up. »

Beverly Chandler

Regulatory fines more than double in the UK

Tue, 16/06/2015 - 11:08

Kinetic Partners' 2015 Global Enforcement Review reveals that the Financial Conduct Authority penalised firms a total of GBP1.47 billion in 2014, with an average value of fines up by two and a half times on 2013, at GBP36.79 million compared with GBP9.88 million in 2013. »

pound signs

BNY Mellon to pay GBP126m penalty following FCA CASS compliance investigation.

Wed, 15/04/2015 - 19:00

BNY Mellon is to pay a penalty of GBP126 million following an investigation by the UK Financial Conduct Authority (FCA) into the company’s compliance with relevant FCA Principles and UK Client Asset Sourcebook (CASS) rules between November 2007 and August 2013. »

Beat Blattner, Head Representative Services, UBS Global Asset Management.

Regulatory compliance and confidentiality are key considerations when choosing a legal representative

Tue, 10/03/2015 - 17:14

As of 1 March 2015, it has become mandatory for fund managers distributing their products in Switzerland to commission a Swiss legal representative and paying agent. Regulatory compliance is the name of the game when it comes to the service provided by UBS.  »

Paul Schott Stevens, ICI

FSB G-SIFI consultation is a ‘giant step backward’

Thu, 05/03/2015 - 11:08

The Financial Services Board’s (FSB) latest consultation to examine investment funds and asset managers is a ‘giant step backward’, according to ICI President and CEO Paul Schott Stevens. »

James Williams, Hedgeweek

Managers face Swiss Legal Representative requirement

Tue, 24/02/2015 - 20:22

The sands of time are running out for hedge fund managers wishing to continue distributing their funds to Swiss investors. As of 1 March 2015, any foreign hedge fund looking to raise assets in Switzerland from qualified investors will be required to appoint a Swiss legal representative and paying agent.  »


Fund managers could face regulatory sanctions over EMIR

Wed, 11/02/2015 - 13:28

Tim Thornton, Chief Data Officer, Mitsubishi UFJ Fund Services, says fund managers could face regulatory sanctions over EMIR… »

hands shaking

Fund managers begin positioning for money fund reform, says Fitch

Wed, 11/02/2015 - 11:45

Six months after the SEC voted on reforms, money fund managers are beginning to take steps to comply with the new rules and position themselves to retain and attract clients, according to Fitch. »

man with megaphone

Centrale de Reassurance mandates SGSS for Solvency II offering

Wed, 11/02/2015 - 11:30

Societe Generale Securities Services (SGSS) has been mandated by Caisse Centrale de Réassurance (CCR), the French State reinsurance company, in order to meet the requirements of the Solvency II Directive, to provide fund look-through reporting, data enrichment, market risk Solvency Capital Requirement (SCR) calculations and financial risk monitoring reports. »

gavel and law books

DTCC’s legal entity identifier service gathers significant momentum in 2014

Tue, 10/02/2015 - 10:30

The Depository Trust & Clearing Corporation’s (DTCC) Global Markets Entity Identifier (GMEI) utility, offered in collaboration with SWIFT, has issued over 165,000 legal entity identifiers (LEIs) to entities from over 140 jurisdictions, representing approximately 50% share of the LEIs issued worldwide. »

Special report
US Hedge Fund Services 2015

US Hedge Fund Services 2015

Wed, 30/09/2015 - 11:21

A rising tide of regulation is threatening to swamp US hedge funds with significant trading, distribution and reporting issues.This Hedgeweek Special Report unravels these issues, guides managers through the solutions currently available to them, and examines the challenges of running activist hedge funds, where assets have grown to USD120 billion over the past decade... »

Special report
The TYVIX Index: Navigating through interest rate volatility

With interest rates set to rise, this Hedgeweek Special Report examines the the latest tools available to fixed income investors and traders in the form of the CBOE/CBOT 10-year US Treasury Note Volatility Index (The TYVIX Index) and TYVIX futures, which give traders an effective way to hedge, gain exposure to, or trade interest rate volatility.... »

Index options & futures

John Angelos, CBOE

Interest rate volatility is like a storm cloud building on the horizon. The US Federal Reserve has kept rates stable for nigh on a decade, but global asset managers are now preparing for their fixed income portfolios to feel the impact of a rate rise later this year.  ... »

Cybersecurity update

Thomas Deinet, HFSB

Cybersecurity has become a focus of the hedge fund industry lately and regulators are taking an increasing interest in assessing the resilience of firms to cyber attacks. The problem that hedge fund managers face, when starting to do such an assessment, is trying to find the right level of response; no easy task given the plethora of reports, commentaries on this subject. ... »

Alt assets research

Magnifying glass

In this excerpt from Preqin Investor Outlook: Alternative Assets, H2 2015, we take a closer look at how investors source and select new investment opportunities, based on the results of our interviews with over 100 investors in hedge funds. ... »

Risk Analytics Manager- Big Data

Fri, 02 Oct 2015 00:00:00 GMT

Quantitative Analyst, Liquidity Risk - Contract

Fri, 02 Oct 2015 00:00:00 GMT

C++ Solutions Developer, Client Services

Fri, 02 Oct 2015 00:00:00 GMT

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