Mondaq Offshore: Finance and Banking
The Bahamian "SMART" Fund represents a flexible yet regulated investment fund product.
The British Virgin Islands and the Cayman Islands are currently in dialog with the UK government on a number of issues related to the UK’s G8 economic agenda, including enhanced transparency and exchange of information for tax purposes.
The Cayman Islands have a business friendly regulatory regime for the regulation of managers or advisers to investment funds.
Lisa Haggarty and Keith Johnson of Deutsche Bank discuss the key role depositaries play in adapting to the AIFMD.
Fiona Le Poidevin, Chief Executive of Guernsey Finance, explains why the island remains one of the most respected domiciles for the alternative investment industry.
With the Eurozone still struggling to recover, Patricia White, of Legis Fund Services, outlines how Guernsey continues to grow.
Paul Richard of Willis Finex Global explains how the AIFMD will impact fund managers from an insurance and capital requirements perspective.
There must have been close to an audiblesigh of relief from banks and other financialinstitutions when the final decision in thelandmark case Shah and another v HSBCPrivate Bank (UK) Ltd ("Shah") was handeddown by the High Court of Justice in May2012, not least because it ended four and ahalf years of litigation, six reported decisions(three from the Court of Appeal) and a gooddeal of uncertainty during that time.
A discussion exploring the recent developments relating to Guernsey's financial services legislation.
The Irish Stock Exchange is a leading global exchange for the listing of a range of debt securities.
The law of April 6, 2013 on dematerialised securities was published in Luxembourg’s official gazette, the Mémorial, on April 15, coming into force the following day.
On February 14tth 2013 the EU Commission adopted a proposal for a directive implementing enhanced cooperation in the area of financial transaction tax.
A summary the CSSF issued Frequently Asked Questions on securitisation.
On February 18th 2013 the CSSF published Circular 13/559 relating to the guidelines of the European Securities Market Authority on ETFs and other UCIT's issues.
The ECJ has recently ruled that the advisory services concerning investment in transferable securities provided by a third party to an investment management company which is the manager of a special investment fund benefit from the VAT exemption as laid down in Article 135 (1) (g) of the VAT Directive.
The "Commission de Surveillance du Secteur Financier" published on March 12th 2013 the 18 page form for assessment and confirmation of compliance with circular CSSF 12/546.
Draft law number 6543, relating to electronic archiving and amending the law of April 5th 1993 on the financial sector, as amended, was filed with the Luxembourg Parliament on February 13th 2013 and is expected to be implemented in the course of this year.
The recent happenings surrounding the collapse of the Cypriot banking system and the Eurogroup’s unprecedented plans for the Cypriot restructuring programme have brought to the fore questions about Malta’s economy.
Malta has shown remarkable resilience in the face of a major crisis in Europe, and its main challenge is to preserve this macroeconomic stability.
The change to the definition of control in IFRS 10, Consolidated Financial Statements ["IFRS 10"] is expected to have a significant effect on the investment management industry.
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Directive 2011/61/EU on Alternative Investment Fund Managers comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds by Alternative Investment Fund Managers within the EU.
As the UCITS acronym suggests, its original focus was on investment in "transferable securities" although UCITS do offer far wider investment possibilities, as explained below.
The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.
The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers.
A discussion on the impact of the America’s FATCA regulations for trustees.
Statistics published by the Cayman
Islands Monetary Authority show that the Cayman jurisdiction
remains the preferred jurisdiction for managers looking to
establish offshore alternative investment funds.
A discussion on the EU Regulation on OTC Derivatives, Central Counterparties and Trade Repositories which was adopted on 4 July 2012 and entered into force on 16 August 2012.
Many funds and similar entities will be exempted from consolidating controlled investees under amendments to IFRS 10 ‘Consolidated financial statements’.
The EU Commission has recently published a Q&A on AIFMD. This Q&A is based on questions received from the actors and reflects the current position of the EU Commission on various AIFMD topics.
A discussion on the monitoring of the bail-out legislation which is currently before the Cyprus courts.
