FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities.
BDK is a market leader in the field of energy and natural resources, having advised on the most prominent transactions in the region in various contexts.
We have experience in a wide range of disputes, spanning from investment and commercial contracts to specific niches such as product liability or insolvency claw-back litigation.
In October 2013, the Financial Conduct Authority (FCA) published a consultation paper setting out its proposed approach to the regulation of crowdfunding platforms.
Nabarro partner Martin McKervey discusses the public/private funding of Sheffield’s planned new retail quarter.
Conyers Dill & Pearman has advised Jadara Capital Partners on the formation and launch of the Jadara Frontier Fund, a concentrated long/short hedge fund.
DLA Piper has advised Synergia Capital Partners on a share issue investment to Res2 BV.
Dacheng senior partner Li Shoushuang has advised JD Capital on the formation of a new US dollar fund, the Jiuding China Growth Fund II.
Luxembourg legal update — March 2014: enforcement of 2013 financial information, criminal settlement for Luxembourg and more download
Arendt & Medernach has released its Luxembourg legal update for March 2014.
From 15 March 2014, Hungarian law will recognise the concept of trust, and the problems with securing syndicated loans under Hungarian law seem to be solved.
DLA Piper has advised Oakley Capital Private Equity and its fund OCPE II Master LP on the acquisition of a majority stake in NTG.
Eversheds has appointed pensions lawyer Steven Hull as a partner in its London headquarters.
Walker Morris has advised Welcome Financial Services on the sale of Shopacheck Financial Services to Rcapital, a London-based private investment company.
Field Fisher Waterhouse has further bulked up its finance group with the hire of Simmons & Simmons partner Philip Abbott.
In January 2014, the FCA issued guidance on proportionality in the operation of certain remuneration provisions.
In February 2014, the European Securities and Markets Authority (ESMA) published a Q&A document regarding the application of the AIFMD.
Case update — performance bonds download
A court has reinforced the position that the primary liability to pay under a performance bond is separate from the relationship between the parties to the underlying contract.
A representor has been held liable for its negligent misrepresentation to another party other than the party that was later induced to conclude the contract.
Real estate has a lifecycle from site identification, through planning, development funding and construction, to occupation, use and eventual sale.
The cost and headache of operating client accounts can be a significant drain for solicitors — so why do it?
Finance lawyers from Walker Morris have advised budget gym operator Xercise4Less on securing a £5.5m finance package from Lloyds Commercial Banking to facilitate expansion.
Financial Services Regulatory Update — the FCA’s notes for AIFMs, managing the risks of financial incentives and more download
Marfarlanes has released the 7 March issue of its Financial Services Regulatory Update.
The real-estate practice group is highly regarded across CEE/SEE. It enjoys high visibility in the region’s largest and most important transactions and projects.
Partner and co-head of the shipping group Oliver Rossbach will participate in a panel discussion at INSOL Hong Kong about shipping insolvencies and restructurings.
Allen & Overy has hired Karan Dinamani as a partner in its London corporate group. The appointment underlines the firm’s commitment to growing its private equity practice.
Ukraine sanctions download
Companies should assess their business operations and relationships in Ukraine.
The recent re-codification of Czech civil law has introduced a new legal instrument called a trust fund or simply a trust.
The FCA has published its policy statement on the regulation of crowdfunding. This follows its consultation paper in October last year.
Nicholas Scott discusses bilateral investment treaties and their role in protecting the interests of mining companies from detrimental actions taken by host countries.
In the current market, private equity sponsors are increasingly looking at initial public offerings (IPOs) as a real exit option for their portfolio investments.
Steve Webb has confirmed that the government is ‘actively exploring’ if it can amend the Pension Protection Fund (PPF) legislation in regard to employer insolvency.
The ability of a private limited company to purchase its own shares is an extremely useful tool.
It is common in mortgage fraud for lenders to lose advances where their solicitors are innocently duped by fraudsters.
Taylor Wessing private equity partner Ed Waldron meets with Rob McCombie, investment director at CBPE Capital.
DLA Piper has assisted Atlanta-based private equity firm Roark Capital Group in its equity investment in Anytime Fitness, a co-ed fitness franchise.
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
This note summarises the attractions of the Cayman Islands for prime brokers wishing to establish a prime brokerage business outside their home jurisdictions.
The Securities Litigation Uniform Standards Act of 1998 does not preclude class action lawsuits asserting state law claims in connection with the notorious Ponzi scheme.
Stephenson Harwood has appointed Tom Platts as a partner in its corporate practice in Singapore. Platts has been based in Singapore for three years.
This article considers the important distinction between breaches of trust and breaches of a trustee’s duty of care.
Addleshaw Goddard has released the latest version of its InVest publication, which focuses on developments affecting banks, wealth managers, brokers and funds.
Mourant Ozannes has been voted the ‘Best Offshore Law Firm’ at the Hedgeweek Global Awards.
Partner Nathan Cahill, senior associate Robyn Coote and consultant Elizabeth Mifsud from Minter Ellison have advised Quadrant Private Equity on the closure of its seventh fund.
Conyers Dill & Pearman has been recognised for its expertise in the Asian legal market, being named ‘Offshore Law Firm of the Year’ at the 2013 China Business Law Awards.
The recent changes introduced in Luxembourg to its limited partnerships make it a desirable jurisdiction in which to establish alternative investment funds.
Minter Ellison’s international managing partner, Mark Green, has been elected chairman of the Australia-Mongolia Business Council.
Finance and real-estate lawyers at Walker Morris have advised Evans Management on a funding deal worth £175m to assist with investment and acquisition opportunities.
DLA Piper has appointed Richard Hopkinson-Woolley, Laurence Rogers and Neville Wright to its real-estate team. The three partners join the firm from BLP.
The deadline for certifying or re-certifying contingent assets, in order to secure a PPF levy reduction, is 17:00 on 31 March 2014.
DLA Piper has advised Fosun International on its ¥210.5m investment in and strategic partnership with food and beverage chain Secret Recipe.
Wragge & Co’s banking and finance team has assisted long-standing client Sanctuary Group in the securing of a £350m loan from the European Investment Bank.
Pension schemes providing benefits on a salary-related or DB basis — including ‘final salary’ pension schemes — have been in the news for several years.
As set out in Public Trustee v Cooper, there are four categories of administrative application.
Mourant Ozannes has been voted best Guernsey law firm for 2013 in the Service Provider Awards for the global fund management website FundDomiciles.com.
MAC has published a report on the Tier 1 investor visa, which focuses on whether the investment thresholds of the current scheme provide sufficient economic benefits to the UK.
An important message to all tax planners: the European Commission’s directorate-general for competition has declared war on ‘fiscal optimisation’.
FINRA has issued a notice on a proposed new regulatory structure for firms that limit their activities to advising companies on capital raising and corporate restructuring.
Anina Boshoff, a finance partner at Edward Nathan Sonnenbergs, is joining Hogan Lovells on 1 March 2014 to head up the banking and finance department in Johannesburg.
A long-term holder of securities may wish to enhance the yield provided by such securities by lending in exchange for collateral and a fee.
The Bermuda decision of Stiftung Salle Modulable & Rutli Stiftung v Butterfield Trust (Bermuda) Ltd contains important points relevant to the question of litigation funding.
Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill download
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 was gazetted on 21 February 2014.
The New York Court of Appeals, in K2 Investment Group, LLC v American Guarantee & Liability Insurance Company, has vacated its own prior decision.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee download
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.
The Migration Advisory Committee has released its much-leaked report on the Tier 1 (investor) visa route.
The private equity team at Wragge & Co has advised Mobeus Equity Partners on a £6m investment in the management buyout of Entanet International.
With more charities being urged to merge to cope with reduced funding, we take a look at the potential advantages in merging and the legal points to consider before going ahead.
CSSF updates FAQs on AIFM Law download
The CSSF has issued an updated version of the FAQs relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers (the AIFM Law).
DLA Piper’s 2014 European Acquisition Finance Debt Report has revealed that the market landscape is changing dramatically.
Eversheds has advised NewRiver Retail, a UK REIT specialising in value-creating retail property investment and active asset management, on its latest £85m equity fundraising.
Allen & Overy has been recognised as the ‘Best Overall Law Firm in Islamic Finance’ for the third consecutive year at the annual Islamic Finance News Awards ceremony.
Dacheng has advised Sundiro on offshore funding and joint venture formation in relation to a project with Italy-based yacht maker Sanlonrenzo.
The Second Circuit has broadened the SEC’s power to seek civil disgorgement of profits from insider trading violations, even where an individual did not personally profit.
There is an increasing focus on defined-contribution investment issues.
While much has been written about the Volcker Rule’s restrictions on banking entities, less attention has been paid to its impact on asset managers who are not banking entities subject to the rule.
The Authorised Collective Investment Schemes (Class B) Rules 2013 came into operation on 2 January 2014, replacing the Collective Investment Schemes (Class B) Rules 1990.
This article looks at what prompted the Law Commission’s consultation on the fiduciary duties of investment intermediaries, what it is focused on and what might come next.
ESMA has published a Q&A on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Eversheds has advised Flybe Group, a company listed on the London Stock Exchange, on raising £150m by way of a firm placing and open offer.
Attorneys from Dacheng’s Changsha office have advised Kingdom Auto-Control Tech (Changsha) Co on its NEEQ Listing.
A team of attorneys from Dacheng’s Wuhan office has advised Ferguson (Wuhan) Biotechnologies on its application for a listing at the NEEQ system.
HMRC has issued a keenly awaited announcement in response to the CJEU’s ruling in PPG Holdings BV (C-26/12).
In these video briefings, Pillbury partner Mike Sullivan takes on four key issues that entrepreneurs commonly contend with in the early days of their start-up efforts.
The CSSF has published on its website the fourth update of its Frequently Asked Questions document regarding Luxembourg’s law of 12 July 2013 on alternative investment fund managers.
Luxembourg’s CSSF has issued a circular that aims to clarify technical details of how alternative fund managers should comply with reporting obligations.
SEC provides expanded no-action relief from broker-dealer registration for intermediaries in private M&A transactions download
The staff of the SEC’s Division of Trading and Markets issued a no-action letter on 4 February that provides guidance on how intermediaries may effect securities transactions.
There has been an increase in the number of investment treaty arbitrations brought by investors seeking to enforce their rights against states.
A term sheet is a document that outlines the key financial and other terms of a proposed investment.
Fundraisings of early-stage life science companies can be complicated affairs from the point of view of actually securing the funds from investors in the first place.
The articles of association are a contract between the company and each shareholder and between the shareholders themselves.
A life sciences company raises funds either by issuing shares or by borrowing money from individuals, venture capital bodies or lending institutions.
A number of life sciences industry bodies have jointly published a report entitled ‘From vision to action: delivery of the strategy for UK life sciences’.
All the existing shareholders and the company should be a party to the agreement, although it may not be practical for all minority shareholders to be a party if there is a large number of them.
