Legal & Regulation

With just over eight weeks to go before the AIFMD transposition deadline, Sebastian Danloy (pictured), Head of Investor Services Europe and Offshore at RBC Investor Services, comments on late implementation and its effects on asset managers… »

Arma Partners acted as the exclusive financial adviser to Nedvest Capital and the management of IT-Ernity Holding on the recapitalisation and raising of growth capital from GMT Communications Partners and Veronis Suhler Stevenson. »

The Central Bank of Ireland has issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD). »

Subject to regulatory approval by the Istanbul Bar, the law firm of Edwards Wildman Palmer intends to open an office in Istanbul and to operate in an exclusive association with the Ismen law firm, a boutique M&A and private equity law firm based in Istanbul, Turkey.   »

Guernsey has signed a Double Taxation Arrangement (DTA) with Luxembourg. »

Jersey Finance has welcomed the signing of a Double Taxation Agreement (DTA) between the authorities in Jersey and Luxembourg. »

By Jay Gould, partner, Pillsbury Winthrop Shaw Pittman LLP – On 8 April 8, 2013, we reviewed a recent speech by David Blass, the Chief Counsel of the Division of Trading and Markets of the Securities and Exchange Commission (the “SEC”), in which Mr Blass provided his views on whether certain investment fund managers might be operating in a way that would require registration as a broker dealer. For hedge fund managers, the problem typically arises in the context of paying internal sales people based on the amount of capital raised. As we noted, the widespread misreading or abuse of Rule 3a4-1, the issuer’s exemption safe harbour on which so many hedge fund managers rely, is now clearly on the SEC’s radar. »

Law firm HowardKennedyFsi has acted as legal adviser and/or sponsor in over 78 per cent of all venture capital trusts (VCTs) launched in the VCT season 2012/13.   »

The NHS reforms implemented on 1 April mark a major move towards centralisation of procurement of secure and other specialised mental health hospital services in England, which is now one of the tasks of the new NHS Commissioning Board under what promises to be a highly centralised commissioning regime.   »

Alter Domus, a provider of administration services for alternative investment funds and multinational corporations, will be offering depositary services in Luxembourg and expects to be in the first wave of regulatory approvals. »