The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has...more
4/1/2020
/ Business Continuity Plans ,
Business Interruption ,
Capital Markets ,
Closed-End Funds ,
Contract Terms ,
Coronavirus/COVID-19 ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Form ADV ,
Fund Managers ,
ISDA ,
Liquidity ,
Margin Requirements ,
Nonperformance ,
Open-Ended Fund Companies (OFCs) ,
Private Equity ,
Real Estate Investments ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Trading Policies ,
UK ,
United States
The world has seen severe dislocation in the public markets with all major stock markets shedding 10-30 percent in the past few weeks due primarily to fears about COVID-19 coronavirus and the slump in oil prices....more
The secondary market has experienced rapid growth over the past decade, and that growth has been particularly fast in the last five years. The most striking feature of this growth is the general partner (GP)-led secondary...more
10/22/2019
/ Asia ,
Complex Corporate Transactions ,
Conflicts of Interest ,
EU ,
Fiduciary Duty ,
Financial Regulatory Agencies ,
Financial Services Industry ,
France ,
General Partner ,
General Partnerships ,
Investment Funds ,
Limited Partnerships ,
Liquidity ,
Private Equity ,
Risk Management ,
Secondary Markets ,
Securities and Exchange Commission (SEC)
Singapore passed the Variable Capital Companies Act 2018 into law on 31 October 2018. This introduces a new type of Singapore fund vehicle, the Variable Capital Company (VCC), which will now serve as an alternative to other...more
The Monetary Authority of Singapore (MAS) on 20 October 2017 announced a lighter-touch regulatory regime for qualifying venture capital (VC) fund managers in Singapore. The new regime is aimed at promoting the fund management...more
Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more
10/7/2017
/ BaFin ,
Banking Restrictions ,
Banks ,
China ,
Corporate Counsel ,
Corporate Issuers ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Germany ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Investors ,
Monetary Authority of Singapore ,
People's Bank of China ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Token Sales ,
UK ,
Unregistered Securities ,
Young Lawyers
India and Mauritius entered into a Protocol amending the double-tax treaty between India and Mauritius (the “2016 Protocol”) on May 10, 2016. Under the 2016 Protocol, following a grace period and subject to a grandfather...more
It has long been a well established exit route in developed markets for a private equity firm to sell its interest in a portfolio company to a listed company in exchange for shares in that listed company. Until recently, this...more
Working Group Issues Consultation Paper -
The working group consisting of six participating countries (Singapore, Australia, South Korea, New Zealand, Thailand and the Philippines) in the Asia Region Funds Passport...more
Licensing Manual for Financial Investment Services Business -
The Financial Supervisory Service (“FSS”) announced a complete revision of the manual for licensing requirements and procedures for financial investment...more
Regulation of OTC Derivatives and Singapore Regulatory Reforms -
The Monetary Authority of Singapore (“MAS”) published a consultation paper on the proposed amendments to the Securities and Futures Act (the “SFA”) which...more
Several years ago, alternative asset managers were enthusiastically regarding China as a new frontier for fundraising. Indeed, in 2011, Chinese private equity and venture capital firms raised substantially more money from...more
Several years ago, alternative asset managers were enthusiastically regarding China as a new frontier for fundraising. Indeed, in 2011, Chinese private equity and venture capital firms raised substantially more money from...more
Subsequent articles in this Quarterly Report focus on the recent history of the treatment of private funds in China, a new route to trade Shanghai-listed securities, and funds passporting in Asia. With the opening of our...more