It is common in investments for life sciences companies for a term sheet to be put in place between the investors and the founders that sets out the key terms of the investment.
While a business founder may have come up with a brilliant invention, he or she may be totally unfamiliar with even the most basic corporate concepts.
The long-awaited judgment in Clark v In Focus was handed down at the Court of Appeal on 14 February, allowing the appeal.
Registering as a financial institution via IRS FATCA portal and the role of the responsible officer download
Ogier has compiled the most frequently asked questions regarding the Foreign Account Tax Compliance Act (FATCA) regulations.
Croatia: recent news highlights — Strategic Investment Act and proposed new act on maritime goods and sea harbours download
The new act on strategic investment in Croatia has achieved its goal of reducing administrative procedures and ensuring the speedy realisation of strategic projects in Croatia.
A further tranche of tax legislation to exempt ‘IMR foreign funds’ from Australian income tax has been released for public comment.
The government’s announcement in December 2013 that subsidies for solar energy are to decrease may have an impact on investment trends in the renewables market.
Education is vital in bridging the gap between lawyers, funders and clients, according to Nick Rowles-Davies, a consultant at Vannin Capital.
Allen & Overy has advised Citigroup in its capacity as co-arranger with HSH Nordbank in relation to a secured refinancing transaction of HSH Nordbank.
DLA Piper has advised China Shipping Terminal Developments on its acquisition of approximately 24 per cent of issued shares in APM Terminals Zeebrugge.
There has been unanimous support from the European Parliament’s Economic and Financial Affairs Committee for the agreement on the proposed CSMAD.
InVest — February 2014: banking download
The European Commission published its plans for structural reform of the banking sector on 29 January 2014.
The continuing obligations of Cayman Islands regulated funds are set out in the Companies Law and Mutual Funds Law (as amended).
On 16 January 2014, the Financial Conduct Authority published its finalised guidance on supervising retail investment advice.
This section of InVest includes an update from the Financial Conduct Authority on the Retail Distribution Review post-implementation review timetable and more.
Three years after investing in Discovery Holiday Parks, Next Capital, Allegro Funds, Macquarie Funds and management have sold the majority of the business to Sunsuper.
Mills & Reeve has assisted IVF clinic Bourne Hall on the agreement of a deal with Mobeus Equity Partners to raise a £3.5m equity investment.
This video report explores some of the key factors underpinning Asian investment in the Australian real-estate market.
This article explores profit and loss allocations by partnerships, the special rules for AIFMs and the disposal of assets through partnerships that lead to a tax advantage.
This note provides a brief summary of Cayman Islands Monetary Authority’s Statement of Guidance for Regulated Funds — Corporate Governance.
Welcome to Taylor Wessing’s analysis of clean energy investment activity in the fourth quarter of 2013.
JPM’s banking and finance clients include major banks, insurance companies and other financial institutions, as well as corporate local borrowers and lenders.
DLA Piper has published an interactive report looking at the flow of Asian real-estate capital into Australia. It examines the views of five experts within the market.
Dacheng partner Liu Jiawang has been elected as vice-president of the Internet Society of Yunnan.
Stephenson Harwood has hired Yann Beckers as a partner in its Paris banking and finance department. He joins the law firm from Clifford Chance.
King & Wood Mallesons has advised China Huarong Asset Management Co on phase one of the Huayuan 2014 CLO securitisation trust scheme.
Limited changes: Luxembourg’s introduction of the AIFMD law consolidates its leading position in the private equity sector download
On 12 July 2013, the Luxembourg parliament transposed Europe’s Alternative Investment Fund Managers Directive into the national legislation (AIFMD law).
Marfarlanes has released the 7 February issue of its Financial Services Regulatory Update.
Governance of Cayman Islands regulated mutual funds has received a great deal of focus recently, including from the CIMA, the Cayman Islands Courts and the market at large.
DLA Piper has advised St James’s Place UK and the St James’s Place Property Unit Trust on the purchase of Richmond Riverside from a fund owned by JP Morgan.
Eversheds has appointed financial services lawyer Andrew Henderson as a partner in the London office.
Mourant Ozannes has assisted lead adviser Clifford Chance in advising Electra Private Equity on its £180m acquisition of Ogier Fiduciary Services.
The Pension Protection Fund has recently published an explanatory statement entitled ‘Restructuring and insolvency: the PPF approach’.
Last month Iranian president Hassan Rouhani attended the World Economic Forum and encouraged the international community to ‘come and visit Iran to see the investment opportunities’.
The date by which existing managers had to submit their authorisation/registration applications to the FCA has now slipped.
This report provides an introduction to the range of opportunities available in UK core cities, together with representative market transactions.
Ince & Co has announced the appointment of Hugh O’Donovan, who will join the firm’s aviation group as head of commercial aviation on 21 February 2014.
Withers has been named ‘Law Firm of the Year — Hong Kong’ at the Citywealth International Financial Centre Awards.
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
The Chinese government has taken a big step towards liberalising the Chinese outbound investment regime.
Mourant Ozannes has announced the promotion of a number of lawyers to senior positions within the firm.
The LSE has published AIM Notice 38, which announced its consultation on proposed changes to the AIM Rules for Companies and the AIM Rules for Nominated Advisers.
A number of Hogan Lovells partners have been listed as All-Stars in the 2014 BTI Client Services All-Star report.
Adequacy of due diligence of investment advisers recommending alternative investments and their managers download
SEC issued a risk alert highlighting key observations from examinations of due diligence processes that investment advisers use to select alternative investments and their managers.
The FCA has published finalised guidance on inducements for product providers and advisory firms following its consultation (GC13/05) in September 2013.
This briefing describes the general offence/what constitutes prohibited conduct; and highlights the extent of ASIC’s recent activity in prosecuting insider trading and market misconduct offences.
The end of law firm funding? download
Maurice Blackburn has formally abandoned its novel attempt to have a related entity fund a class action in which it acts for the applicant.
Pension risk — market update download
Last year was a ground-breaking year. The longevity swap market broke previous records with £8.9bn of liabilities being passed to providers.
Binder Grösswang has appointed attorneys Dr Stephan Heckenthaler and Dr Markus Uitz as partners in the firm, effective 1 February 2014.
Arendt & Medernach partners Claude Kremer and Gilles Dusemon have been identified as leading lawyers in the field of private funds by the International Who’s Who Legal.
OMB publishes final uniform guidance governing grants, co-operative and other funding agreements with federal agencies download
The OMB has published a series of significant reforms to the government’s policies relating to grants and co-operative agreements.
The Polish parliament has passed a governmental bill to reform the private pension fund sector in Poland despite receiving strong criticism from many economists and experts.
This may be the year that swap market counterparties face the full effect of dual US and foreign regulatory requirements for cross-border swap activities.
Taylor Wessing has advised global investor Kohlberg Kravis Roberts & Co (together with its affiliate KKR) on its strategic partnership with Hertha BSC & Co.
Bermuda is becoming increasingly attractive as a place to invest pension assets, to manage the risks associated with funding pensions and to carry on a pension trustee business.
The government has released further exposure draft legislation for the long-awaited final ‘third’ element in the investment manager regime (IMR).
Luxembourg has entered into 68 comprehensive double tax treaties based on the OECD model tax convention on income and capital.
Offshore firm Ogier has sold its fiduciary business in a management buy-out backed by private equity company Electra Partners, which values the business at £180m.
NCTM has launched a capital markets and financial intermediaries department under the direction of Prof Alberto Toffoletto.
Ogier has advised Infinity Cross Border Acquisition Corporation on the BVI legal aspects of its proposed business combination transaction with Glori Energy.
The Treasury has released exposure drafts of amendments to the Corporations Act and Corporations Regulations to implement the government’s proposed changes to the FoFA regime.
Crowdfunding as a way of securing investment is beginning to gain ground on both sides of the Atlantic. What are the current regulatory requirements and how is this likely to change?
What are the obligations of a global custodian service provider in giving investment advice to its clients? download
In Första AP-Fonden v Bank of New York Mellon SA/NV and Others, the Commercial Court considered the advisory obligations of a global custodian service provider.
An updated version of the frequently asked questions relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers has been issued.
This client update focuses on the examination priorities that are most relevant to investment advisers to private equity and hedge funds.
Lack of political consensus has led to yet another hiatus in the passage of the Insurance Laws (Amendment) Bill into law.
As from April 2014, new legislation will take effect to change the rules for partnership taxation with a view to shutting down certain perceived abuses.
It took a while for activity to pick up on AIM last year, but there is no doubt that there has been an uptick in activity in recent months.
The investment landscape in Africa has changed dramatically in the last two decades. Not only have the demographics of the continent altered, but so has its constitution.
Appleby has acted as BVI counsel to Standard Chartered Bank in relation to an HKD404m secured loan facility and an HKD384 million loan facility to Prosperity REIT.
AMAC has announced a provisional regulation requiring the registration of domestic Chinese private equity fund managers and filings by domestic Chinese private equity funds with AMAC.
Tax Update — January 2014 download
In this Tax Update, Arendt & Medernach focuses on both Luxembourg and international news.
The Eversheds Africa Law Institute has welcomed five new member law firms at the inaugural EALI Summit in Paris.
Appleby has announced that Judy Leehas won the ‘Offshore Investment Funds Lawyer 2014’ accolade at the Corporate INTL magazine awards.
DLA Piper has announced the appointments of Mark Fairbairn and Ashley Bell to the firm’s restructuring group from O’Melveny & Myers.
An Appleby report on petition filings in the Cayman Islands has revealed that insolvency filings spiked more than 30 per cent in 2013 when compared with 2012.
We often come up against the argument from defendant professionals that the lender would not have acted differently even if it had been properly advised.
Wragge & Co’s real-estate team has advised a consortium of developers on a major land purchase earmarked for the development of a new market town.
This Snapshot report sets out Appleby’s analysis of petition filings in the Cayman Islands in 2013 against the backdrop of the prior five years.
InVest — January 2014: banking download
The banking section of InVest includes information on CRD developments, the Banking Reform Act receiving royal assent, the FCA quarterly consultation and more.
Employee and executive incentives: an overview of incentive arrangements in the Middle East download
This briefing highlights the benefits of trust-based plans and illustrates the fact that plans can be tailored to meet specific employer or country requirements.
The enforcement and financial crime section of InVest includes information on plans to suspend individuals during enforcement cases blocked by MPs.
The general developments section of InVest includes information regarding the Autumn Statement 2013 and private equity in Africa in 2014.
The investments and funds section of InVest includes information regarding the Volcker Rule, AIFMD developments, outsourcing and more.
The Cayman Islands Monetary Authority has formally issued its long-awaited statement of guidance on corporate governance for regulated mutual funds.
Standard Chartered consolidated its two Jersey banking entities into a single operating platform for its Jersey business in September 2013.
Arendt & Medernach has been named ‘Best Advisory Firm’ for the second year running at the 2014 MENA Fund Manager Fund Services.
