Investment Funds

News & Analysis as of

Kazakhstan Ordered to Pay $506 Million for Crude Expropriation of Oil and Gas Investments

In a case that highlights both that governments are not above the rule of law and that it is difficult to swiftly enforce arbitral awards, a Swedish appeals court, on December 12, 2016, upheld a $506 million award against...more

The Next Big Thing After The Fiduciary Rule? I have some guesses

With the fiduciary rule coming down the pike in April, people ask me what the next big thing to shake up the retirement plan industry will be. I’m no soothsayer, but I think there will be a couple of areas that the Department...more

Sovereign Green Bonds: Poland sets a precedent

Demand in the Green Bond market has historically been driven largely by environmentally and socially responsible investors. As the market becomes more mainstream, the investor base has expanded to include pension funds,...more

SEC Staff Announces 2017 OCIE Examination Priorities

On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

Your Daily Dose of Financial News

Some early signs of the focus of SoftBank’s “hugely ambitious” $100 billion investment fund are beginning to emerge, and at first blush, it appears a majority of the cash will land in private and public markets rather than...more

Loss of Foreign Fund Private Placement Exemptions in the UAE

In August 2016, the Emirates Securities and Commodities Authority (SCA), the federal securities regulator of the United Arab Emirates (UAE), adopted new investment funds regulations (the 2016 Fund Regulations), which repealed...more

Global Private Equity Newsletter - Winter 2017 Edition: Use by Private Equity Funds of Subscription Credit Facilities as a Form of...

Subscription credit facilities, or subscription lines, are typically revolving credit facilities secured on the capital commitments of investors. Interest rates on subscription lines are often similar to those for first lien...more

When Investing In A Partnership May Be A Tax Problem

A business entity that is treated as a “flow-through” for income tax purposes enjoys the benefit of a single level of tax – the entity itself is typically not subject to tax on its net income; rather, that income “flows...more

The Only Color in Gambling is Green—Why Staking is a Security

The Securities Act of 1933’s catchall for defining a security is the “investment contract.” The landmark case, SEC v Howey, explained that “an investment contract for the purposes of the Securities Act means a contract,...more

Chris Lazarini Analyzes Requirements in FRCP Rule 23 for Class Certification

Bass, Berry & Sims attorney Chris Lazarini analyzed a putative class action case that posed whether common questions of law or fact predominate on the reliance element of Plaintiffs' Section 10(b) claims. The court concluded...more

Luxembourg legal alert: CSSF Circular 02/77 - new reporting template for UCIs, UCITS, and SIFs

On 3 January, 2017, the Commission de Surveillance du Secteur Financier (CSSF) introduced under Circular 02/77 a mandatory template to be used by undertakings for collective investment subject to the Law of 17 December, 2010...more

Tax Reform in the New Administration

The upcoming change in administration, combined with retained Republican control of both houses of Congress, is expected to result in significant changes in the federal income tax system, on both the domestic and...more

Investor’s Relocation to New York after Structuring a Financing Deal in Hong Kong Does Not Provide a Basis for Suit Against Swiss...

In Ace Decade Holdings Ltd. v. UBS AG, No. 653316/2015, 2016 BL 413780 (N.Y. Sup. Ct. Dec. 7, 2016), Justice Eileen Bransten of the Commercial Division dismissed a $500 million fraud suit brought by an investment holding...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

AIFMD – ESMA Updates Q&As and Re-Visits View of Application of Delegation Rules - ESMA issued updated Q&As on 16 November on AIFMD including two new questions and answers on the cross-border marketing of AIFs, clarifying...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" - The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more

SEC Issues Guidance on Fund Changes Intended to Simplify Compliance with the Department of Labor’s “Conflict of Interest” Rule

On December 15, 2016, the SEC’s Division of Investment Management issued a Guidance Update titled, Mutual Fund Fee Structures. The Guidance focuses on disclosure issues and procedural requirements arising from (i) funds...more

UK Regulator Proposals to Amend the Conduct of Business Rules for Retail CfDs

The Financial Conduct Authority published a consultation paper setting out its proposals to enhance the conduct of business rules for firms providing contract for difference products to retail clients and to limit the risks...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

CSSF Newsletter – November 2016 - The CSSF published its newsletter (number 190), which provides updates in relation to recent national regulation and statistics....more

Is the Glass Half-Full or Half-Empty? Central Bank Signs Off on CP86 With a Location Rule Compromise

The Central Bank of Ireland’s CP86 Consultation Process on Fund Management Company Effectiveness has been a hot topic in the Irish funds industry over the last two years. The proposals in their June 2016 CP86 consultation...more

PRIIPs and KIDs – how are they relevant to funds?

The aim of the PRIIPs Regulation is to help retail investors to better understand and compare the key features, risks, rewards and costs of different retail products, by requiring that retail investors are provided with...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

CP 106: Review of Minimum Competency Code 2011 - The Central Bank has published a Consultation Paper on the Review of the Minimum Competency Code 2011 (CP106). The proposed changes to the minimum competency standards...more

SEC Staff Issues Guidance on Fund Fee Structure Disclosures

In a Guidance Update published on December 15, 2016, the staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) articulated its views as to certain disclosure issues and...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

BaFin Publishes Circular on Solvency II - Bafin published a revised draft circular on 7 December 2016 addressing Solvency II entities regulated by the BaFin which will enter into force on 1 January 2018. The draft...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

AMF Instructions Update - French "minibons" - Pursuant to the implementation under French law of the “minibon” (a category of note which can be issued by certain type of French entities) which can be marketed by, among...more

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