The Securities and Exchange Commission has charged Goldman, Sachs & Co and one of its vice-presidents with defrauding investors by misstating and omitting key facts about a financial product tied to sub-prime mortgages launched as the US housing market was beginning to falter. The SEC alleges that Goldman Sachs structured
Funds incorporated in the British Virgin Islands will now have further legal and regulatory support following the enactment of the Securities & Investment Business Act. The Act, which became law yesterday, codifies some of the practices already undertaken by funds domiciled in the BVI and introduces laws to regulate investment
The Association of Investment Companies has welcomed the announcement that the first investment trust to use the new tax framework to stream income has reported its results. HM Revenue & Customs introduced the new tax framework, which allows investment trust companies to invest tax-efficiently in bonds and other interest producing
Law firm Akin Gump Strauss Hauer & Feld will open an office in Geneva on 1 May 2010, expanding its international footprint further into Western Europe. Charles C. Adams Jr. will head the new office and will be joined by partners Jonathan Ivinson and Michael J. Stepek, along with a
A delegation of politicians, officials and business leaders from Guernsey will visit India next month to enhance financial services links between the two jurisdictions. The trip will build on links forged prior to the global economic crisis, according to Paul Christopher (pictured), a partner at Channel Islands law firm Ozannes.
The Association of Investment Companies has welcomed the announcement that the UK government intends to review the tax legislation for investment trust companies with a view to modernising the rules. The government will issue a consultation document in summer 2010. Ian Sayers, director general of the AIC, says: “The tax
Venture investor Longbow Capital has welcomed the government’s announcement in the Budget that it is considering relaxing the criteria for qualifying companies in the Enterprise Investment Scheme. In the Budget, the chancellor mooted he is considering increasing the annual investment for qualifying companies from GBP2m to GBP5m and the gross
Jérôme de Lavenère Lussan, CEO of hedge fund consultancy Laven Partners, comments on the UK Financial Services Authority’s first operation carried out with the Serious Organised Crime Agency (SOCA), resulting in the arrests this week of six men on suspicion of being involved in an insider dealing ring. These arrests send
QVT Financial has sent a letter to Galatasaray Sportif demanding that it make a full and fair disclosure of how it intends to comply with the Capital Markets Board of Turkey’s decision, both in relation to the outstanding loans and to the proposed improper use of assets. It follows the
Many alternative investment firms are lagging in internal IT, compliance, policy enforcement, business continuity planning and IT security, according to analysis by Richard Fleischman & Associates, a provider of outsourced technology and IT services. The findings come from a 12-month review of more than two dozen RFA Due Diligence Assessments,
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