Stephen Kitts, Asia managing partner at Eversheds, has stated that the short-term dip in demand is no bad thing over the long run.
Taylor Wessing asked lawyers across its restructuring and corporate recovery team to describe how things might develop in this market during 2014.
CSSF clarifies its position on AIFM download
The CSSF has issued its updated version of the frequently asked questions concerning alternative investment fund managers.
Investment management company CBRE Global Investors has promoted its deputy EMEA general counsel Anja Ijlstra to the position of general counsel for the EMEA region.
Francois Barker of Eversheds has said the delay in imposing a cap on DC default fund charges will ‘hopefully give the government time to get it right’.
UCITS V Proposal Directive download
On 3 July 2012 the European Commission published a ‘Proposal for a Directive of the European Parliament and of the Council amending the UCITS IV Directive’.
DLA Piper’s Africa group has expanded in northern, southern and eastern Africa with the addition of three new member firms.
Inward investment to Ireland is rising, just the tonic for its law firms
Shameer Jasani has been appointed as a partner in the Cayman Islands office while Ray Ng joins the BVI and Asia office as partner and head of litigation.
Conyers Dill & Pearman has been named Best Offshore Law Firm at the second annual MENA Fund Manager Fund Services Awards.
Conyers Dill & Pearman has advised FTV Capital on its $40m investment in Credorax, a company that processes credit and debit card payments.
Appleby has advised China Hydroelectric Corporation in its merger with CPT Wyndham Holdings and CPT Wyndham Holding Sub.
Allen & Overy’s Corporate Funding Monitor underlines the extent to which corporates have sought to diversify their funding mix.
Eversheds Bianchini and Tremonti Vitali Romagnoli Piccardi e Associati advise PEP on the legal and tax aspects of its agreement with Keyhaven Capital.
The final Volcker Rule has relaxed the proposed restrictions on the ability of a non-US bank to engage in transactions with certain investment vehicles.
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
Mourant Ozannes’ Gavin Farrell has been recognised as one of the top 10 most highly regarded offshore lawyers in the world.
Stephenson Harwood has announced that four of its upcoming cases have been included in The Lawyer’s 2014 ‘cases to watch’.
M&A Index — China’s merger controls download
The power of MOFCOM is being felt at home and abroad, and investors must potentially be prepared to confront some significant and costly hurdles.
The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over the past decade.
Conyers has announced that Linda Martin has joined the firm as a director in its London office, where she will advise on Cayman Islands law.
The Financial Conduct Authority (FCA) has published a webpage on the implementation of COLL 4.2.5R(3)(ca).
Concerns had been raised by stakeholders in relation to the Financial Conduct Authority’s proposed deadline of 22 January 2014.
NCTM has assisted L Capital in the closing of a contract for the purchase of a 30 per cent stake in Vicini Spa, a company led by Giuseppe Zanotti.
SEC and FINRA release priorities for SEC’s examinations of investment advisers and investment companies and FINRA’s examinations of broker-dealers.
The CSSF has published a fourth update of its frequently asked questions on the law of 12 July 2013 on alternative investment fund managers.
Derivative Services, an affiliate of Allen & Overy, is updating its Rulefinder Shareholding Disclosure service with enhanced content.
Mills & Reeve has acted for Low Carbon Innovation Fund on a series of investments totalling approximately £12.5m in just nine months.
The Cayman Islands Monetary Authority’s recently published statement of guidance on matters of fund governance takes effect on 13 January 2014.
ASIC issued Class Order [CO 13/1621] on 7 January 2014 to exempt responsible entities from the application form requirements of section 1016A.
DLA Piper advised on more than 20 significant inbound and outbound US transactions that closed last year on behalf of Israeli institutional investors and companies.
Employees from law firm Walker Morris have raised £1,989.49 through charity fundraising efforts for the NSPCC.
Nabarro has advised the winning consortium, led by infrastructure fund Equitix, on the £83m bond-financed Brunswick (Manchester) social-housing PFI project.
The BVI’s approved manager regime for investment managers and advisers has had a successful first year, becoming popular for its straightforward application process.
During 2013, Goodman Derrick’s technology group had lead roles in relation to three equity fundraisings for technology companies.
Appleby Isle of Man is celebrating the addition of new advocates Katherine Johnson and Alexandra Watterson, as well as the exam success of two trainees.
Appleby has advised on two of the UK’s largest transactions, including one of the largest single-asset transactions in UK real-estate history.
We have expertise across all levels of call in this complex and constantly evolving area of law. Our members have appeared in some leading cases in the field.
Back to 2013 — Luxembourg newsflash download
Arendt and Medernach has released a short flashback intended to enable you to keep track of the main legal trends that marked 2013.
Appleby has published its second report on collateralised loan obligations (CLO). The law firm’s CLO Insider report focused on the second half of 2013.
This update presents an in-depth analysis of the covered funds aspects of the final regulations and their implications for affected institutions.
Mourant Ozannes has acted for Premier Oil, a FTSE 250-listed international oil and gas exploration and production company, on the Jersey aspects of its recent fundraisings.
DLA Piper has hired Tim Tan as a partner in the corporate group of the Bangkok office. Tan joins from O’Melveney & Myers.
In the midst of its rapid economic development, the People’s Republic of China (PRC) has finally determined to change its domestic currency market.
Eversheds is one of a number of organisations sponsoring a new OHADA law diploma at the universities of Panthéon-Assas and Paris 13.
Private equity funds (and their managers/advisers) are subject to various types of regulation under US federal law, in particular under the Dodd-Frank Act, and non-US law.
Corporates and investors have access to capital again and are more willing to consider growth by acquisition. The financial services sector has been particularly active.
Conyers Dill & Pearman has acted for the sponsors on a cash transaction involving the purchase of BMC Software by a private investor group.
Conyers Dill & Pearman has advised Luxoft Holding, a European IT service provider, on all British Virgin Islands (BVI) law aspects of its secondary public offering.
For the first time, capital rules will apply through a single piece of legislation to all EU banks and investment firms.
Catalogue of investment projects subject to government verifications overhauls Chinese outbound investment regulatory regime download
The State Council promulgated on 2 December 2013 the Catalogue of Investment Projects Subject to Governmental Verifications (2013).
Five US federal agencies have issued final rules to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker rule).
Conyers has provided Bermuda law advice to Aircastle in connection with a joint venture to invest in leased aircraft with an affiliate of Ontario Teachers’ Pension Plan.
Appleby partner Judy Lee spoke at the recent China Offshore Summit in Shanghai about Chinese investments structured via BVI companies.
Addleshaw Goddard is increasing its capability in Hong Kong following the appointment of a third partner in its associated local law firm.
This autumn, the people of Australia elected a new federal government, presenting a number of potential opportunities for investor-state arbitration in Australia.
DLA Piper has advised Europe Virgin Fund, a private equity fund sponsored by Dragon Capital, on the acquisition of the majority stake in Portmone.com.
The treasurer has announced his conditional approval of a $7.5bn foreign investment application from State Grid Corporation of China.
CIMA has published a statement of guidance that applies to investment funds regulated under the Mutual Funds Law of the Cayman Islands.
Dacheng chairman Peng Xuefeg recently embarked upon a speaking tour of Europe, which took in a range of nations including Spain, Portugal and Romania.
The energy reform proposed by Mexico’s Peña Nieto administration has been approved by the Mexican Congress and by a majority of the Mexican state legislatures.
Mills & Reeve has advised on a deal designed mainly to fund capital investment programmes at 18 Cambridge colleges.
Attorney and deputy beware download
What are the duties of an attorney under a property and affairs LPA and a deputy under a deputyship order when it comes to the investment and management of money?
In accordance with its usual practice, ASIC has now reported on the findings of its latest review of financial reports.
Pensions Update — December 2013 download
Nabarro has published its Pensions Update for December 2013. The publication covers the Autumn Statement, same-sex marriage, lifetime allowance and more.
Cayman Islands boutiques Travers Thorp Alberga and Paget-Brown are merging in early 2014, just a year after the former enticed ex-Maples and Calder managing partner Anthony Travers back to practice.
Arendt & Medernach has released its Luxembourg legal update for December 2013.
InVest — December 2013 download
Addleshaw Goddard has released the December 2013 issue of InVest, a round-up of developments affecting banks, wealth managers, brokers and funds.
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
Mills & Reeve, alongside a number of other law firms, has advised GB Group on the financing of its new hotel development at Portland Crescent.
Kabbani and Bruton of Eversheds have commented following news that the Gulf Cooperation Council has seen record growth in the number of industrial companies and workers.
On 4 December 2013, the government published the latest version of the National Infrastructure Plan, which was referred to by the chancellor in his Autumn Statement the following day.
The Volcker Rule — an overview download
Federal banking agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission have adopted final regulations to implement section 13 of the ‘Volcker Rule’.
DLA Piper has released the latest version (Volume 2, No. 22) of The Financial Report.
King & Wood Mallesons has advised Haier Electronics on a strategic investment agreement with Alibaba Group.
Minter Ellison has worked with Indigenous Business Australia (IBA) on the establishment of the Indigenous Real-Estate Investment Trust.
The Cayman Islands Monetary Authority has produced the Statement of Guidance on Corporate Governance for Mutual Funds.
Australia treasurer Joe Hockey has announced the removal of foreign investment conditions placed on Yanzhou in relation to its holding in Yancoal.
Cross-border investment and M&A between China and Europe in the clean energy sector was quiet in 2013.
Federal regulators have voted to approve the ‘Volcker Rule’, more than two years after the rule’s proposal in 2011.
The Academies Capital Maintenance Fund is available for academies to improve the condition of their school buildings and expand their facilities.
Wragge & Co and Lawrence Graham are set to merge, forming a new firm — Wragge Lawrence Graham & Co — from 1 May 2014.
DLA Piper has advised BTG Pactual as arranger and placement agent of a $132.8m project bond offering by Planta de Reserva Fría de Generación de Eten.
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on investment and funds.
On 29 November, the US and the Cayman Islands signed a ‘Model 1’ intergovernmental agreement on FATCA.
The Tribunal has upheld the FCA’s decision to fine Westwood Independent Financial Planners £100,000 for communications and suitability failings.
Autumn Statement 2013 download
Following the release of the Autumn Statement, Taylor Wessing has summarised some of the main announcements.
Legal treatment of matters related to securing debts (in the old terminology, ‘securing obligations’) will be significantly changed by the new Czech Civil Code effective from 1 January 2014.
The Australian Securities and Investments Commission (ASIC) has announced that its new $43.7m next-generation market surveillance system has become operational.
Emma Edhem, barrister at No5 Chambers, has been interviewed by The Wall Street Journal and The Economist on matters of bilateral trade and investment between Turkey and the UK.
No5 Chambers’ Emma Edhem has received an award from Eduplus in Turkey for leadership in her field.
Conyers Dill & Pearman has announced that Christopher Page has relocated to the firm’s Singapore office to further support the expansion of its practice in Asia.
