Thursday, 7 May 2015
Last updated 11 hours ago
May 31 2013 | 11:33am ET
The U.S. Commodity Futures Trading Commission has failed to reach an agreement with the European Securities and Markets Authority over the European Union's new hedge fund regulations, potentially imperiling U.S. commodity trading advisers' ability to market their wares on the continent.
ESMA yesterday announced that it had signed memoranda of understanding with 34 global financial regulators, including the U.S. Federal Reserve and Securities and Exchange Commission. But the CFTC was not on the list.
ESMA must certify that a hedge or private-equity firm's home country regulator is in line with Europe's tough new alternative investments regulations, set to come into force in July, for such firms to market their offerings in the EU.
"The agreements set high standards for co-operation on the supervision of cross-border alternative funds, thereby strengthening investor protection and the global consistency of supervision," Steven Maijoor, ESMA's chairman, said.
One insider told City A.M. that the CFTC's absence from the first list "appears more significant than it really is."
"Another set of MoUs are likely to be signed in the next few weeks.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…