Comparision between ESMA’s technical advice and the Commission’s draft implementing regulation, produced by the Alternative Investment Management Association. Press release here and analysis document here.
Alternative Investment Fund Managers Directive: analysis of differences between ESMA’s technical advice and the Commission’s implementing regulation
Euroption Strategic Fund v Skandinaviska Enskilda Banken: No duty of care on bank when closing out a client’s positions for non-payment of margin
The High Court has confirmed that a bank, in closing out a client’s position as it was contractually entitled to do following the client’s failure to meet margin calls, had no tortious duty of care to close out the portfolio competently and with reasonable care. (On the facts, nor was there an equivalent contractual duty.) The bank did have a duty to act honestly, in good faith and not arbitrarily, capriciously, perversely or irrationally.
A clear explanation of the new SEIS from Mills & Reeve.
We have been following Healthcare Locums plc, the AIM company which turned into an accounting debacle – see “How to make your accounts look better and have to restate them” and “Healthcare Locums fiasco: US hedge funds to sue company and three former directors“.
Founder Kate Bleasdale is now taking the company to an employment tribunal, where the accounting allegations against her are being run through in detail, as the Daily Telegraph reports.
UPDATE 25 June 2012: All of Ms. Bleasdale’s claims at the employment tribunal failed