Investment Funds

The European Alternative Investment Fund Managers Directive—a non-EU Fund Manager’s Perspective

by Jay G. Baris, Afia Fening, Jeremy C. Jennings-Mares | Morrison & Foerster LLP on 5/20/2013

Introduction - The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the...more

Supreme Court To Decide If It Will Decide Whether Section 16 Plaintiff Has Constitutional Standing

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/15/2013

No Harm, No Foul - The late Lakers broadcaster Chick Hearn was known for coining or popularizing numerous basketball expressions, including “air ball” and ”no harm, no foul”. Now, the U.S. Supreme Court may soon...more

FATCA Compliance for Investment Fund Managers, Part Two

by Christopher Cawley, Nicola Lemay, Richard Schaul-Yoder | Foley Hoag LLP on 5/13/2013

This is the second in a series of Foley Advisers about FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers that will go into effect on January 1, 2014. Our prior installment described...more

Integrating Foreign Currency Hedges With Respect To Stock Purchase And Sale Agreements

by Steven Bortnick | Pepper Hamilton LLP on 5/7/2013

Investment funds that invest globally must deal with volatility in the currency in which they agree to invest. Investment funds entering into obligations to purchase stock in a currency other than the primary currency of the...more

Are Your 401(k) Plan’s Target Date Funds On Target?

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 4/19/2013

Most 401(k) plans that have qualified default investment funds (QDIA’s) have chosen target date funds as their default investments. Target date funds change their mix of investments to become more conservative over time in...more

FundersClub: What Does The SEC’s No-Action Relief Really Mean?

by Rani Doyle | Dentons on 4/19/2013

On March 26, 2013, the United States Securities and Exchange Commission (SEC) issued a no-action letter to FundersClub Inc. and FundersClub Management LLC. There has been speculation in the crowdfunding, VC and angel investor...more

Staying Ahead Of The Game - Marco Martins And Patrick Colegrave, Of Harney Westwood & Riegels, Explain How Cayman Is Adapting To...

by Patrick Colegrave, Marco Martins | Harney Westwood & Riegels on 4/16/2013

2013 is lining up to be a pivotal and successful year for both the Cayman Islands and the global hedge fund industry. Many of the developments which started in the last decade, ranging from worldwide regulatory and financial...more

Life Science Financing Survey - Full Year 2012

by Barry J. Kramer, Michael J. Patrick, Matthew Rossiter | Fenwick & West LLP on 4/16/2013

In this Survey: - Overview of Fenwick & West Results - Analysis of Industry Data - Detailed Fenwick & West Results: Valuation - Detailed Fenwick & West Results: Financing Terms -...more

UAE Securities Regulator Introduces Private Placement Exemption for UAE Investment Funds Regulation

by Natalie Boyd, Simon Mabin | K&L Gates LLP on 4/11/2013

In August 2012, the UAE Securities and Commodities Authority (“SCA”) introduced a new regulatory framework governing the marketing and sale of foreign funds to investors in the United Arab Emirates (the “UAE”) (the...more

Federal Reserve Board Approves Final Rules Defining When Significant Nonbank Firms are “Predominantly Engaged in Financial...

by Charles M. Horn | Morrison & Foerster LLP on 4/5/2013

On April 3, the Federal Reserve Board (“Board”) published a final rule (“Rule”) specifying when a financial company that may be made subject to systemic regulation under Title I of the Dodd-Frank Wall Street Accountability...more

FATCA Compliance for Investment Fund Managers Part One

by Christopher Cawley, Nicola Lemay, Richard Schaul-Yoder | Foley Hoag LLP on 4/2/2013

U.S. Funds with Only U.S. Investors - FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers, will go into effect on January 1, 2014. As a fund manager, you will be required to ensure...more

Financial Services Quarterly Report - First Quarter 2013: The Regulation of Managers and Funds in France Following the...

by Olivier Dumas | Dechert LLP on 3/30/2013

The French financial regulator, the Autorité des Marchés Financiers (“AMF”), hosted a public presentation on 17 January 2013 for French asset management industry professionals, regarding the implementation of the Alternative...more

