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At some point during most people's childhood, there was an evil bogeyman lurking under a bed, or hidden in a closet, ready to make its presence known at a moment's notice. The bogeyman of the day for many market participants has become the commodity pool issue. This issue arises because the Dodd-Frank Act amended the definition of "commodity pool", making it broader by including any enterprise operated for the purpose of trading in swaps. Trading in swaps may seem like a high bar, but there is little guidance as to the type of entity that constitutes a commodity pool and some of that guidance suggests that entering into a single swap may be sufficient to trigger the registration requirement.

The UK's Association of Investment Companies (AIC) has called for the July 2013 implementation date for the Alternative Investment Fund Managers Directive (AIFMD) to be pushed to 2014.

More effective than it looks

Jamie Benson

Derek Baird

On the regulatory front, ALLEN & OVERY snared Marc Ponchione from the asset management division of Willkie Farr & Gallagher. Ponchione is a former senior counsel at the SEC's division of investment management. COZEN O'CONNOR has gained Jerry Pappert, a former Pennsylvania attorney general and the chairman of the state's Banking and Securities Commission, as a shareholder in its Philadelphia office.

The region’s foremost female lawyers were celebrated at Euromoney Legal Media Group’s second annual Asia Women in Business Law Awards last month

Are banks best-placed to assess their risks when calculating regulatory capital charges?

European regulators have recently retracted two controversial clearing proposals. But how much will this help an industry grappling with indirect clearing models?

Less foreign listings, a stricter SFC, and global regulations have all threatened Asia’s growth story. These are the market developments that will maintain its momentum