Fund and Adviser Tax Issues
Hot Topics Roundtable for Fund Managers - Cybersecurity, Valuation, and More
Thomson Reuters Session 2: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?
New Manager Forum Panel III – Post-launch Matters
New Manager Forum Panel II – Launch Issues
New Manager Forum Panel I - Critical Pre-launch Considerations
On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more
Two recent SEC Enforcement Division administrative settlements reinforce the importance for fund boards of directors and fund advisers to maintain a robust annual advisory contract renewal process....more
For most family offices, engaging in direct investment PE deals really means finding the right partner, and the diligence required to find the right PE partner for direct deals is much more involved, and probably less of a...more
Hardwired into the European Union (EU) Alternative Investment Fund Managers Directive (AIFMD) is a mechanism that could enable a non-EU alternative fund manager domiciled outside the EU to become authorised by an EU regulator...more
On July 23, 2015, the Internal Revenue Service (IRS) and the Treasury Department proposed regulations that address the tax treatment of certain partnership interests issued in exchange for services. Of particular note, the...more
ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD:
The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more
The Treasury Department and the Internal Revenue Service have issued proposed regulations addressing disguised payment for services of a partner, including the proper tax treatment of fee waiver arrangements commonly used by...more
Many non-EU alternative investment fund managers (AIFMs) raising non-EU alternative investment funds (AIFs) will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is...more
In the Federal Register for July 23, 2015, the Treasury Department published proposed regulations regarding the circumstances under which partnership allocations and distributions will be treated as disguised payments for...more
On July 22, 2015, the Treasury Department and the Internal Revenue Service (“IRS”) released proposed regulations (the “Proposed Regulations”) regarding disguised payments for services under Section 707(a)(2)(A) of the...more
On July 22, 2015, the U.S. Department of the Treasury issued proposed regulations addressing the tax treatment of certain private equity management fee waivers. These new rules could result in many common management fee...more
As the Chinese stock market continues to spiral down, news agencies continue to report on the efforts of the government to abate the crash. In contrast, the Securities and Futures Commission of Hong Kong is reporting another...more
On July 22, 2015, the U.S. Department of the Treasury and U.S. Internal Revenue Service issued proposed Treasury Regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended, addressing management...more
The IRS issued the much anticipated proposed regulations that severely curtail the practice of a fund manager waiving management fees in exchange for a share of future partnership profits. In essence the regulations tighten...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), issued on 5 May 2015 circular 15/612 (Circular) regarding the information to be submitted to the CSSF by alternative investment...more
Central Bank Update Concerning Fund Management Company Boards
The Central Bank has published a document in relation to Fund Management Company Boards including a feedback statement on CP86 and a new consultation on...more
The long-awaited European regulation on European long-term investment funds (ELTIF Regulation) was finally published in the Official Journal of the EU on May 19, 2015. The ELTIF Regulation will offer fund managers a new label...more
For the past few years, the ongoing developments in Europe in relation to EU investor access to non-EU alternative investment funds or EU alternative investment funds managed by non-EU managers have been the source of great...more
AIFMD - Updated Q&A from ESMA -
On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage.
The revised Questions...more
The topic of fiduciary monitoring is receiving a lot of attention in the aftermath of the U.S. Supreme Court decision in Tibble v. Edison (‘‘Tibble’’). In this decision, the Court ruled that plan fiduciaries have a...more
With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year,...more
EU Capital Markets Union: FCA Responds to European Commission Green Paper -
The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU).
Fund Managers May Be Taxable in California, Even if the Manager Has No Property or Payroll in California and All of the Management Services Are Performed Outside of the State.
Several recent law changes in California,...more
Relying on a data-driven statistical analysis conducted by the Division of Economic and Risk Analysis (DERA), the SEC recently commenced administrative proceedings against an investment advisor, Welhouse & Associates, Inc.,...more
Filers seeking an extension must submit a Request for Extension.
On May 29, we issued a LawFlash reporting that the US Department of Commerce’s Bureau of Economic Analysis (BEA) extended the BE-10 reporting deadline for...more
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