Implications of the UK 2013 Budget for Investment Funds

by Orrick - Structured Finance Group on 3/29/2013

The 2013 budget, delivered by the U.K.’s Chancellor of the Exchequer, George Osborne on March 20, incorporated a number of provisions affecting investment funds, which are included in a UK investment management...more

"UK Regulators to be Given Power to Break Up UK Banks"

by Patrick Brandt, Lorenzo Corte, Scott Hopkins, Shaun Lascelles, Allan Murray-Jones, William Sweet, Jr. | Skadden, Arps, Slate, Meagher & Flom LLP on 3/19/2013

The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more

King & Spalding's Measure - The Middle East Quarterly Bulletin - Winter 2013

by King & Spalding on 3/14/2013

In This Issue: - Kingdom of Saudi Arabia – New Mortgage, Real Estate and Financing Laws - Locally Domiciled Funds in the GCC - Case Study: Jabal Omar, Makkah Al-Mukarramah, the Kingdom of Saudi Arabia - New...more

Financial Services – Update on UK and European Regulatory Developments - March 2013

by Dechert LLP on 3/7/2013

In This Issue: - Part A – Regulation of Financial Markets - Part B – Regulation of Investment Management - Part C – Regulation of Investment Funds - Appendix: Regulatory Calendar – Key Milestones Please...more

Are There Silver Hills In Other States?

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 2/27/2013

In Silver Hills May Tarnish Crowdfunding, I wrote about Justice Roger J. Traynor’s alternative definition of “security” under the predecessor to the Corporate Securities Law of 1968. Silver Hills Country Club v. Sobieski, 55...more

BVI & Cayman Investment Funds Comparison Overview

by Harney Westwood & Riegels on 2/27/2013

This table provides a basic comparison of key features of BVI and Cayman investment funds in areas including legal structures, types of funds available and regulatory issues. Updated February 2013. Please see full table...more

Miami Hotel Numbers For 2012 – Miami #4 Market In Key Categories

by Suzanne Amaducci-Adams, Bryan Hawks | Bilzin Sumberg Baena Price & Axelrod LLP on 2/25/2013

If you have been following us here on the New Miami Blog, you know (i) the hotel market in Miami is seemingly getting hotter every month and (ii) Miami is one of the most active hotel investment markets in the...more

China 20/20 Legal Regulatory Developments - February 2013

by Seung Chong, Elizabeth Cole, Veronica Lockyer, Yan Zeng | Orrick, Herrington & Sutcliffe LLP on 2/24/2013

In This Issue: - The Decision of the Standing Committee of the National People's Congress on Revising the Labor Contract Law of the People's Republic of China Released - MOFCOM Solicits for Public Comments on the...more

"SEC Filing Illustrates Recent REIT Trend: Holding and Financing Renewable Energy Assets"

by Lance Brasher, Martin Klepper, David Levy, Sean Shimamoto | Skadden, Arps, Slate, Meagher & Flom LLP on 2/22/2013

Sponsors and investors have been paying much attention to the potential use of real estate investment trust (REIT) structures to hold and finance renewable energy assets in a tax-efficient way. A recent SEC filing by Hannon...more

SBA Rules: Investment Funds Can Now Be Majority Owners of SBIR Companies

by G. Matthew Barnard, Joel Ephross | Duane Morris LLP on 2/22/2013

The Small Business Administration (SBA) recently amended the rules relating to its Small Business Innovation Research (SBIR) program and Small Business Technology Transfer (STTR) program. The new SBA rules implement the...more

ESMA Issues AIFM Remuneration Guidelines

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/20/2013

On February 11, the European Securities and Markets Authority (ESMA) published final guidelines (Guidelines) on remuneration of alternative investment fund managers (AIFMs). The Guidelines follow from, and add detail to, the...more

Bulk Buys of Foreclosures in Florida for Rental Investment Properties: More and More Investors Becoming Landlords in Florida,...

by Rosa Eckstein Schechter on 2/20/2013

In yesterday's Sun Sentinel, Paul Owers wrote an interesting piece, "Florida foreclosures big business for investment firms," and if you delved into the article, you'd discover that the business these investment firms are...more

New Tax Laws Will Affect Most Americans

by Janet Raasch | Lawyers.com on 2/14/2013

At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top 1 percent of taxpayers will...more

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