The FCA has updated its webpage on the AIFMD to clarify how AIFMs can comply in a proportionate way with the AIFMD’s Article 15(1).
How to avoid the bonus cap — FCA update for investment firms that may qualify to remain under BIRPU rules from 1 January 2014 download
The FCA has published a webpage for investment firms that may qualify to remain under BIRPU rules from 1 January 2014.
The FCA has published a Consultation Paper (CP13/17) on the use of dealing commission rules for investment managers.
The FCA has published a report summarising its thematic work on outsourcing in the asset management industry.
The FCA’s chief executive recently gave a speech that focused on conduct and ethics within firms.
The law in Jersey relating to the consequences of receiving a bribe has recently been clarified.
Conyers Dill & Pearman has been named among the leading law firms in Bermuda, the British Virgin Islands and the Cayman Islands.
Choosing the domicile of an investment fund is not an easy task. A fund promoter has to consider the available vehicles, investment strategies and the reputation of the domicile.
This article deals with common situations involving beneficiaries and the disclosure of trust documents.
ASIC has released its updated Information Sheet 155, ‘Complying with requirements for superannuation products and simple managed investment schemes’.
The federal government has released a discussion paper seeking feedback on measures to improve super fund governance.
The AIFMD is the outcome of a G20 consensus for closer regulatory oversight of systemic risks emanating from certain players and activiries in the alternative investment funds sector.
ASIC is proposing to update and broaden its current employee share scheme class-order relief and regulatory guidance in response to developments in market practice and the need for clarity.
This guide provides readers with an overview of Australia’s business rules, from foreign investment guidelines to taxation, consumer protection, intellectual property and the employment law system.
DLA Piper is set to expand its German corporate practice with partners Dr Jan Schinköth and Dominik Stühler.
Binder Grösswang has appointed Maurizia Anderle-Hauke as an attorney at law. She specialises in the fields of banking and capital markets law.
The Commercial Court has ruled on a number of key legal issues concerning the duties owed by Lloyd’s brokers to remit funds promptly to clients and reinsurers.
Who’s Who Legal’s website recommends 13 lawyers from Ogier in Guernsey and Jersey, which is reportedly more than any other Channel Islands law firm.
Ogier in Cayman has announced that US fund managers participating in the 2013 Hedge Funds Review Service Provider Rankings have ranked as Ogier number one.
Judy Lee, a parter at Appleby, has won the offshore practice area individual award at the third annual Asia Women in Business Law Awards.
Eversheds has commented on the announcement that China and the European Union will begin talks on a landmark treaty aimed at boosting investment.
Partner Jeffrey Greenbaum says the PRIPs hearings have been a step forward in creating a more level playing field among investment products.
Ogier has been named Best Offshore Law Firm of the Year at the AsianInvestor 2013 Service Provider Awards.
While the majority of the Stronger Super reforms have now commenced, a number of changes are due to come into effect at the end of 2013.
The Great Hural, Mongolia’s Parliament, has ratified a new investment law, already in effect since 1 November, that dramatically alters the investment landscape in Mongolia.
KWM has advised Pacific Asset Management Co (PAMC) on setting up an asset-backed scheme for a special funding project through raising insurance funds.
DLA Piper has represented northern Virginia-based CustomInk, an online T-shirt company, in a $40m (£25m) investment by private equity fund Revolution Growth.
Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund download
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
KPMG has welcomed the International Accounting Standards Board’s new general hedge accounting standard — IFRS 9 Financial Instruments (2013).
In the third update of 2013, Wragge & Co’s private equity specialists comment on key issues and recent developments affecting the sector.
Appleby Guernsey has announced the appointment of senior funds and finance lawyer Kate Storey, who has joined as counsel.
Conyers Dill & Pearman is co-sponsoring the American Bar Association Section of International Law’s upcoming seminar, The Pros and Cons of Offshore Centres.
Guy Flynn, chair of DLA Piper’s Maryland real-estate practice, has been honoured with a 2013 Leadership in Law award by The Daily Record.
Should your company reach out to Silicon Valley? If so, what do you need to know?
Boutique funds firm MJ Hudson has added to its team with the hire of a duo of senior lawyers, including legacy SJ Berwin partner Graham Nicholson.
A review of the demand-driven funding system for higher education has been announced by the minister for education.
The federal government has announced a Productivity Commission inquiry into the funding of public infrastructure.
Nabarro’s annual legal seminar highlighted new legal topics affecting the funds and real-estate sectors. This is part two of a two-part series dealing with the topics covered in the seminar.
On 7 November, the Luxembourg VAT authorities published a circular on the VAT treatment applicable to risk management for investment funds.
On 5 October 2013, the government of Ecuador announced that it has established a commission to audit the majority of bilateral investment treaties (BITs) to which it is party.
Allen & Overy will be presenting a client seminar on 10 December called ‘Contracting with foreign states or state-owned entities: what are the risks and how can they be managed?’
Welcome to Taylor Wessing’s analysis of clean energy investment activity in the third quarter of 2013 (3Q13).
King & Wood Mallesons (KWM) has secured a place on the Ministry of Commerce (MOFCOM) of China’s inaugural legal panel.
KPMG Capital is an investment fund created to accelerate innovation in data and analytics that will help clients of member firms unlock tangible value of their big data.
Following the entry into force of some risk mitigation techniques, the second obligation under EMIR, i.e the reporting obligation, will start in February 2014.
Conyers Dill & Pearman has advised the first Class A-exempt fund to be registered in Bermuda under the new funds regime.
Eversheds has advised Eagle Ride Investments on the HKD270m public takeover bid for shares of Radford Capital Investment.
Argentina has agreed a settlement relating to five investment treaty arbitration awards, made between 2005 and 2008, pursuant to which it was ordered to pay a total of over $450m.
Winners of the British Fashion Council award will receive business and mentoring advice from DLA Piper.
Ogier has been promoted to a top-tier firm in Guernsey and continues to hold top slots in Jersey in the Chambers UK 2014 rankings.
The Luxembourg Supervisory Authority for the Financial Sector has clarified its position in relation to the definition of ‘securitisation special-purpose entities’.
The Directive aims to introduce a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds.
FCA tackles crowdfunding download
In publishing CP13/131, the FCA sets out a proposal for the regulation of crowdfunding, covering both peer-to-peer lending and investment-based crowdfunding platforms.
A briefing on the changes to Ogier’s annual billing cycle and the changes its customers will notice on their annual invoices, the potential impact of FATCA and the work which they have done to date to prepare to assist you with its introduction next year.
We help you customise your fund structure to your investment goals.
Guide to investment funds in Bermuda download
This guide is a summary of the law and procedures relating to the establishment and operation of investment funds in Bermuda.
AIFM toolbox — October 2013 download
The AlFM toolbox aims to provide reader-friendly access to the EU legislation relating to the AIFMD Level 1 measures as well as the AIFMR Level 2 measures.
The Bermuda Stock Exchange continues to attract international recognition. It is the world’s largest offshore fully electronic securities market.
Karanovic & Nikolic’s Dejan Nikolic and Patricia Gannon presented investment opportunities in Serbia at an in-house business breakfast yesterday.
A High Court decision gives some useful guidance about the extent of a facility agent’s duties and a warning of the potential risks if a facility agent acts outside the scope of those duties.
Pillsbury has been recognised for the second time as the Best Onshore Law Firm — Hedge Fund Start-Ups at the 2013 HFMWeek US Hedge Fund Service Awards.
DLA Piper has advised the shareholders of R Griggs Group, the parent company and licensee of the Dr Martens brand, on its disposal of Griggs to an investment vehicle.
Ogier Fund Services has been highly commended in the 2013 Fund Services Awards for the category of Best Specialist Fund Service Solution.
Offshore law firm Mourant Ozannes was named Best Offshore Law Firm — Client Service at HFMWeek’s US Hedge Funds Services Awards in New York on 17 October.
Ogier has released the latest version of its Funds Legal and Regulatory Update, which focuses on the AIFMD among other topics.
The OFT is keen to understand how reform has affected the competitive landscape of the higher-education sector.
The Cayman Islands Stock Exchange (CSX) is a leading offshore exchange for the listing of specialist debt securities, Eurobonds and insurance- and risk-related securities.
ESMA guidelines introduce new standards for alternative investment managers, some of whom are not currently subject to any remuneration requirements.
Hogan Lovells has advised the general partner of Trophy Property Development on a restructuring of the fund’s underlying real-estate assets in China and its internal management.
Linklaters has moved quickly to replace private equity partners Richard Youle and Ian Bagshaw by relocating Stockholm-based corporate partner Roger Johnson to London and appointing corporate partner Nick Rees as head of the group.
Hedge fund managers making significant investments to comply with global regulatory changes: industry survey download
A global survey of hedge fund managers reveals that they are making significant investments in their firms’ infrastructure to comply with new regulatory requirements.
The Australian Securities and Investments Commission (ASIC) has released class order relief for AQUA market exchange traded funds.
Nabarro’s annual legal seminar highlighted new legal topics affecting the funds and real-estate sectors. This is part one of a two-part series dealing with the topics covered in the seminar.
The recent case of Torre Asset Funding v RBS reiterates that the contract is king, especially in the context of complex structured asset finance facilities.
King & Wood Mallesons has assisted Wolong Electric Group Co in its major assets restructuring and thereby materialised the securitisation of overseas assets on the A-share market.
The next two days in Congress will be characterised by fast-moving developments on the government shutdown/debt ceiling issues.
Taylor Wessing has announced the hire of Matthew Jones to its construction and engineering group.
Stephen Kitts of Eversheds has commented on the UK’s preparations to cement stronger trade and investment relations with China.
The International Financial Law Review 2014 edition has promoted Ogier to a top-tier firm for its investment fund and corporate and finance practices in Guernsey.
The DoE has not issued a schedule indicating when funding will run out, but it seems clear that some programmes have far more limited ‘carryover’ funding than others.
Hedge fund definition download
The new ‘hedge fund’ definition as set out in ASIC’s Class Order 12/749 (as amended from 3 October 2013) is set out in this briefing.
Ogier in Guernsey has advised on the launch of a new investment vehicle, DP Aircraft I, which has raised $113m through a placing.
Mourant Ozannes has acted as Guernsey legal adviser on the launch of Chenavari Capital Solutions.
Mourant Ozannes has maintained its position with top-tier rankings in the latest IFLR1000 rankings.
Stephenson Harwood has been appointed to two of the Pension Protection Fund’s (PPF’s) new legal panels.
Ports Botany and Kembla — a case study in optimising price and risk outcomes in a competitive sale process download
Much has been written about the NSW government’s stunning result from its 99-year lease of Port Botany and Port Kembla earlier this year.
NCTM has acted as a legal adviser to GCI in the transfer of 15 real-estate assets, valued at €635m, to an investment fund managed by Morgan Stanley SGR.
Bermuda’s Investment Funds Act 2006 has been amended in a move to enhance Bermuda’s offering of investment fund products.
