Legal & Regulation

Private equity firm HarbourVest Partners has successfully completed a SAS 70 review and issued a Type II SAS 70 report. »

French business law firm FTPA is advising Franck Michel, court administrator, and Cosme Rogeau, court liquidator, in connection with the sale of Nortel Networks’ assets. »

Markstone Capital, a private equity firm based in Tel Aviv, has reached an agreement with the New York State Attorney General ending the pension fund inquiry related to the conduct of former chairman, Elliott Broidy. »

Ozannes and Mourant du Feu & Jeune, two law firms in the Channel Islands, are planning to merge. »

Offshore law firm Ogier is to offer Guernsey and Jersey legal and fiduciary services in Asia. »

Investment funds across the EU who are challenging unlawful application of withholding taxes levied on dividends can expect refunds of millions of euros following Norway's decision to refund withholding taxes to a Luxembourg Sicav, according to PricewaterhouseCoopers. »

US President Barack Obama’s call last Thursday for banks benefiting from a public safety net to be barred for “owning, investing in or sponsoring” private equity and hedge funds as part of wider strategy to curb excessive risk-taking by financial institutions that have benefited from public support, could have broad implications for the alternative investment industry well beyond the borders of the US. »

The Malta Financial Services Authority has published guidelines regarding the redomiciliation of offshore funds to Malta under the Companies Act, Continuation of Companies Regulations, 2002. »

The Bahamas has concluded Tax Information Exchange Agreement negotiations with 23 countries, signed ten agreements and will meet the G20/OECD’s March 2010 deadline of a minimum of 12 signed agreements. »

HM Revenue & Customs has clarified what constitutes a bank following its announcement on 9 December that it will be implementing a bank payroll tax. »