Changes to the regulatory treatment of closed-end funds
Closed-end funds which satisfy prescribed criteria are now classified as collective investment schemes.
Under the old regime, all closed-end funds (being funds where the units are exclusively or primarily non-redeemable at the election of the holders of the units) are not subject to the regulatory regime applicable to collective investment schemes.
Under the new rules, a fund (even if it is exclusively or primarily non-redeemable at the election of the holders of the units) will not be regarded as a closed-end fund, and would be subject to the regulatory regime applicable to collective investment schemes if it satisfied prescribed critera…
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
A new Luxembourg act on the immobilisation of bearer shares and units was published in the Luxembourg Official Gazette on 14 August 2014.
OFAC has issued revised guidance relating to the status of entities owned by individuals or entities whose interests in property are blocked under executive orders.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.