Following its May consultation on the AIFMD reporting guidelines on 1 October, ESMA published its final report on the same containing the procedure on reporting obligations.
The federal government shutdown, now in its fourth day, appears likely to continue a while longer as the list of issues under discussion becomes longer and more complex.
Minter Ellison’s funds management team is experienced in establishing and advising funds management clients across a range of asset and industry sectors.
Karanovic & Nikolic managing partner Patricia Gannon attended the World Business Forum in New York this week.
Arendt & Medernach has announced the appointment of 11 new senior associates with effect from 1 July 2013.
With the re-launch of the franchising system and a return to shorter franchises, the spotlight returns to how operators and investors can be incentivised to invest on a long- term basis
DLA Piper partner Victoria Lee has been named by The Recorder on its list of ‘Women Leaders in Tech Law’.
London, some say, is a first-rate city trapped in a second-rate country, and its massive real-estate investment inflows are seen as the new (and long-term) ‘normal’.
With the changing political, social and regulatory environment in Myanmar, Chinese investors must consider new strategies to ensure the long-term success of their investments.
The CISX commenced operations on 27 October 1998 with the intention of providing recognised facilities for the listing and trading of a broad range of debt securities.
Ogier has improved its Guernsey rankings and maintained top positions in Jersey in Legal 500 2013.
Funds placement and secondaries advisory business Campbell Lutyens has appointed Clifford Chance associate Michael Lampshire to its in-house team as regulation hits the industry.
This note gives a very broad overview of some of the matters that Asian-based managers should be aware of when structuring the boards of their offshore fund entities.
Instigating innovation: fund management entrepreneurs can take long-term opportunities from theory to reality download
The investment industry has proved adept at seizing opportunities and developing new products. In other ways, though, the industry has been overly conservative.
Richard Clayton QC from Kings Chambers has been instructed to intervene in Kennedy v Charity Commission.
Shoosmiths has advised Octopus Investments on its further funding of Calastone, the independent cross-border transaction network for the global funds industry.
DLA Piper advised a consortium of banks under the leadership of UniCredit Bank Austria on the funding of a hydroelectric power station in the Tyrolean valley Stanzertal.
AIFMD: big bang or damp squib? download
After all the controversy, the Alternative Investment Fund Managers Directive was implemented on 22 July 2013.
The subscription finance market is thriving. This is not surprising as it has experienced few defaults historically, and is therefore attractive to lenders.
DLA Piper has appointed James O’Donnell as a partner in the investment funds team in London.
Hogan Lovells has announced that Cameron Cosby has joined the firm as a partner in its tax practice.
It is important for foreign investors to consider the impact of the new Coalition government’s Foreign Investment Policy on their business.
The DFSA and the ESCA have each entered into 26 supervisory co-operation agreements with EU and European Economic Area securities regulators.
There’s good news and more clarity for pension funds reviewing their derivatives investment strategy in the light of the European Market Infrastructure Regulation.
This briefing from Mourant Ozannes about AIFMD contains case studies regarding the Channel Islands.
This briefing from Mourant Ozannes about AIFMD contains case studies regarding the Cayman Islands and New York.
The AIFMD is a framework to govern the alternative asset management industry in the European Economic Area.
Asset management boutique MJ Hudson and Jersey firm VerrasLaw have agreed to merge, in a bid to become a global alternative asset law firm.
The Alternative Investment Fund Managers Directive will have a major impact on the asset management sector.
Ogier Fund Services has been shortlisted for the Unquote British Private Equity Fund Advisory Administration award.
Hogan Lovells has announced that Gérard Neiens will join its new Luxembourg office as a tax partner.
Appleby has announced that Eilis Kerford and Edward Perkins have received qualifications from the Association of Chartered Certified Accountants (ACCA).
The UK Privy Council, the highest court for the BVI, has agreed to hear a further appeal that will provide final determination concerning the validity of the Sentry redemptions.
ESMA has published an opinion on the AIFMD rules covering late transposition.
The Royal Court of Jersey has delivered a very significant judgment concerning certain of the provisions in the Financial Services (Jersey) Law 1998.
Walkers has picked up a partner from Maples and Calder in a boost for its Cayman islands investment funds team.
It remains to be seen whether proposed changes to the Pension Protection Fund (PPF) compensation regime will lead to increased PPF levies.
Hogan Lovells’ third annual Wii Bowling Championship, which took place on 8 August, raised more than $40,000 for the Wounded Warrior Project (WWP).
Update on disclosure reforms download
Here we provide a brief update on disclosure reforms relating to hedge funds and other retail-structured products that are deemed to be complex.
The Full Federal Court has unanimously upheld ASIC’s appeal against the approval of the settlement of the Storm Financial class action against Macquarie.
The alternative investment fund managers directive has arrived and co-operation agreements shaken hands on. Now comes tricky implementation
As publicly funded bodies, both academy trusts and governing bodies of maintained schools will need to comply with the provisions of the Public Contracts Regulations 2006.
The First Circuit Court of Appeals recently became the first federal appellate court to hold that a private equity (PE) fund can be a ‘trade or business’.
The now iconic song of 1969 aptly describes the insurance regulatory activity we are seeing in the summer of 2013.
Start-up fund managers in the UK download
Any person who carries on a regulated activity in the UK by way of business must be authorised by the Financial Conduct Authority or be exempt.
DLA Piper has welcomed the recently introduced Direct Investment Promotion Law in the State of Kuwait (Decree Law No. 116 for 2013).
Speechly Bircham has hired SJ Berwin consultant Victoria Younghusband, who joined as a partner in the firm’s financial services and funds team on 1 August.
Nabarro has advised wealth and investment manager Walker Crips on the creation of a regulated short-term lending fund.
Luxembourg legal update — July 2013 download
The July 2013 issue of Arendt & Medernach’s Luxembourg legal update is available now.
The case involved two groups (the Nortel group and the Lehman group) each of which contained occupational pension schemes with substantial funding deficits.
Curar Animal Therapeutics has secured investment of £265,000 to help fuel its growth. This investment was overseen by Sintons and RMT Accountants and Business Advisors.
Such dispute resolution mechanisms provide investors with protection against adverse host government action
Closed-end funds that satisfy prescribed criteria are now classified as collective investment schemes.
Changing the balance of protection for non-professional investors — the SFC’s proposals with regard to client agreements download
In October 2012, the SFC published a report that considered the appropriateness of the use of so-called ‘exclusion’ clauses in client investment agreements.
Luxembourg’s financial regulator has published practical guidance for alternative fund managers becoming registered or authorised under the Alternative Investment Fund Managers Directive.
On 27 June, governor Jerry Brown signed SB 73 into law as part of the state budget package. The bill established a Clean Energy Job Creation Fund.
AIFMD update — Cayman Islands download
The Cayman Islands Monetary Authority has entered into co-operation arrangements with the securities regulators of 25 European countries.
AIFMD update — Bermuda download
The Bermuda Monetary Authority has entered into co-operation arrangements with securities regulators from 26 EU member states.
Lord Justices Beatson, Rimer and Floyd have made a unanimous decision that is important for all individuals whose assets are subject to a freezing order.
The government is making available £20m of funding for ‘innovative and ambitious’ Green Deal projects put forward by local authorities.
Jurisdiction Update — Issue 4 download
Conyers Dill & Pearman has released the fourth issue of its Jurisdiction Update, covering Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius.
Hogan Lovells has advised Bilfinger Berger Global Infrastructure SICAV on its successful placing, open offer and offer for subscription raising £85m.
In an unusual move, the High Court recently wound up a credit union on its own motion.
The date 22 July 2013 is important for AIFMs that fall below one of the de minimis exemptions of the AIFMD.
Consent payment or solicitation payments have become a relatively common way in which debtors undergoing a restructuring can incentivise bondholders to vote in favour of the restructuring.
Hogan Lovells will be opening an office in Luxembourg on 1 August as part of its strategy to continue to grow its funds and tax practices.
The Alternative Investment Fund Managers Directive (AIFMD) is now law in the UK.
On 10 July 2013, the Securities and Exchange Commission adopted the long-awaited amendments to Rule 506 of Regulation D under the Securities Act of 1933.
The second issue of King & Wood Mallesons’ KWM Connect publication is available now.
The AIFMD is due to come into force on 22 July 2013 and introduce new requirements for marketing funds to investors in the EU.
On 11 May 2013, SAFE released the Provisions on Foreign Exchange Administration of Inbound Direct Investment by Foreign Investors.
Luxembourg newsflash — 19 July 2013 download
The CSSF requires any person established in Luxembourg that potentially qualifies as an AIFM to perform a self-assessment as to whether it (i) qualifies as an AIFM and (ii) is subject to authorisation or registration requirements.
Maree Martin has relocated to Conyers Dill & Pearman’s Singapore office to further support its Cayman Islands legal practice.
Corporate lawyers from Walker Morris have advised AIM-quoted Avacta Group on its equity placing to raise £4.7m.
Ogier has published a list of continuing obligations faced by private and professional investment funds in the British Virgin Islands.
The government of India has announced measures to encourage investment by liberalising foreign direct investment norms.
The question of how investors make their investment decisions has been at the forefront of the regulator’s attention for a number of years.
For the purpose of the 12 July 2013 law on alternative investment fund managers, numerous definitions apply.
The law of 12 July 2013 on alternative investment funds implements in Luxembourg the provisions of the Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
European legislation is often opaque and poorly drafted and has unintended consequences. The AIFMD is a particular offender in this regard.
The purpose of this investment memorandum is to provide an overview of the investment vehicles that Luxembourg offers to (foreign) entrepreneurs and managers.
The legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law, approved by the grand duchy’s Chamber of Deputies last Wednesday 10 July, has come into force.
The Financial Services Commission of the BVI has entered into co-operation arrangements with the securities regulators of 25 European countries.
The European Securities and Markets Authority has approved co-operation arrangements between EU securities regulators.
Corporate lawyers at Walker Morris have advised the management team on its buy-out of Buoyant Holdings.
The Tax Authority recently audited the Turkish subsidiaries of several multinational pharmaceutical companies to review five years’ worth of their accounts.
On 10 July 2013, the SEC adopted a final rule lifting the ban on general solicitation and advertising for certain private offerings of securities.
The CFTC and the EC have announced a high-level joint understanding regarding the approach to the cross-border regulation of OTC derivatives.
AIFM Toolbox — July 2013 download
The AIFM toolbox aims to provide reader-friendly access to the EU legislation relating to AIFMD.
The European Securities and Markets Authority (ESMA) published on 24 May its final report on guidelines for key concepts under the AIFMD.
ESMA has consulted on the reporting regulations in the AIFM Directive.
The Luxembourg parliament has adopted the bill of law on alternative investment fund managers, which transposes the Alternative Investment Fund Managers Directive (2011/61/EU) into Luxembourg law.
CSSF announces transitional measures for Luxembourg managers and funds under AIFM Directive download
The CSSF has published a series of FAQs to provide managers with greater clarity on the impact of AIFMD.
