en-auhttp://www.elexica.com/en/resources/podcast/episode-0329-eba-consultation-on-material-risk-takers-for-remuneration-purposesSimmons & Simmons partner Andrea Finn talks to partner Ian Fraser about the EBA’s consultation on the definition of material risk takers for remuneration purposes.Fri, 24 May 2013 14:38:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/22-widening-the-net-of-remuneration-regulation-should-anyone-who-earns-500000-or-more-be-caughtA summary of the key issues arising out of the EBA’s consultation document on the definition of material risk takers for remuneration purposes.Wed, 22 May 2013 14:07:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0327-fund-marketing-aifmd-implementation-updateSimmons & Simmons partners Darren Fox and Charlotte Stalin discuss outstanding issues relating to implementation of the AIFMD of relevance to the marketing of fundsTue, 21 May 2013 15:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20130515-managing-us-uk-criminal-risk-for-asset-managersRecording and slides from a seminar, held in London on 15 May 2013, examining the key criminal risk areas for your business in light of this and how to manage them, focusing on insider dealing and corruption.Fri, 17 May 2013 13:45:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-simmons-responds-to-fsas-cp13-9-on-the-implementation-of-the-aifmdSimmons & Simmons submits a response to the FSA CP13/9 on implementing the Alternative Fund Managers Directive into the FCA rules.Fri, 17 May 2013 09:15:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/european-venture-capital-funds-and-european-social-investment-fundsThe European Union creates a new passport system for European Venture Capital Funds and European Social Investment Funds.Wed, 15 May 2013 14:20:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/15-fcas-reign-begins-with-three-new-offencesThe Financial Services Act 2012 entered into force on 01 April 2013, introducing the FCA and three new criminal offences.Wed, 15 May 2013 11:25:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-leverage-and-aifmd-impact-on-private-fundsAs the date for transposition of the EU’s Alternative Investment Fund Managers Directive draws nearer, and more detail as to the regime emerges, fund managers, investors and service providers are now better able to examine some of its more detailed implications. Tue, 14 May 2013 14:13:00 GMThttp://www.elexica.com/en/resources/training-landing/20130514-review-of-outsourcing-arrangements-in-the-asset-management-sectorRecording and slides from a conference call, held on 14 May 2013, which clarifies some of the key issues arising from the FSA's Dear CEO letter entitled “Review of Outsourcing Arrangements in the Asset Management Sector” and looks at how the industry is taking things forward. Tue, 14 May 2013 13:02:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-64-financial-services-alerter-april-2013Issue 64 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 13 May 2013 10:46:00 GMThttp://www.elexica.com/en/legal-topics/tax/08-payment-for-arranging-the-transfer-of-fund-management-contract-not-a-capital-sumThe First Tier Tribunal has held that an "investment bonus" received by an individual and resulting from arrangements to transfer the fund management business from his former employer to a new fund manager was an income payment subject to income tax and not a capital receipt.Wed, 08 May 2013 16:05:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/08-aifmd-for-us-hedge-fund-managers-marketing-to-uk-investorsOverview of draft guidance on “marketing” and details of the proposed UK private placement register under AIFMD, as contained in FSA’s second consultation on UK implemention of AIFMD and subsequent HM Treasury Q&As.Wed, 08 May 2013 12:14:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-fatca-update-final-regulations-and-cayman-iga-negotiationsOverview of recent developments regarding application of FATCA to private investment funds and steps to ensure compliance from 01 January 2014.Tue, 07 May 2013 13:39:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/03-aifmd-hm-treasury-publishes-qas-on-a-number-of-key-topicsHM Treasury has published a series of Q&As, clarifying a number of outstanding issues on the transposition of the Alternative Investment Managers Directive into UK law. Fri, 03 May 2013 13:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-sec-and-cftc-adopt-identity-theft-red-flags-rulesOverview of CFTC and SEC rules coming into effect on 20 May 2013 requiring entities to develop and implement a written Identity Theft Prevention Program.Fri, 03 May 2013 11:30:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/2-anti-money-laundering-storm-warning-signalHong Kong is tightening its grips on anti-money laundering with a ramped up AML supervision team and increased scrutiny of compliance by financial institutions.Thu, 02 May 2013 07:41:00 GMThttp://www.elexica.com/en/legal-topics/tax/26-hmrc-view-on-the-liability-of-limited-partnersA review of the implications for funds and fund managers of revised HMRC guidance on the liability of sleeping partners and "inactive" limited partners to Class 2 and Class 4 national insurance contributionsFri, 26 Apr 2013 09:57:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-87-oversight-apr-2013-extending-the-sfo-to-apply-to-noncorporate-listed-entitiesThe SFC on 27 March 2013 issued its Consultation Conclusions on proposals to enhance the regulatory regime for non-corporate listed entities, in which the SFC has decided to implement all the proposals set out in the Consultation Paper. This Oversight focuses specifically on the proposals which are most relevant to ETFs and REITs listed on SEHK.Fri, 26 Apr 2013 08:01:00 GMThttp://www.elexica.com/en/resources/training-landing/20130424-ucits-and-aifmd-restructuring-opportunitiesRecording and slides from a conference call, held on 24 April 2013, discussing the implications and opportunities for asset managers.Thu, 25 Apr 2013 11:11:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/24-hong-kong-regulatory-enforcement-update-201304A round up on regulatory enforcement developments for the first quarter of 2013. The key focus areas in Q1 have been sales practices and other Code of Conduct issues.Wed, 24 Apr 2013 02:44:00 GMThttp://www.elexica.com/en/legal-topics/tax/22-uk-challenges-legal-validity-of-eu-fttThe