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Legal & Regulation

CFTC Gary Gensler

CFTC and SEC issue joint report on regulatory harmonization

The Commodity Futures Trading Commission and the Securities and Exchange Commission have issued a joint report identifying areas where the agencies’ regulatory schemes differ and recommending actions to address those differences, where appropriate. In June, the White House released a white paper on financial regulatory reform calling on the CFTC

Directive must not undermine benefits of investment companies, says AIC

The Association of Investment Companies says the proposed Alternative Investment Fund Managers Directive fails to take account of the benefits the investment company structure provides for shareholders.  In its written evidence to the House of Lords European Union Committee inquiry into the directive, the AIC says the proposals would create

Guernsey flag

Funds debate reveals Guernsey is aiming for EU equivalence

Leaders from Guernsey’s funds industry have revealed that the island is aiming to achieve equivalence with the EU in light of the proposed Directive on Alternative Investment Fund Managers. Guernsey’s determination to maintain access to EU markets in the face of the directive was highlighted by speakers from the island

MFA reaffirms support for enhancing oversight of private pools of capital

The Managed Funds Association has reaffirmed its support for proposals that would enhance the transparency and regulatory oversight over private pools of capital, including hedge funds and managed futures funds. The testimony before the House Financial Services Committee hearing, "Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private

BVI upgrades annual fund returns procedure

The British Virgin Islands Financial Services Commission has introduced a new electronic reporting system for filing annual fund returns. Law firm Conyers Dill & Pearman says this will facilitate the commission’s regulation and monitoring of the British Virgin Islands funds industry while providing a significantly more efficient and secure environment

Butterfield Fulcrum licensed by Irish Financial Services Regulatory Authority

Butterfield Fulcrum Group (Ireland), an alternative fund administration company, has been licensed to provide fund administration services by the Irish Financial Services Regulatory Authority. Based in Dublin, Butterfield Fulcrum Group (Ireland) is now authorised under Section 10 of the Investment Intermediaries Act to provide administration services to collective investment schemes

Luxembourg

PrimeFundSolutions Luxembourg licence is approved

PrimeFundSolutions has received approval of its Luxembourg licence applications by the Luxembourg regulator CSSF and by the Luxembourg Minister of Finance. The license allows PrimeFundSolutions to provide banking, custody and fund administration activities to Luxembourg regulated hedge funds and fund of hedge funds. Erik Jens, chief executive of PrimeFundSolutions, says:

Irish Stock Exchange revises listing rules

The Irish Stock Exchange has published a series of revisions to its listing rules, which are effective from 24 September 2009.  Kinetic Partners says the revisions are a welcome and timely move by the exchange and are in keeping with its commercially aware approach to the listing regime, and its

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