Authorisation requirements of Luxembourg investment advisers to Luxembourg funds (i.e. SIFs, UCITS, etc.) download
Advisers to collective investment funds are henceforth included in the scope of application of the 1993 financial services legislation and must hold an investment adviser authorisation issued by the Finance Ministry, the CSSF has announced, following the entry into force of the law of 21 December 2012.
The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was approved by the grand duchy’s Chamber of Deputies.
Allen & Overy has advised Social Ventures Australia on an AUD7m social benefit bond issuance for the funding of the UnitingCare Burnside Newpin Program.
Chevalier & Sciales has a strong expertise and an in-depth knowledge in the field of investment and asset management.
Appleby has announced an appointment and a promotion within its Cayman funds and investment services team.
A&L Goodbody is strengthening its funds team with the hire of Maples and Calder partner Elaine Keane, who was previously an associate at the Irish firm.
Nabarro has released its Compliance Clarified publication for June 2013.
ASIC has released new Class Orders that apply to operators of IDPS and IDPS-like platforms.
MySuper regulations made download
On Friday last week, the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 was made.
Class Action — Q2 2013 download
In this issue of Class Action King & Wood Mallesons reports on recent judgments and happenings of note in the class action space.
The State Council has issued the Opinions on Encouraging and Guiding the Healthy Development of Private Investment to promote private investment activities.
The FCA has published its final rules implementing the Alternative Investment Fund Managers Directive (AIFMD).
Hogan Lovells has advised Powerhouse France, an investment vehicle organised and managed by TwentyTwo Real Estate, on the acquisition of Financière SELEC.
This briefing contains a round-up of the hot topics in the funds and real-estate sectors, including Nabarro’s practical comments for each.
The media has been shining a spotlight on SEC insider trading cases, but in recent years the SEC has brought nearly three times as many cases against investment advisers.
CEO Sleepout raises awareness of homeless services.
Clifford Chance has hired Latham & Watkins’ head of investment funds in the Middle East and Africa Kai Schneider for its Singapore office.
New Belgian Royal Decree exempts banking and investment services from general performance conditions for public procurement contracts download
The New Belgian Royal Decree exempts banking and investment services from general performance conditions for public procurement contracts.
Who are the top private equity lawyers rated by clients and lawyers, and what are the secrets of their mysterious art? The Lawyer can reveal all
At a recent conference, Josip Marohnic and Danijel Pribanic, Croatian attorneys in association with Karanovic & Nikolic, spoke about the legal implications of Croatia’s accession to the EU.
Luxembourg newsflash — CSSF publishes guidance on the implementation of AIFMD in Luxembourg download
On 18 June 2013 the CSSF published guidance on the implementation of the AIFMD in Luxembourg.
The CSSF issues FAQs on draft law on alternative investment fund managers.
Ogier’s Investment Funds team provides offshore legal advice on fund formation, structuring, regulation and advice to investment funds and managers.
The European parliament and council has approved a new proposed regulation for managers of European venture capital funds.
Video: roundtable discusses emerging markets, jurisdictions, structures, investor sentiment and the future for private equity video
Partners from The Lawyer Awards Funds Team of the Year shortlisted firms discuss key issues facing the sector.
The Securities and Exchange Commission (SEC) has issued its second-ever whistleblower award. The award went to three anonymous individuals, each of whom will receive five per cent of the monetary sanctions ultimately collected in a case against hedge-fund manager Locust Offshore Management and its chief executive officer, Andrey Hicks, who allegedly defrauded investors of $2.7m (£1.7m), and who have been ordered to pay $7.5m in disgorgement and penalties.
Addleshaw Goddard’s corporate finance team in Manchester has advised 2ergo on its £3.1m placing of shares.
Representatives of The Lawyer Awards Funds Team of the Year shortlist gathered in London recently to debate the hottest topics in the sector
Hogan Lovells has been recommended by the Legal 500 US 2013 edition in 35 practice areas, including seven rankings in the Tier-1 category.
Winckworth Sherwood has strengthened its corporate and commercial team with the appointment of a partner and an associate.
Mourant Ozannes has been voted Best Offshore Law Firm at the Hedgeweek USA Awards 2013.
Shoosmiths’ Shaun McCabe has acted as part of a team of experts advising on NorthEdge Capital’s acquisition of a majority stake in Jigsaw24.
ASIC has finalised its amended regulatory guidance on the content requirements for registered managed investment schemes.
Many institutional investors are constrained by their internal investment policies or by regulation to investing in securities which are listed, or to limit their exposure to investments that are not listed, on stock exchanges recognized for the purposes of such restrictions.
Guide to listing on Trop-X download
The first Seychelles Securities Exchange was launched at the end of November 2012 and will provide facilities for the listing and trading of securities issued by companies and investment entities.
Appleby’s review of the key decisions handed down in trust cases in the leading offshore jurisdictions during 2012.
On 18 February 2013, the Cayman Islands Court of Appeal released its judgment in Re FIA Leveraged Fund.
AIFMD update — Bermuda, BVI, Cayman Islands and Mauritius: approval of third country co-operation arrangements with ESMA download
The ESMA has approved co-operation arrangements between Bermuda, the BVI, the Cayman Islands and Mauritius and the securities regulators responsible for the supervision of AIFs.
Alternative fee agreements, funding and insurance: why they are risky to ignore.
It’s official. Third-party litigation funding will not infringe the laws against champerty and maintenance and will not be contrary to the Code of 1771.
Investment funds in the Seychelles download
The Mutual Funds and Hedge Fund Act 1998 was brought into law in the Seychelles with a view to creating an investment fund regime that is designed to be relatively ‘light touch’ in its regulation.
Appleby has acquired Caledonian Trust (IOM) Ltd and Caledonian Fund Services (Europe) Ltd as part of its strategy to grow its fiduciary and administration business.
This briefing describes how the Cayman Islands have prepared in order to enable Cayman AIFMs and AIFs to continue to market actively to professional investors in the EEA from 22 July 2013.
The BVI get ready for AIFMD download
This briefing describes how the BVI has prepared in order to enable BVI AIFMs and AIFs to continue to market actively to professional investors in the EEA from 22 July 2013.
Jersey gets ready for AIFMD download
This briefing describes how Jersey has prepared itself to enable Jersey AIFMs to continue to actively market to professional investors in the EEA beyond 22 July 2013.
Guernsey gets ready for AIFMD download
This briefing describes how Guernsey has prepared itself to enable Guernsey AIFMs to continue to actively market to professional investors in the EEA beyond 22 July 2013.
In these challenging times, with change around every corner, invoice financing offers a way for businesses to manage cash flow and free up working capital.
Nabarro has announced that eight associates have been promoted to the partnership.
Conyers Dill & Pearman’s Fawaz Elmalki has been recognised in the 2013 MENA Fund Manager Service Provider Power 30 list.
Chambers USA 2013 recognises Hogan Lovells’ practice areas and lawyers.
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Simmons & Simmons is set to add a fourth partner to its low-cost Bristol base with the hire of Burges Salmon funds specialist Mahrie Webb.
Harneys has hired a pair of senior lawyers from Ogier to continue its expansion in the Cayman Islands.
Mills & Reeve has advised Sphere Fluidics on its recent £1.65m series A funding from a syndicate of investors.
This briefing deals with the regulation of late payment of commercial debts.
Conyers establishes insurance-linked securities (ILS) fund.
Shoosmiths comments on access to TSB fund.
Simpson Thacher & Bartlett has snared a key Clifford Chance funds senior associate with close ties to private equity houses Apax Partners and BC Partners.
Alternative investment funds: scope of implementation of the AIFM directive in national law download
The scope of the AIFM-D comprises the regulation of AIFM and the marketing of AIF within the EU to professional investors.
UAE: liability of banks and financial institutions for fund transfers when financial sanctions are involved download
International political and economic factors may result in sanctions against certain countries or entities that affect the transfer of funds across borders.
SFC test cases — such as SFC v Tiger Asia — have sought to use section 213 of the SFO as a third route of market misconduct enforcement.
AIFM toolbox — May 2013 download
The AIFM toolbox aims to provide reader-friendly access to the EU legislation relating to AIFMD.
Dacheng is at the cutting edge of two relatively new fields of law: private equity investment and investment funds.
Our team advises asset managers, investment funds and institutional investors on all legal, regulatory and tax aspects of the asset management industry.
Nabarro has considered the practical implications of the Alternative Investment Fund Managers Directive (AIFMD) on businesses.
Appleby has been named ‘Best Offshore Law Firm — Client Service’ at the HFMWeek European Hedge Fund Services Awards 2013, held recently at the Hurlingham Club in London.
On 18 February 2013, the Cayman Islands Court of Appeal released its judgment in Re FIA Leveraged Fund. The judgment will be of interest to directors and managers of investment funds.
Draft MySuper regulations released download
The exposure draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 sets out a number of proposed requirements.
Hogan Lovells has advised Mashreqbank and a syndicate of Islamic and conventional banks on an AED2bn Islamic and conventional facility made available to GEMS Education.
Mourant Ozannes has been named Best Offshore Law Firm at the HFM European Hedge Fund Services Awards.
Supreme Court holds proof of materiality not needed to certify securities fraud class action download
The Supreme Court has held that plaintiffs in a Rule 10b-5 securities fraud class action for damages need not prove materiality to obtain class certification.
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
US firms Fried Frank Harris Shriver & Jacobson and Proskauer Rose have advised on a duo of funds amassing close to £4bn that indicate the mixed success of private equity houses’ fundraising efforts.
Corporate lawyers from Walker Morris have advised private equity firm NorthEdge Capital on its investment in Help-Link.
Barney Lee will be joining Mourant Ozannes as a partner in the Guernsey corporate practice.
Management services provided to a fund in which the assets of defined-benefit pension schemes are pooled for investment purposes are not exempt from VAT.
Appleby has announced two senior additions to its funds and investment services team in Guernsey.
Will the Cyprus bailout be enough to end the island’s appeal as an offshore financial centre for Ukrainian businesses?
A judgment from the Cayman Islands Court of Appeal has emphasised the primacy of the investment agreement between the fund and its investors.
Appleby has acted as British Virgin Islands and Bermuda counsel for Asia Mezzanine Capital Corporation in relation to the provision of a $30m facility to CAAM.
Conyers Dill & Pearman has released issue three of its Jurisdiction Update for 2013, covering Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius. Topics include insurance developments in Bermuda, a new ‘approved manager’ regime in the British Virgin Islands, Cayman Islands master funds and more.
Clifford Chance is hiring Ashurst’s French fund formation chief Xavier Comaills and a team of lawyers to lead the firm’s Paris private funds group.
Conyers is regularly involved in the largest, most innovative and complex corporate transactions involving companies in Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius.
This briefing examines a number of issues that arise on the redemption of shares by an investor in a BVI investment fund that may lead to disputes between the investor, the fund and other investors.
In IKEA v Hauxwell-Smith and others (10/2012), IKEA was found to have been the victim of serious procurement irregularities involving Mr and Mrs Hauxwell-Smith between 1998 and 2000.
