FINRA Fines Terra Nova Financial $400,000 (Fund News)
The Financial Industry Regulatory Authority (FINRA) today announced that it has fined Terra Nova Financial, LLC, of Chicago, $400,000 for making more than $1 million in improper soft dollar payments to or on behalf of five hedge fund managers, without following its own policies to ensure the payments were proper.
EU top-parliamentarian recommends strict hedge fund rules (Fund News)
Top parliamentarian Jean-Paul Gauzes has written to members of an influential European Union committee recommending strict rules for hedge funds that clamp down on pay and borrowing, according to Reuters, which cited his report.
Ex-Renaissance MD Frey returns with new fund (Fund News)
Robert Frey, former managing director at Renaissance Technologies, one of the world's biggest and most profitable hedge funds, is returning to the industry with the launch of a new fund.