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Recent CFTC Enforcement Action against Non-U.S. Fund Manager for Violation of U.S. Position Limits Highlights Traps for Unwary

On July 2, 2019, the United States Commodity Futures Trading Commission (“CFTC”) issued an order (the “Order”) filing and simultaneously settling charges against Elephas Investment Management Limited (“Elephas”), a hedge fund manager located in Hong Kong that is not registered with the CFTC, for violating speculative position limits on wheat futures. A simultaneous action was brought and settled by the Chicago Board of Trade (“CBOT”).

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2017 ICI Mutual Funds and Investment Management Conference

Time to Read: 1 minutes Practices: Investment Management

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Ropes & Gray’s memorandum summarizing the 2017 ICI Mutual Funds and Investment Management Conference sponsored by the ICI and the FBA is available above. The Conference included sessions that discussed the following regulatory developments, among others:

  • The changing legislative and regulatory landscape in light of the new presidential administration and new Congress, including a discussion of how changes in legislative and regulatory priorities may affect the regulated fund industry and fund investors.
  • The SEC’s examination and enforcement focus areas over the past year, and expected focus areas in the coming year.
  • The preparations needed for the SEC’s liquidity risk management rule.
  • Dodd-Frank Act derivatives reform rulemaking, including congressional efforts to amend the Dodd-Frank Act, potential regulatory changes, and effects on the global derivatives markets.
  • The Department of Labor’s fiduciary rule, its implications for financial services providers, and the prospect for changes under the new administration.

If you would like to discuss a specific session, or any other aspect of the conference, please contact any of the lawyers listed on the back cover of the memorandum or the Ropes & Gray lawyer with whom you regularly work.

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