The European Union is battling yet another crisis among one of its members, with the looming bankruptcy of Cyprus threatening to further destabilise the region at a time when it can ill-afford it.
Mishcon de Reya has beefed up its private equity practice with the hire of Dundas & Wilson partner duo Simon Sale and Nadim Meer.
Sponsored academies download
Underperforming schools are being asked to work with sponsors to provide vision and support.
School expansion projects in England download
The number of pupils in England is rising and there are high levels of demand for pupil places, which local authorities are struggling to meet.
An independent review published in April 2011 looked into the way that capital is spent on schools in England and recommended a complete overhaul of the system.
The Australian government has released the draft legislation for final ‘third’ element in the Investment Manager Regime (IMR) — being ‘IMR 3’ or the ‘full’ IMR.
On 19 March 2013, the FSA (now the FCA) published its second consultation paper on transposing the AIFMD into UK law (CP2).
The ‘Jackson reforms’ on civil costs and funding will become law on 1 April 2013, but much ambiguity remains around a number of key issues, according to Hogan Lovells.
The Cayman Islands Government confirmed on 25 March its continuing implementation of measures that will ensure that the Cayman Islands Monetary Authority will be ready for the implementation of AIFMD.
AIFMD: challenges and opportunities download
Emmanuelle Entringer and Bishr Shiblaq of Arendt & Medernach explain the impact of the AIFMD on fund managers in the Middle East and North Africa.
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
George Bashforth has been appointed as head of directorship services for Appleby Trust (Cayman) Ltd.
A new bill before Parliament would require trustees of superannuation funds to merge multiple superannuation accounts held by the same member.
A guide to the regulation of investment funds in Jersey.
Luxembourg legal update — March 2013 download
Arendt & Medernach has released its Luxembourg legal update for March 2013.
Luxembourg legal update, March 2013: AIFMD implementing measures — the delegated regulation download
The delegated regulation supplementing Directive 2011/61/EU.
Luxembourg legal update — March 2013: the ESMA guidelines on sound remuneration policies of AIFMs download
The ESMA guidelines on sound remuneration policies of AIFMs.
Regulation of Jersey fund offers download
The extent to which an offer document for a Jersey fund is regulated depends on the type of fund and how widely the offer document will be circulated.
This briefing considers the circumstances in which regulatory consent is required by a non-Jersey fund for the circulation of an offer document or other marketing activities in Jersey.
Servicing non-Jersey funds in Jersey download
In most cases, a Jersey entity that wishes to carry on fund services business in relation to a publicly offered non-Jersey fund will be able to do so entirely under its FS Law registration acting in accordance with the FSB Codes.
Hedge funds have cottoned on to the benefits of Bermuda’s reinsurance market, with many establishing their own start-ups.
In 2008, the government introduced tax breaks for UK property funds. Now, five years on, we are seeing authorised investment funds being launched as property authorised investment funds.
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds.
This paper explains the attractions of the Cayman Islands as a destination for hedge fund managers.
Conyers Dill & Pearman has released the March 2013 edition of its Cayman Islands AIFMD implementation update.
Conyers Dill & Pearman has released an implementation update focusing on AIFMD and Bermuda.
Paul Christopher, Hong Kong managing partner, talks to Asian Legal Business about increasing interests for private trusts in Asia.
Our investment funds practice area serves the whole investment management value chain. We offer comprehensive legal services for the structuring and formation of both regulated and unregulated investment funds.
Withers has appointed a partner from offshore firm Appleby to set up a pan-European investment funds practice.
Mourant Ozannes partner Alex Last is set to participate at the HFMWeek Asia Operational Leaders Summit in Macau on 26 February 2013.
Macfarlanes has continued to invest in its funds group with the hire of Akin Gump partner Simon Thomas
Goodwin Procter adds Travers Smith partner Paul Lyons to its growing London office.
The Curtis Investment Management group has been counselling investment managers and investors on a global scale for close to half a century. Our clients include domestic and international financial institutions, fund managers and their sponsors and principals.
Australian and offshore fund operators, investors and providers depend on King & Wood Mallesons’ full-service capability.
This month’s round-up of developments affecting banks, wealth managers, brokers and funds.
The regulatory regime in the Cayman Islands requires certain open-ended investment funds to register with the Cayman Islands Monetary Authority (CIMA) as regulated mutual funds.
Guernsey Foundations download
The basic structure of a Guernsey foundation may feel very familiar to those accustomed to dealing with private foundations in other jurisdictions.
This briefing explains the attractions for international managers, sponsors and investors of the Cayman Islands as the jurisdiction in which to domicile a private equity fund.
Our funds and indirect real-estate team is acknowledged as a leader in the indirect sector.
Appleby’s review of the key decisions handed down in the litigation involving investment funds in the leading offshore jurisdictions during 2012.
Private equity house HgCapital has appointed former Clifford Chance senior associate Andrew Jessop as its general counsel in a move that sees former legal chief Alison Hampton move to a compliance role.
Guide to Guernsey foundations download
This guide is intended to provide basic information needed to answer questions on Guernsey foundations and the migration of foreign law foundations to Guernsey.
Mourant Ozannes has an international reputation in offshore investment funds.
The private equity funds market in London has been raided and invaded by US firms of late, so what has been the impact?
An overview of the legal and regulatory considerations when establishing an open-ended fund in Guernsey.
An overview of the legal and regulatory considerations when establishing a closed-ended fund in Guernsey.
The court has sought to establish the duties of directors of Cayman Islands open-ended funds.
The alternative investment funds industry is shortly to be subject to European authorisation and conduct of business requirements for the first time.
The Securities and Commodities Authority of the United Arab Emirates (ESCA) in July 2012 published regulations relating to investment funds that significantly increase the regulation of both foreign and local investment funds active in the United Arab Emirates.
The Hong Kong Securities and Futures Commission (SFC) announced on 23 January 2013 that it has been working closely with the China Securities Regulatory Commission (CSRC) to provide for the mutual recognition of retail funds authorised in Mainland China and Hong Kong.
Wakala contracts are agency agreements that are widely used in Shari’ah compliant Islamic finance transactions.
Subscription credit facilities have become a popular form of financing for private equity and real estate funds.
The FSA published the first of two consultation papers yesterday, setting out how the Alternative Investment Fund Managers Directive (AIFMD) will be implemented in the UK.
The FSA published the first of two consultation papers on implementing the Alternative Investment Fund Managers Directive (AIFMD). This briefing sets out more detail following our recent alert.
The wait is over. The European Commission published the implementing regulation (Regulation) for the Alternative Investment Fund Managers Directive (AIFMD) on 19 December 2012.
Hot on the heels of the release of the FSA discussion paper on the Alternative Investment Fund Managers Directive (AIFMD), the European Securities and Markets Authority (ESMA) recently published a short discussion paper tackling some of the key issues on scope.
The FSA recently published a discussion paper setting out its provisional thoughts on how to implement the Alternative Investment Fund Managers’ Directive (AIFMD or the “Directive”) in the UK. Firms should now be taking steps to ensure they are “AIFMD-ready”.
Askan Denstaedt, the London-based general counsel for Europe at New York hedge fund GoldenTree Asset Management, has one of the broadest remits in the investment management field.
Almost three years ago Solomon Wifa made his mark in the legal community as he became the youngest-ever managing partner of O’Melveny & Myers in London at the age of 37.
A new year brings not only (the potential for keeping) New Year’s resolutions, but also a new set of obligations and undertakings for many investment advisers.
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund and its principals sued the fund’s independent trustees, laying the blame for the fund’s spectacular 2008 collapse squarely at their feet.
Chinese ruling changes landscape for value adjustment mechanisms in onshore private equity transactions download
The Supreme People’s Court of China rendered its final judgment on 7 November 2012, in the Haifu Investment Co., Ltd. v Gansu Shiheng Nonferrous Resources Recycle Company Limited.
The Alternative Investment Fund Managers Directive (the Directive) aims to create a harmonised European regulatory framework for managers of alternative investment funds (AIF).
On 27 December 2012, the Spanish government approved Law 16/2012, which provides for long-awaited reform of the current legal and tax regime for Real Estate Investment Trusts.
In many respects, 2012 was another year of aggressive SEC enforcement. The SEC’s Division of Enforcement again logged a near record number of enforcement actions.
The elimination of the exemption from registration under the Investment Advisers Act of 1940, as amended (the Advisers Act), for advisers with fewer than 15 clients resulted in the registration of approximately 1,500 additional investment advisory firms.
The International Organization of Securities Commissions (IOSCO), an international organisation of securities regulators, recently published its Policy Recommendations for Money Market Funds.
On 19 December 2012, the European Commission published its proposed delegated regulation on exemptions, general operating conditions, depositaries, leverage, transparency and supervision under Directive 2011/61 on alternative investment fund managers.
In this issue: Unitranche in a time crunch; protect your valuable brands.
Herbert Smith Freehills (HSF) and Hogan Lovells have taken the lead roles as global asset manager BlackRock merges its UK property fund with Deutsche Bank’s real estate fund group RREEF to form what the parties describe as the UK’s largest property unit trust.
Exemptions and no-action relief help funds navigate year-end CFTC registration requirements download
Changes to the US Commodity Exchange Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 subjected a large number of fund sponsors, including sponsors of non-US funds with US investors, to the jurisdiction of the US Commodity Futures Trading Commission for the first time.
For the past year, top officials of the Securities and Exchange Commission (SEC) have repeatedly identified the valuation of illiquid assets held by registered funds and private equity and hedge funds as one of the regulatory agency’s top five areas of enforcement focus. And, true to its word, the SEC has been actively pursuing such investigations.
This Commentary highlights some of the principal calendar and year-end reporting requirements for employee stock plans that US companies most commonly encounter when offering these programs to their employees in selected jurisdictions worldwide.
The UK Financial Services Authority publishes consultation paper on implementation of AIFMD download
On 14 November 2012, the UK Financial Services Authority published the first part of its long-awaited consultation paper ‘CP 12/32 Implementation of the Alternative Investment Fund Managers Directive Part 1’.
The Financial Services Authority is shortly to embark on a thematic review of asset managers.
Since its launch in 2002, the Qualified Foreign Institutional Investor program has been the principal means for foreign investors to invest directly in the securities markets of Mainland China.
Lawyers gathered in London last week to hear why Luxembourg offers such big potential for investors. In association with Wildgen
FSA-authorised asset managers required to attest compliance with conflicts of interest rules download
The FSA has issued a ‘Dear CEO’ Paper “Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks”.
On 12 October 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan published a draft amendment to certain rules intended to revamp the regulation and supervision of discretionary advisory businesses.
Appleby has hired two funds partners from offshore rival Walkers, six months after Walkers lost a 10-lawyer funds team to Maples and Calder.
Simmons & Simmons has entered into an alliance with US firm Seward & Kissel to do hedge fund and asset management work.
