Investment Funds

News & Analysis as of

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

New Irish UCITS V Regulations - The European Communities (Undertaking for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (S.I. 143 0f 2016 ) (the “Regulations”) which transpose UCITS V...more

Fair Access to Investment Research Act of 2016 Passes Muster in U.S. House of Representatives

On April 28, 2016, the U.S. House of Representative passed the Fair Access to Investment Research Act of 2016 (H.R. 5019) by a vote of 411 to 6. This bill directs the SEC to amend its regulations under the Securities Act of...more

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

Latest Investment Fund Statistics for Germany - The German Investment Fund Association BVI has issued its latest investment statistics report dated 29 February 2016, giving an overview of the net assets and net sales...more

This Week In Securities Litigation

The SEC requested comment on the development of a consolidated audit trail this week, a concept long discussed. The audit trail would enable regulators to track trading activity in the U.S. markets. Enforcement initiated...more

Junk Bond Fund Failure Challenges Industry

The December failure and ongoing liquidation of the Third Avenue Focused Credit Fund (TAFCF) provides potential ammunition to significant financial services industry players who believe mutual funds and investment managers...more

UK Hotels Outlook: Summer 2016 and Beyond

UK hotels remain most popular in Europe - London remains the top destination for hotel investment in Europe, according to a survey of senior hospitality figures, beating Barcelona and Madrid into joint second place....more

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

Direct Lending by French Funds - The Autorité des Marchés Financiers (the French financial markets regulator, the “AMF”) has published on 1 April 2016 the results from the public consultation organized at the end of last...more

Harmonized Reporting for Private Placements (with Increased Disclosure Requirements)

An issuer that distributes securities to the public must either file a prospectus with securities regulatory authorities and deliver such prospectus to prospective purchasers, or rely upon a prospectus exemption available...more

Sounding the Alarm: White House Agency Warns of Decreasing Competition Across U.S. Economy

The Council of Economic Advisors, a White House agency charged with advising the president on economic policy, recently issued a report, Benefits of Competition and Indicators of Market Power, addressing the state of...more

Forex Investment Scheme Results in Criminal Charges

Investment fund fraud and Ponzi schemes have become a staple of SEC enforcement. The investment fraud schemes often cross from securities into other areas such as the currency markets. In such instances either the CFTC or the...more

Quarterly Investment Update - 1st Quarter 2016

Global markets endured a rocky ride in the first quarter as commodity prices continued downward. After plunging over 11% by mid- quarter, equities slowly and steadily drifted back above water by quarter-end, rising 1. 3%,...more

One Size for All: Increased Private Placement Reporting Begins June 30

Effective June 30, 2016, issuers will have to report prospectus-exempt distributions that settle on or after that date in any Canadian jurisdiction using a new, harmonized Form 45-106F1 (New Form), with significantly...more

The HSR Act’s “Investment” Exemption – Strategic Considerations in Light of Recent Enforcement

On April 4, 2016 the Department of Justice (DOJ) sued ValueAct Capital (ValueAct), an “activist” investment fund, for violation of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the HSR Act), seeking civil...more

Renewable Energy In Russia: Recent Developments

Russia recently introduced procedures for the transfer of a power generating company’s rights and obligations under long-term capacity agreements for future projects that use capacity payments to secure a return on...more

Breaking News: PRI Examples Are Finalized, with Improvements

Yesterday, Treasury and the Internal Revenue Service (IRS) finalized the regulations describing nine new program-related investment (PRI) examples that were first proposed on April 19, 2012. The final regulations incorporate...more

"The Resurgence of SPACs in a Quiet IPO Market"

More than 20 years old, special purpose acquisition companies (SPACs) — publicly listed companies established with the goal of acquiring unspecified targets — have recently experienced a surge in popularity. Ten SPACs for...more

UK Financial Regulatory Developments - April 2016 #13

FCA finalises guidance on sharing SME credit information - FCA has published its finalised guidance on Small and Medium Sized Business (Credit Information) Regulations. This follows Treasury’s designation of the banks...more

ESMA Lends Support for a Harmonised European Framework for Loan Origination Funds

The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued...more

SEC’s Division of Investment Management Issues Guidance on Revising Fund Disclosure in Light of Changing Market Conditions

On March 2, 2016, the Securities and Exchange Commission’s (“SEC”) Division of Investment Management issued new guidance (the “Guidance”) to registered investment companies and their investment advisers regarding the dynamic...more

Global Private Equity Newsletter - Spring 2016 Edition: New UK Requirement for UK Companies and LLPs to Maintain A Register of...

1. With effect from April 6, 2016, all companies incorporated or formed under the UK Companies Acts, other than exempt companies (see paragraph 3), and all limited liability partnerships (LLPs) incorporated under the UK...more

SEC Staff Issues No-Action Letter on Index Fund Investments in Insurance Companies and Securities Related Businesses

SEC staff expands upon prior no-action positions to permit funds that track a third-party index to invest in insurance companies and securities related businesses beyond the limitations set forth in Sections 12(d)(2) and...more

New York State Bill Would Alter Taxation of Carried Interest

A bill recently introduced in the New York State Assembly would impose additional tax on carried interest. The taxation of carried interest has been widely discussed over the last decade, with a number of bills introduced...more

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

Other EU developments – Benchmark Regulation and Changes to Prospectus Directive - ESMA issued a discussion paper on implementation of the Benchmarks Regulation on 15 February 2016. ...more

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

UCITS Regulations 2016 Published - The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (SI 2016/225) were published on 25 February 2016. These implement provisions of the UCITS V...more

Paris Energy Series No.10: The Paris Agreement on Climate Change: Beware the Shield?

Arbitral Implications for the Oil and Gas Sector - On 12 December 2015, the Paris Agreement (or the "Agreement") on climate change was signed by 195 States and the EU, provoking scenes of euphoria among the delegates...more

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