Anne Dolan, a chartered secretary with Walkers Management Services in the Cayman Islands, argues that it is telling that in the recent case regarding the collapsed Macro Fixed Income Fund, which resulted in a USD111m judgement against the fund’s independent directors, significant weight was given to documentary evidence of board
The European Securities and Markets Authority, which succeeded the Committee of European Securities Regulators at the beginning of this year, has asked for industry comment on the advice it proposes to send to the European Commission on detailed implementation measures for the European Union’s Alternative Investment Fund Managers Directive. The
Ian Sayers (pictured), Director General of the Association of Investment Companies (AIC), comments on the UK Government’s new Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) proposals… The Government has rightly identified small business funding as a political priority and is seeking to broaden the range of companies which
The European Union’s Directive on Alternative Investment Fund Managers will come into force on 21 July following its publication in the Official Journal of the European Union last Friday. Perhaps not coincidentally, the publication of the directive – the last step before it become part of EU law – took
New compliance requirements arise in November this year for many UK finance industry firms, including hedge fund managers, dealers, traders, stockbrokers and some financial advisers. For the first time, it will be mandatory to record mobile telephone conversations, in a bid by the Financial Services Authority (FSA) to crack down
West End law firm Howard Kennedy has acted as legal adviser and sponsor in 62% of all Venture Capital Trusts (VCTs) launched in the VCT season 2010/11, reaffirming its position as a leading VCT legal adviser and sponsor. As the only law firm that acts as both sponsor and
The final version of the guidance on anti-bribery policies and procedures was issued by the Government (pursuant to section 9 of the Bribery Act) today (Wednesday, 30 March). The Act will come into force on 1st July 2011. Commenting on the implications for financial services companies, Sian Herbert, partner,
The Council of Ministers has announced that Jersey is to maintain its zero-ten tax regime, following a recent review by the EU Code of Conduct Group and High Level Working Party. Concerns over deemed distribution and attribution rules were raised by the EU, and the decision has been taken to
The Bermuda Monetary Authority (Regulatory Fees) Amendment Act 2010, which includes changes to the Investment Funds Act 2006, as amended, is now in effect. In addition to increases in annual business fees for funds and fund administrators under the Act, there are additions to the scope of transaction-based fees.
Nicolas Bichot, Patrice Couturier, Charles-Noël van den Broek and Mathieu Odet have gone into partnership to create Bichot & Associés, a Paris-based law firm dedicated to mergers & acquisitions and taxation. Launched on 3 January 2011, the ambition of the firm’s four partners for the firm is to offer high-end
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