An ASEAN funds passport? download
This briefing examines recent developments in Southeast Asia that may bring us closer to an ASEAN-centric approach to the distribution of funds in Asia.
The weeks leading up to the summer vacation saw a flurry of UCITS activity, including the publication of an ESMA report and guidelines on UCITS, the unofficial release of the draft UCITS V Directive and the publication of a consultation paper on UCITS VI.
SJ Berwin and US firm Paul Hastings have joined forces to lead private equity group Patron Capital through the closing of its latest fund.
California has adopted a new exemption from the state’s investment adviser registration requirements.
The European Commission and European Securities and Markets Authority recently published additional guidelines for Undertakings for the Collective Investment in Transferable Securities funds and launched further consultations on the UCITS regime.
The German Ministry of Finance on 20 July 2012 published the draft of a bill to implement the Directive 2011/61/EU on Alternative Investment Fund Managers into German law.
UAE investment funds regulations download
On 22 July 2012 the UAE Securities and Commodities Authority issued the much anticipated new UAE investment fund regulation.
There is less than a year to go before the alternative investment fund directive comes into force. Here are the salient points still to be discussed
Euro crisis: a UCITS perspective download
The economic uncertainties facing the Eurozone make it increasingly important for investment managers and investment fund boards of directors to anticipate and prepare for the impact of a ‘Euro event’, such as the exit of a country from the Eurozone.
O’Melveny & Myers and offshore firm Ogier have won roles advising private equity group Coller Capital on the closing of its $5.5bn (£3.5m) secondaries fund.
Berwin Leighton Paisner (BLP) has boosted its corporate practice in London with a funds specialist from Nabarro.
Linklaters capital markets partner Brigid Rentoul has left the firm to join Winton Capital Management as legal chief amid a restructuring of the West End hedge fund manager’s in-house team.
Over the last decade, the UCITS (Undertakings for Collective Investments in Transferable Securities) product has enjoyed tremendous success globally.
In February 2010 the National Assembly of Kuwait passed Law No. 7 of 2010 on Establishing a Capital Markets Authority and Regulating Securities Activities.
The Office of Foreign Assets Control (OFAC) recently entered into a settlement agreement with a European-based asset manager for an alleged violation of US sanctions against Iran.
The US Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA).
Simmons & Simmons has hired DLA Piper’s head of investment funds in the UK as a partner in its financial services team.
This paper seeks to identify, as a matter of contingency planning, legal issues which might arise for asset managers as a result of a contraction or restructuring of the eurozone.
Maples and Calder has raided offshore rival Walkers for a 10-strong investment funds team that includes seven partners.
Ropes & Gray’s new funds team has received an early boost, with the firm snatching the role for Nordic Capital on its latest €4.3bn fundraising from White & Case mid-matter.
White & Case is set to lose a second member of its City funds practice, with global securitisation head Richard Reilly joining DLA Piper in the US.
Former Proskauer Rose funds partner William Yonge has joined Morgan Lewis & Bockius’s London office in the latest in a string of moves in the City funds market.
Weil Gotshal & Manges’ new City funds team has snatched a role for private equity giant BC Partners on its $8.6bn (£5.5bn) fundraising, one of the firm’s first major funds mandates since its four-partner raid on Clifford Chance last year.
Ropes & Gray is set to become the latest US firm to launch a London funds team with the hire of White & Case partner and practice head Matthew Judd.
Akin Gump Strauss Hauer & Feld has boosted its London funds group and English law capabilities with the hire of two financial services partners from Simmons & Simmons.
SJ Berwin is set to lose its grip on one of its biggest-billing clients following the defection of a two-partner funds team to Proskauer Rose.
Macfarlanes has made a significant addition to its funds practice with the hire of a nine-strong team from a West End hedge fund boutique.
Regulation from the EU is just one of several concerns for the funds industry, according to in-house and private practice lawyers
Offshore firm Harneys is relocating funds partner Jonathan Culshaw to its Hong Kong office as Asia continues to be a focal point for the sector.
In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive guidance” and continuously review the appropriateness of valuation methodologies.
SNR Denton has given its London financial services and funds team a boost with the addition of a hire from Dechert.
Offshore firm Walkers has appointed a new managing partner for its Hong Kong office while boosting its presence in the region with the relocation of its global funds head.
New rules concerning funds were the hottest topic at The Lawyer’s second Funds Summit. Joanne Harris reports
Eversheds is advising two property companies that have joined forces to create a £150m build-to-let fund aimed at giving institutional investors the chance to make large investments in the private rented sector.
Weil Gotshal & Manges has won the battle to hold on to star funds associate Stephen Fox after a secondment at private equity house Apax Partners threatened to stall his move from Clifford Chance to the US firm.
Edinburgh-headquartered asset manager Martin Currie has appointed Jeremy Hill to the newly created role of general counsel.
Weil Gotshal & Manges’ new City funds team may have to start life without star associate Stephen Fox if the Clifford Chance hire does not return from a secondment at Apax Partners.
SJ Berwin has made up four funds partners to plug the gap left following the exit of partners Nigel van Zyl and Oliver Rochman to Proskauer Rose.
Clifford Chance has moved to rebuild its depleted funds practice with a senior hire from Debevoise & Plimpton.
Skadden Arps Slate Meagher & Flom is launching a City funds practice with the hire of partner Stephen Sims from Macfarlanes.
Eversheds has advised the Amber Green Consortium on its appointment to manage the £100m London Energy Efficiency Fund (LEEF) on behalf of the Mayor’s London Green Fund (LGF).
Proskauer has continued its raid on SJ Berwin’s funds talent with the recruitment of six associates, who are set to join funds partners Nigel van Zyl and Oliver Rochman who defected to the US firm’s London office in July.
Dublin-based firm Dillon Eustace has expanded its Asian presence by opening a new office in Hong Kong.
Sovereign wealth funds’ investments are based not on politics but sound economic factors, say Dale Gabbert and Olivier s’Jacob
Fund arrangements are being forced to become more flexible as the investors start to call the shots, says Bridget Barker
Up-and-coming funds star Nigel van Zyl has quit SJ Berwin for the City firm’s former merger suitor Proskauer Rose, bringing fellow funds partner Oliver Rochman with him.
SNR Denton has appointed Robert Bostrom, formerly general counsel of scandal-rocked American corporation Freddie Mac, as the new co-head of its global financial institutions and funds sector.
Private client specialist Maitland has made a trio of lateral hires in London and Cape Town, including a partner from Withers.
Clifford Chance funds associates Stephen Fox and David Irvine have quit the firm to join Weil, Gotshal & Manges.
Norton Rose has hired SNR Denton’s financial institutions and funds co-head as part of an asset-based lending push.
Clifford Chance has upped the stakes in the highly charged situation surrounding the quadruple exit of its funds team by threatening to take action against some of the group for breach of fiduciary duty.
Clifford Chance will need a canny strategy to maintain its PE funds credentials, says Catrin Griffiths
Osborne Clarke has hired Berwin Leighton Paisner (BLP) funds partner Tim Simmonds as a partner in its Bristol office.
Weil Gotshal & Manges has raided magic circle firm Clifford Chance for a four-partner funds team.
Pinsent Masons has boosted its partnership with the addition of a lawyer from SJ Berwin’s fund formation team.
Failed firm Halliwells owes creditors a total of around £200m, a letter from its joint administrators has revealed.
The UK has struggled to make its mark in the competitive world of Ucits funds. Stuart Martin argues the case for the jurisdiction
Freshfields Bruckhaus Deringer and Slaughter and May have landed the lead mandates advising on Henderson’s purchase of fellow fund manager Gartmore.
Hogan Lovells and Mourant Ozannes have won roles on the largest London IPO of a Guernsey company this year.
Attendees at The Lawyer’s funds summit gear up for reshaped environment. By Joanne Harris
Fund lawyers from the in-house and private practice spheres are turning their attention to regulation as the investment industry undergoes a shift in focus.
Gide Loyrette Nouel has launched an investment funds practice in its London office with the hire of UBS in-house counsel Lucy Frew.
SJ Berwin’s Paris funds team has secured the lead role acting for BNP Paribas-backed Antin Infrastructure Partners (AIP) on the close of a e1.1bn (£0.95bn) fund.
Baker & McKenzie today opens its 68th office, launching a base in Luxembourg as it looks to capitalise on the expected boom in investment fund activity in the country.
Dechert has continued its European investment funds expansion with the capture of SJ Berwin’s head of German financial markets.
The Court of Appeal has ruled that hedge funds whose money was not properly ringfenced when Lehman Brothers went into administration will have access to client money deposited with the UK division of the bank, Lehman Brothers International (Europe) (LBIE).
Clifford Chance London head of private funds Jason Glover has left the firm to establish a UK funds practice at white shoe firm Simpson Thacher & Bartlett.
Former SJ Berwin private equity partner Matthew Hudson has launched his own practice with backing from private equity house Coller Capital.
SJ Berwin has moved to bulk up its infrastructure funds practice with the hire of Babcock & Brown general counsel Michelle Thomsen as partner.
The head of legal at Invesco Perpetual is leaving the fund management house to join Dechert’s fledgling Dublin office.
SJ Berwin has ramped up its merger talks with Proskauer Rose, with the two firms setting up a series of get-togethers between practice groups following a partnership meeting at the City firm last month.
SJ Berwin’s funds team has advised on its second closure this month with the launch of Wheb Ventures’ £105m Clean Technology Investment Fund.
After Orrick rejection, SJ Berwin targets global private equity via US tie-up
EU investment restrictions and tough regulations are only a matter of time.
SJ Berwin and Slaughter and May have landed mandates on the listing of the Fidelity China Special Situations investment trust, the new launch from veteran fund manager Anthony Bolton.
Protesters angry at Dechert’s representation of so-called vulture funds held a demonstration outside the firm’s City office yesterday.
Offshore firm Mourant du Feu & Jeune has hired an investment funds partner from local rival Maples and Calder, as the firm seeks a bigger market share in the Cayman Islands.
Offshore firm Ogier has won a mandate to advise on the launch of one of the first funds to focus on investing in companies with a high number of women in senior roles.
They’ve been blamed for the financial crisis, but hedge funds now face their biggest challenge. By Kit Chellel
McGrigors and Erskine Chambers have helped the Iraqi government recover millions of dollars tied up in a UK trust for nearly 20 years.
Norton Rose has boosted its investment funds team with a raid on DLA Piper, taking on partner Michael Newell.
The London office of Baker & McKenzie has advised on the establishment of a $100m (£68.35m) turnaround fund in Egypt.
Kirkland & Ellis and Maitland Chambers have secured a High Court ruling that has clarified the position for creditors of Financial Services Authority (FSA)-regulated companies that deal with client money.
Linklaters has seen off competition from Slaughter and May to advise platinum miner Aquarius on its $191m (£134.67m) fund-raising and all-share offer for rival Ridge Mining.
SJ Berwin has won a mandate from the Government to advise on the establishment of its Capital for Enterprise fund.