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Compliance

Brazil flag

BNY Mellon awarded banking licence in Brazil

BNY Mellon has been granted a commercial banking licence by the Brazilian Central Bank that will enhance the company’s securities servicing capabilities in the country.   The licence has been granted to BNY Mellon Banco SA. BNY Mellon will initially offer custody services for non-resident investors and private equity funds,

Companies eye impact of new bank regs on trade finance costs

Eighty per cent of the 300 financial officers from large European companies taking part in Greenwich Associates 2012 European Trade Finance Study — and nine out of 10 from companies in the FT 500 — expect pricing on trade finance products and services to increase as a result of the

Fiona Le Poidevin, chief executive of Guernsey Finance

Guernsey plans dual regime for AIFMD

Guernsey is planning to have two parallel regulatory regimes for investment funds as a way to best meet client needs when the EU’s Alternative Investment Fund Managers Directive (AIFMD) comes into force. Fiona Le Poidevin (pictured), chief executive of Guernsey Finance, the promotional agency for the Island’s finance industry, has

AIC recommends FSA withdraws proposals to restrict distribution of VCTs

The Association of Investment Companies is calling on the FSA to withdraw its proposals to restrict the distribution of some investment companies. The proposals are set out in its consultation CP12/19 “Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes”. The proposals would prevent advisers from

Gide Loyrette Nouel advises Tikehau on takeover of Salvepar

Gide Loyrette Nouel advised the Tikehau Group on the takeover of Salvepar, a French investment company listed on NYSE Euronext Paris, from Société Générale. Tikehau Participations & Investissements, an investment company recently created by the Tikehau Group and whose objective is to invest equity in the capital of listed and

Gavel and scales

UK Supreme Court allows Rubin appeal in seminal decision

The UK Supreme Court, in the conjoined appeals in Rubin and New Cap, has rejected the modified universalist doctrine that established common law rules as to the enforcement of foreign judgments, do not (or should not) apply to insolvency orders. According to law firm Harneys, in giving the leading judgment

Top law firms consider private equity investment inappropriate

Commercial law firms remain cautious about taking on external shareholders under the Legal Services Act, according to a survey of finance directors at the top 100 law firms by Sweet & Maxwell.  According to Sweet & Maxwell’s research, 77 per cent of law firms polled do not think that private

Fiona Le Poidevin, chief executive of Guernsey Finance

FATCA approach provides certainty, says Guernsey Finance

Guernsey Finance has welcomed the announcement from the island’s government that it is seeking to negotiate a partnership agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA). The governments of Guernsey, Jersey and the Isle of Man have simultaneously announced their intention to negotiate their own

Netherlands flag

Netherlands becomes first European country to implement AIFMD

The Dutch Parliament has approved a law that implements the Alternative Investment Fund Managers Directive (AIFMD).  The Netherlands is the first European country to implement this new piece of regulation created to limit risks for investors in those alternative investment funds. According to a KPMG survey, the Netherlands is now

Gibraltar and Italy signing a TIEA

Gibraltar signs TIEA with Italy

HM Government of Gibraltar has signed a Tax Information Exchange Agreement with the Government of the Italian Republic. The minister with responsibility for financial services, Gilbert Licudi QC, signed the agreement at the London Embassy of the Italian Republic. Ambassador Alain Giorgio Maria Economides signed on behalf of the Italian

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