Special Purpose Vehicles

News & Analysis as of

No-Action Letter Guidance Under Rule 506(b) of Regulation D.

On August 6, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission issued a no-action letter to Citizen VC, Inc. (“Citizen VC”), the manager of a venture capital investment platform...more

Volcker Rule – Five Years On

After years of delays, changes and significant debate, the Volcker Rule is now, largely, in full effect. Sold to a sometimes intellectually incurious Congress and the electorate as a central piece of legislation to limit...more

OAS Chapter 15 decision sheds new light on cross-border insolvency practice, but may add complexity to financial institutions'...

In an interesting decision with important implications for both Chapter 15 practice and financial institutions’ global credit risk analyses, a US Chapter 15 court (the “Court”) granted recognition of a number of Brazilian...more

Co-Investments: Positives and Pitfalls

The popularity and number of co-investments has been on the rise. Co-investment opportunities are seen by investors as more unique, lower-cost alternatives to typical private equity fund investments. For fund sponsors,...more

Perfecting the (European) Class Action

Last month, I got to experience what I consider a career highlight: I was invited to speak on “Perfecting the Class Action” at Middle Temple. The spiel I gave would be familiar to readers here (it was a basic description of...more

Tax Newsletter - March/April 2015 (China & Hong Kong)

In This Issue: The People's Republic of China: - China Tightens Tax Control Over Cross-Border Intercompany Payments - China Provides Further EIT Incentives For Integrated Circuit Industry - Expansion of...more

Venture Capital Coast to Coast – June 2015

As we reported in January 2015, 2014 was a banner year for venture capital on all fronts, from fundraising, to investment and exits – save, however, for the small drop in the number of deals versus the largest aggregate...more

Challenges to the Development of the Sukuk Market

Corporate, sovereign and government-related entities issued sukuk worth US$116.4 billion in 2014, according to Standard and Poor’s. As more financial institutions around the world engage in the management, arrangement or...more

New Developments In The VAT Treatment Of Securitisation Servicing

HMRC are expected to consult on revisions to their published guidance to clarify the circumstances in which they will treat loan servicing in securitisation arrangements as exempt for VAT purposes....more

Real Estate Acquisitions in Japan

Interest in acquiring Japanese real estate, such as hotels, office buildings and retail complexes, is increasing due to Abenomics and the depreciation of the yen against major currencies. Japan expects to have a robust estate...more

The Not-So-Remote Possibility of the Bankruptcy of a Bankruptcy Remote Entity

A bankruptcy remote entity is a special-purpose vehicle (or special purpose entity) (“SPV”) that is formed to hold a defined group of assets and to protect them from being administered as property of a bankruptcy estate. See...more

Mozambique’s Decree Law: Worth the Wait

The much anticipated Decree Law for Offshore Areas 1 and 4 was published on 2 December 2014 (Decree Law No. 2/2014). It provides a clear and comprehensive legal framework for their development and includes significant...more

Overview of UK Real Estate Structures and Transactions

This Overview provides a general summary of the different corporate structures that may be used to hold, and transact in, UK real estate (such as special purpose vehicles, property unit trusts, partnerships and REITS), the...more

Aviation Orphan Trust Structure

The use of traditional leveraged lease transactions for the financing of commercial aircraft has dropped dramatically in the last 5 to 10 years. Due to changes in economic conditions, tax laws, and accounting procedures,...more

China’s New Foreign Exchange Control Rule on Outbound and Round-Trip Investment

Replacing Circular 75, Circular 37 simplifies the SAFE registration process for Chinese residents seeking offshore investments and financings, and it liberalizes cross-border capital outflow by Chinese residents. In addition,...more

New SAFE Rules Facilitate Registration for Overseas Financing and Investment by Chinese Domestic Residents

The Chinese foreign exchange control authority recently adopted material changes to the regulatory framework on overseas financing and investment via special purpose vehicles undertaken by Chinese domestic residents and the...more

New SEC Guidance on Application of Custody Rule to SPVs and Escrow Accounts

The Securities and Exchange Commission (SEC) recently issued a guidance update (Update) on Rule 206(4)-2 of the Investment Advisers Act of 1940 (Custody Rule), which regulates the custody practices of registered investment...more

Lawn Mowers and Wheelbarrows Are Now "Motor Vehicles" in New Hampshire

A statute just enacted in New Hampshire will subject tractors, farm implements, construction, industrial, and forestry equipment, and even lawn and garden equipment to the detailed regulatory regime applying to car...more

Italy: Government Extends Scope of Application of “Robin Hood Tax”

On 21 June 2013, Law Decree no. 69 of 21 June 2013 (the Decree) was published in the Official Gazette. Among many other provisions aimed at supporting the Italian economy, the Decree significantly extends the scope of...more

TRANSACTIONAL: Project Development / Finance: First Energy Concession under innovative model to reach financial close in the...

Jabal Omar Development Company (JODC) recently embarked on its first PPP initiative in the Holy City of Makkah, a district energy project (Project) to service the company’s USD5.5bn mixed-use development at Makkah...more

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