From the monthly archives:

May 2009

NASAA Takes Sides on Proposed Hedge Fund Legislation

May 31, 2009

Endorses House Bill Over the Grassley-Levin Hedge Fund Bill
Last week the North American Securities Administrators Association (NASAA) announced its support of the Hedge Fund Adviser Registration Act of 2009, a house bill introduced earlier this year by Representatives Capuano and Castle.  The Hedge Fund Adviser Registration Act is one of two bills introduced in Congress [...]

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NFA Cracks Down on CPO Fraud with New Compliance Rule

May 29, 2009

Proposes Amendments to Compliance Rule 2-45
The National Futures Association (NFA) proposed new amendments to Compliance Rule 2-45 regarding prohibition of loans by pools to commodity pool operators and related parties.  The amendment states that no Member CPO may permit a commodity pool to use any means to make a direct or indirect loan or advance [...]

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Proposed Amendments to the Investment Advisers Act: SEC Requests Feedback

May 28, 2009

The Securities and Exchange Commission (SEC) is proposing certain amendments to the custody rule under the Investment Advisers Act of 1940 and related forms. Due to the complexity of the various impositions placed on industry professionals by the proposed amendments, the SEC is formally requesting feedback from industry professionals regarding the impact of the new [...]

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CPO Exemption for Fund of Hedge Funds

May 15, 2009

As we have discussed previously, if a hedge fund manager invests fund assets in commodity interests (including futures), then the manager will generally need to be registered as a commodity pool operator (CPO) with the Commodity Futures Trading Commission (CFTC).  The registration requirement also applies to fund of fund (FOF) managers who allocate assets to [...]

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Offshore Forex Brokers Race To Fill “Hedging” Gap

May 15, 2009

NFA Compliance Rule 2-43 Outlaws Forex “Hedging” For NFA Registered Forex Dealers
(www.hedgefundlawblog.com) The new forex regulations have affected the industry in a number of ways.  Rule 2-43 especially has been a source of ire for some forex managers who have utilized a “hedging strategy” as part of their investment program.  In the forex hedging strategy [...]

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SEC Proposes More Onerous Custody Rules For Hedge Fund Managers

May 14, 2009

Hedge Funds to be Subject to “Surprise Exams”
In addition to the likelihood of hedge fund registration, the SEC is now proposing to have “gatekeepers” to make sure that investment advisors are not engaged in any fraudulent behavior.  When and if such a requirement is adopted, it will further burden investment advisors with more paperwork.  “Surprise [...]

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Northwest Hedge Fund Society Event

May 14, 2009

Green Hedge Fund Discussion
The Northwest Hedge Fund Socitey will be having an event on Thursday, May 21 at 6pm.  I will be attending this event and in Seattle that day as well.
Event Details:
This event is generously sponsored by EzeCastle Integration and NorthPoint Trading Partners, LLC.  Eze Castle Integration is the market leader in outsourced IT [...]

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Hedge Fund Incubating and Seeding

May 13, 2009

Syndicated Post on Hedge Fund Seeding
As I mentioned in a previous article about hedge fund compensation, I have recently come across a very good blog called Ten Seconds Into the Future by Bryan Goh of First Avenue Partners, a hedge fund seeder.  Bryan’s posts are very insightful and I recommend all managers take a look [...]

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MFA Supports Hedge Fund Registration

May 7, 2009

MFA Lobbyist Testifies to Congress Regarding Hedge Fund Registration
In a somewhat surprising move, the MFA stated to Congress today that it supports registration for hedge fund managers.  Below is a press release regarding the statement.  The MFA also released its final written testimony to Congress which can be found here. CNBC has also produced a [...]

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Bay Area Hedge Fund Roundtable Event

May 7, 2009

Panel Discussion on State of Hedge Fund Industry
Yesterday afternoon (May 6th) the Bay Area Hedge Fund Roundtable, a group of professionals within the hedge fund industry, gathered for a panel presentation entitled “Change…Critical Legal, Tax, Acounting and Regulatory Updates You Need to Know.”  The presentation was moderated by Pamela S. Nichter (Osterweis Capital Management) and [...]

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