The Securities and Futures Commission (SFC) has conducted its fourth fact-finding survey on the Hong Kong hedge fund industry in conjunction with a data collection exercise coordinated by IOSCO concerning global hedge fund activities. The attached report aims to provide an update on the Hong Kong hedge fund industry and hedge fund assets under management (AUM) as of September 30, 2012. From 2010 to September 2012 hedge fund industry and AUM increased almost 38% to $87.1 billion. The total number of hedge funds managed by licensed hedge fund managers in Hong Kong also increased, from 538 in

The CFTC has approved final regulations governing dual and multiple associations of associated persons ("APs") of swap dealers ("SDs"), major swap participants ("MSPs") and other CFTC registrants (e.g., FCMs, IBs, CPOs and CTAs). The regulations provided that each SD, MSP and other CFTC registrant with whom an AP is associated is required to supervise the AP and is jointly and is severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other CFTC registrant. This rule is based on the CFTC's current rule governing APs associated with

The SEC announced the agenda for its April 16th roundtable, which will address: (i) market structure for municipal securities, (ii) corporate bonds and asset-backed securities, and (iii) whether steps can be taken to improve the transparency, liquidity, execution quality, and efficiency of the market structure for such securities. The roundtable will be divided into four panels, which will address the general background of each security, the differences between them, how each market has evolved in the last decade given the advances in technology and communications, and the process by which

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") announced in a letter that it is taking a no-action position to provide relief from IB or CTA registration requirements for certain entities, and their employees, that act as agents of a swap dealer that is not yet registered but is in the process of being registered. The relief is subject to a good number of conditions including that the various affiliates often are subject to joint and several liability for the conduct of any employees of the entity acting as agent. The letter extends relief that the DSIO had previously

The CFTC Division of Market Oversight, Division of Swap Dealer and Intermediary Oversight ("DSIO"), and Division of Clearing and Risk extended a previously issued no-action letter (CFTC Letter 12-11) issued to Regional Transmission Organizations and Independent System Operators to give them time to comply with the conditions in a final exemptive order that the CFTC had issued on March 28, 2013. Cadwalader represented PJM Interconnection, L.L.C. and the Electric Reliability Council of Texas, Inc. in connection with this matter. See : CFTC Extension of RTO/ISO No-Action Relief. Related News :