Latest Articles

On Aug. 27, 2018, the U.S. Securities and Exchange Commission announced settlements with a U.S.-based registered investment adviser, several of its affiliates and two of its executives for alleged misconduct involving quantitative investment models that contained numerous errors. These settlements, especially when placed in the context of other recent enforcement efforts related to quantitative and systematic trading strategies, make it clear that the SEC staff will utilize its anti-fraud powers to sanction investment advisers employing…
In this interview with The Hedge Fund Journal, London partner Anna Maleva-Otto discusses challenges associated with MiFID II provisions for asset managers, including modifications to commission and research processes. Anna also addresses the full scope of MiFID II and the regulation’s reach both inside and outside the EU. Read the full interview here.…
Fund managers and investors should be aware that new Norwegian short selling rules are expected to come into force on 1 Jan. 2017 (the ‘New Rules’). The New Rules are Norway’s implementation of European Union (‘EU’) Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the ‘Short Selling Regulation’).[1] This Alert provides a summary of the new short selling disclosure rules that fund managers and investors need to consider. Fund managers…
The European Securities and Markets Authority (‘ESMA’) published its first set of advice to the European Parliament, the Council and the Commission in July 2015 on the extension of the AIFMD marketing passport to six non-EU countries (Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States). Click here to read more.…
On 23 June 2016, the British public voted to leave the European Union after 43 years of membership. Although the results of the referendum are not binding in law and there remains a possibility of a constitutional challenge, the early indications from Prime Minister Theresa May and leading figures within the ruling Conservative Party are that the United Kingdom will proceed with the so-called Brexit. Click here to read this article, in which SRZ partners Christopher
As the hedge fund regulatory landscape evolves, U.K. regulators’ areas of scrutiny are in many cases similar to those of U.S. regulators, though with some differences of emphasis, detail and modus operandi. The key regulatory risk factors for U.K. hedge fund managers currently include outdated documents, general complacency, insufficient accountability and attempts at transferring responsibility to other service providers. Click here to read the article in which The Hedge Fund Journal talks to partners Christopher Hilditch…
Over the past year, there have been regulatory actions that implement or modify the risk retention regulations and requirements applicable to collateralized loan obligations (“CLOs”) in both the U.S. and the EU. In light of these regulatory changes, CLO managers have developed legal structures to enable them to comply with risk retention requirements. Click here to read this chapter, published in the 2016 edition of The International Comparative Legal Guide to: Securitisation, in which SRZ partners Craig
Regulation (EU) 2015/2365 on Transparency of Securities Financing Transactions and of Reuse (the ‘SFT Regulation’) has been published in the EU Official Journal and applies from 12 January 2016. As an EU regulation, it applies directly in each EU Member State without the need for local implementing legislation. Click here to continue reading.…
On 30 July 2015, the European Securities and Markets Authority (‘ESMA’) published its advice to the European Parliament, the Council and the Commission on the extension of the marketing passport to non-EU alternative investment managers (‘AIFMs’) and alternative investment funds (‘AIFs’) under the EU Alternative Investment Managers Directive (‘AIFMD’). The marketing passport is currently only available to AIFMs and AIFs established in the EU. A passport allows such an AIFM to market its AIFs freely…
Recent regulatory reforms have changed the way in which private funds are being offered to European investors. The Alternative Investment Fund Managers Directive (“AIFMD”) became law across the EU during 2013 and 2014, and the new Swiss regime is due to come fully into force on March 1, 2015. In this article, SRZ partners Anna Maleva-Otto and Steven Whittaker provide an overview of the regulation of marketing in the EU and discuss new approaches to…