Financial Services Quarterly Report - Second Quarter 2012


In This Issue:

- DIFC Funds: A New Investment Vehicle for the Middle East p. 1

- An Analysis of the EU and U.S. Regulations Affecting OTC Derivatives p. 4

- Enhancing the Investment Advisory Contract Review Process for U.S. Sub-Advised Funds p. 6

- Amendments to the Luxembourg Law on Specialised Investment Funds p. 8

- Impact of New Luxembourg-Germany Double Tax Treaty on the Funds Industry p. 11

- Applying FATCA in Asia: Still Oceans Apart p. 13

- Russia Finally Establishes a Central Securities Depository Increasing Transparency in the Russian Securities Market p. 16

- UK Investment Banks: Up to FSA Standard? p. 19

- The Asia Region Funds Passport: Myth or (Almost) Reality? p. 22

- Upcoming and Recent Events p. 30

Excerpt from DIFC Funds: A New Investment Vehicle for the Middle East by Chris Harran:

Until recently, the Kingdom of Bahrain was the only choice for domiciling a collective investment vehicle within the Middle East and North Africa (“MENA”). Since 2005, however, the Dubai International Financial Centre (“DIFC”) has provided an attractive alternative. The DIFC is a free zone established within Dubai, in the United Arab Emirates (“UAE”), with its own laws, regulations, court systems and, critically for those looking to establish a fund here, its own regulatory authority, the Dubai Financial Services Authority (“DFSA”).

Please see full Report below for more information.

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Published In: Administrative Agency Updates, Finance & Banking Updates, International Trade Updates, Securities Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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