In this newsletter

- U.S.:

- Dodd-Frank Act – Designation of asset managers as systemically important financial institutions

- Volcker Rule finalised with a more limited application to covered fund activities

- Asia-Pacific:

- The Asian Region Funds Passport – one step closer to reality

- The Feeling’s Mutual – Development in Hong Kong/PRC funds recognition

- Europe:

- Alternative Investment Fund Managers Directive – Implications for depositaries of Illiquid Asset Funds: who wants to be a depositary?

- The Luxembourg perspective on the “Letter Box”

- UK FCA Thematic Reviews

- Tax

- Tax highlights for asset managers

- An excerpt from Dodd-Frank Act – Designation of asset managers as systemically important financial institutions:

What is the policy?

As we reported in last year’s issue, the U.S. Financial Stability Oversight Council (FSOC) has the ability to designate as Systemically Important Financial Institutions (SIFIs) non-bank domestic or foreign companies that are predominantly engaged in financial activities in the U.S. (such entities, Non-Bank SIFIs). Companies that are designated as SIFIs are subject to enhanced oversight and regulation by the Federal Reserve Board (the Federal Reserve)...

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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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