Investment Management Investment Funds

News & Analysis as of

Financial Services Quarterly Report - Second Quarter 2016: New Legal Framework Regarding Loan Funds in Germany

BaFin, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) last year eased its administrative practice with respect to loan origination and loan restructuring activities of...more

SEC Proposes Business Continuity and Transition Rules for Advisers While Staff Publishes Similar Guidance for Funds

The SEC’s Division of Investment Management published regulatory guidance on June 28, 2016, highlighting the need for registered investment company complexes to review their business continuity plans to ensure they are...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

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

Committee Report: New Tax System for Managed Investment Trusts

On 10 March 2016, the Senate Economics Legislation Committee published the Report on the proposed legislation which will introduce a new system for taxing attribution managed investment trusts (AMITs). Committee's Views on...more

Looking Over the Edge of the Cliff– The Use of Pooled Income Funds for the Repatriation of Offshore Carried Interest

The addition of IRC Sec 457A effectively ended the ability of investment managers to defer the tax recognition of the carried interest in the investment manager’s offshore fund. Under IRC Sec 457A, hedge fund managers must...more

GIPS Guidance Statement on Broadly Distributed Pooled Funds and Potential Impacts

The CFA Institute recently released its Exposure Draft of the Guidance Statement on Broadly Distributed Pooled Funds (the “Proposed Guidance”) intended for firms that claim compliance with the Global Investment Performance...more

ESMA Consults on Guidelines on Sound Remuneration Policies under the UCITS V Directive and AIFMD

On 23 July 2015, the European Securities and Markets Authority (ESMA) launched a consultation on proposed guidelines on sound remuneration policies under the EU’s UCITS V Directive (the UCITS Remuneration Guidelines) and the...more

Another SEC Offering Fraud Centered On Conflicts

Self-dealing and undisclosed conflicts are a central theme of many of the enforcement actions brought recently by the SEC. Those themes are the predicate for the Commission’s action which centers on an investment manager who...more

ESMA speaks to ECON on AIFMD passport

Steven Maijoor has spoken to the EP’s Economic and Monetary Affairs (ECON) scrutiny committee on ESMA’s work to assess whether the Alternative Investment Fund Managers Directive (AIFMD) passport should be extended to...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Quarterly Investment Update – 3rd Quarter 2015

Stock Market Commentary - China’s move to devalue its currency in late August set off a wave of selling and renewed volatility across global markets that continued through September. Enduring its worst quarter since...more

SEC Provides Guidance on Venture Capital Fund Advisers Exemption

Investment advisers to venture capital funds are exempt from registration under the Investment Advisors Act if certain requirements are met. Amongst those requirements is that certain investments be made in qualifying...more

FTC Cautions Against Improper Reliance on “Investment-Only” Exemption

Investment manager Third Point LLC and three of its affiliated funds have entered into a proposed settlement agreement with the federal antitrust authorities for violations of the Hart-Scott-Rodino Antitrust Improvements Act...more

SEC Files Another Settled Market Crisis Case

The market crisis may have ended years ago, but not the SEC’s supply of cases from that time period. The agency filed a settled action in which those soliciting sophisticated investors misrepresented the risks of two funds,...more

Financial Regulatory Developments Focus - July 2015 #5

In this week’s newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Economic Analysis in Fiduciary Monitoring Disputes Following the Supreme Court’s ‘Tibble’ Ruling

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

Financial Services Quarterly Report - Second Quarter 2015: Incentive-Based Compensation: Dodd-Frank and the Example of Europe

After a four-year hiatus, some of the more controversial elements of the executive compensation rules mandated by the U.S. Dodd-Frank Act are back on the table. This article explores these elements – principally in the...more

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

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). The FCA...more

The ERISA Litigation Newsletter - June 2015

Editor's Overview - In this month's newsletter, Anthony Cacace analyzes the heavily anticipated Supreme Court ruling in Tibble v. Edison Intl., 135 S. Ct. 1823 (2015), where the Court held that ERISA's fiduciary duty of...more

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

Corporate Governance for Investment Firms - The Central Bank has issued a consultation paper regarding the appropriate corporate governance requirements to be applicable to investment firms. The relevant paper, CP 94,...more

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

BaFin Issues New Guidance on Debt Funds - The German Financial Supervisory Authority, BaFin, made a significant change to its administrative practice on 12 May 2015 regarding loan originating and loan restructuring...more

Recent Investment Management Developments - June 2015

In This Issue: - SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers - SEC Charges Hedge Fund Executives and External Auditor for Improper Disclosure of Expense...more

SEC Proposes Rules for Reporting Separately Managed Accounts on Form ADV and Revised Recordkeeping Rules

On May 20, 2015, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to Part 1A of Form ADV in three areas: to collect information regarding separately managed accounts (“SMAs”) and additional information...more

This Week In Securities Litigation

The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

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