News & Analysis as of

Investment Funds Foreign Account Tax Compliance Act

Renewal of U.S. FATCA Registration for Certain Investment Funds by Monday, July 31, 2017

Certain non-U.S. investment funds, including Bermuda funds, which qualify as foreign financial institutions (FFI), must enter into a legal agreement (“FFI agreement”) with the U.S. Internal Revenue Service (IRS) to be treated...more

The Common Reporting Standards - New Global Tax Information Exchange Regime Begins January 2016

by Dechert LLP on

The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January...more

2015-16 Compliance Developments & Calendar for Private Fund Advisers

Registered investment advisers (RIAs) are required to review their policies and procedures on at least an annual basis. As an aid to the required review and to assist with timely completion of required compliance tasks, below...more

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

by Dechert LLP on

ALFI releases FAQs on RQF II - Further to the announcement by the People’s Bank of China on 29 April 2015 of a RMB 50 billion Qualified Foreign Institutional Investor (“RQFII”) quota being granted to Luxembourg, the...more

FATCA Update: Institute of International Bankers Submits Comment Letter on FATCA Regulations

by Blank Rome LLP on

The Institute of International Bankers (IIB) has submitted a comment letter (available through Bloomberg BNA here; subscription required) to the Internal Revenue Service addressing various issues arising under the FATCA...more

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

by Dechert LLP on

Draft Law Transposing the European Directive on the Automatic Exchange of Information submitted to Parliament - The draft Luxembourg law to transpose Council Directive 2014/107/EU (of 9 December 2014, which amends...more

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

by Dechert LLP on

Latest Fund Statistics for Ireland - The latest fund statistics for Ireland, published by the Central Bank of Ireland, show that there are now in excess of 6,000 Irish funds....more

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

by Dechert LLP on

Adoption of the Macron Law - Creation of the SLP - The bill on the Growth and Activity and Equality of Economic Opportunities, known as the Macron law, was finally promulgated in France on 6 August 2015. The Macron law...more

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

by Dechert LLP on

Luxembourg Infrastructure Investment Vehicles - New Brochure - The Association of the Luxembourg Fund Industry (ALFI) has issued new technical guidelines regarding “Luxembourg Infrastructure Investment Vehicles”,...more

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

by Dechert LLP on

Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures - The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

by Dechert LLP on

EU Passes New Council Directive to Implement “EU-FATCA" - The Council Directive passed by the EU on 1 December 2014 implements the OECD’s Common Reporting Standard (CRS) in Europe. The Directive has to be implemented...more

FATCA Compliance Deadlines for December 2014

by Foley Hoag LLP on

What Managers of U.S. and Non-U.S. Investment Funds Should Do Today - FATCA went into effect on July 1, 2014 and will be phased in through January 1, 2017. During that period, varying compliance deadlines apply to...more

IRS Extends FATCA Registration Deadline to May 5, 2014

by Holland & Knight LLP on

HIGHLIGHTS: - Foreign financial institutions must perform due diligence to identify their U.S.-owned accounts and report them to the IRS, as well as act as a withholding agent for payments to other foreign entities....more

FATCA Compliance for Investment Fund Managers, Part Three

by Foley Hoag LLP on

Offshore Master with U.S. and Offshore Feeders - This is the third 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...more

FATCA Compliance for Investment Fund Managers, Part Two

by Foley Hoag LLP on

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

FATCA Compliance for Investment Fund Managers Part One

by Foley Hoag LLP on

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

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

by King & Spalding on

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

Significant Changes Made in Final FATCA Regulations

by Dechert LLP on

On January 17, 2013, the U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (the “IRS”) released final regulations (the “Regulations”) implementing foreign account reporting provisions of the...more

Financial Services Tax – UK Update from Dechert’s Tax Group - February 2013: FATCA Update – No Duplicate Reporting for Investment...

by Dechert LLP on

Following the execution of an inter-governmental agreement (or “IGA”) with the United States in September 2012 and a consultation exercise which closed in late 2012, HM Revenue & Customs (“HMRC”) recently published draft...more

Legal Alert: 2013 Outlook for Insurance Regulation

We end the first month of the year with a report on major insurance topics that we will be watching in 2013. Many of these developments can be traced to discrete events or market or political forces. This year, those...more

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