UK has launched legal proceedings against the EU Financial Transaction Tax, challenging the legal validity of the current proposals on the basis of their extra-territoriality.Mon, 22 Apr 2013 13:58:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds-hk-china/legal-headwinds-hk-china-2013-q2The Q2 2013 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in HK/China for the period from 01 April to 30 June 2013. Mon, 22 Apr 2013 09:53:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-april-2013-edition-of-the-private-funds-bullet-reportApril 2013 edition of The Private Funds Bullet ReportSat, 20 Apr 2013 14:21:00 GMThttp://www.elexica.com/en/resources/training-landing/20130417-fatca-for-non-us-asset-managers-and-investment-fundsMaterials from a seminar held at Simmons & Simmons with Seward & Kissel on 17 April 2013. Fri, 19 Apr 2013 10:51:00 GMThttp://www.elexica.com/en/legal-topics/banking/27-financial-collateral-arrangements-are-you-in-controlAn article on the financial collateral arrangements, taking into account the November 2012 decision in the Lehman case.Thu, 18 Apr 2013 14:40:00 GMThttp://www.elexica.com/en/legal-topics/tax/18-proposal-for-council-directive-implementing-enhanced-cooperation-fttSimmons & Simmons has submitted detailed queries and comments to the European Commission on its proposal for an EU Financial Transaction Tax.Thu, 18 Apr 2013 11:25:00 GMThttp://www.elexica.com/en/legal-topics/tax/17-five-eu-member-states-to-pilot-multilateral-tax-information-exchangeOn 09 April 2013, the UK, France, Germany, Italy and Spain (G5) agreed to develop and pilot a multilateral tax information exchange facility. Under the agreement, a wide range of financial information will automatically be exchanged between the countries with a view to catching and deterring tax evaders.Wed, 17 Apr 2013 14:01:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-pre-delivery-of-regulatory-documentsThe French Supreme Court clarified the consequences of the obligation to provide the regulatory documents of a collective investment scheme prior to an investment.Wed, 17 Apr 2013 13:08:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-notice-to-edgar-form-13f-filersBeginning on April 29, 2013 the process used to submit Form 13F to the Securities and Exchange Commission (the "SEC") will be converted from a text-based form into an online only XML form.Fri, 12 Apr 2013 14:51:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-infrastructure-funds-some-current-trendsAn overview of some of the key trends in infrastructure funds, including around manager economics, investment issues and investor protection.Thu, 11 Apr 2013 14:51:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-63-financial-services-alerter-march-2013Issue 63 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 10 Apr 2013 11:09:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/08-aifmd-european-commission-provides-qandas-on-a-number-of-key-topicsThe European Commission has published a series of Q&As in response to queries which cover a number of the key issues under AIFMD.Mon, 08 Apr 2013 09:58:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/05-summary-of-esmas-draft-rts-on-types-of-aifmESMA has published its Final Report and draft Regulatory Technical Standards (level 2) on types of AIFM under the AIFMD.Fri, 05 Apr 2013 13:50:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2013-q2The Q2 2013 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in the UK for the period from 01 April to 30 June 2013. Fri, 05 Apr 2013 12:04:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/04-update-on-dutch-inducement-regulations-consultation-on-introduction-of-complete-inducement-banConsultation on introduction of complete (MiFID) inducement ban as of 01 January 2014.Thu, 04 Apr 2013 14:28:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0318-fsa-dear-ceo-outsourcing-letterSimmons & Simmons partner Tom Wheadon talks to colleague Lawrence Brown about the implications of a recent “Dear CEO” letter sent by FSA to asset managers about outsourcing.Thu, 04 Apr 2013 14:05:00 GMThttp://www.elexica.com/en/legal-topics/tax/04-go-live-date-for-uk-authorised-tax-transparent-fund-delayedThe UK Government has published its formal response to the consultation on the introduction of a UK authorised tax transparent fund and announced that it will not now come into force until summer 2013.Thu, 04 Apr 2013 12:03:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-new-hedge-fund-study2012 edition of The Seward & Kissel New Hedge Fund Study.Wed, 03 Apr 2013 11:40:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/02-summary-of-hm-treasurys-second-consultation-on-aifmd-transpositionSummary of the main issues in HM Treasury’s second consultation paper on how it intends to transpose the AIFMD into UK law.Tue, 02 Apr 2013 14:50:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-fee-rebates-paid-to-investors-in-collective-investment-schemesHMRC has issued guidance on the tax treatment of payments made to investors in a collective investment scheme or other investment product by any other person acting as an intermediary between the fund and the investor, including cases where all or part of any trail commission paid by the fund manager to other intermediaries is then paid to (or used to meet the liabilities of or provide a benefit to) the investor.Tue, 02 Apr 2013 13:51:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-aifmd-toolkit-overviewTo help you prepare for implementation, Simmons & Simmons has created an AIFMD Toolkit, designed to provide practical guidance on a number of key topics. Thu, 28 Mar 2013 15:30:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/28-new-executive-remuneration-principles-publishedOn 07 February 2013, five bodies involved in pension fund investment management (including NAPF) published new high level principles for companies' executive remuneration. Thu, 28 Mar 2013 12:52:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/28-law-commission-announces-review-of-fiduciary-duties-of-investment-intermediariesOn 26 March 2013, the Law Commission announced that it had started work on a review into the fiduciary duties of investment intermediaries. The review follows the recommendation of the Kay Review of UK equity markets that the Commission be asked to review the legal concept of fiduciary duty as applied to investment.Thu, 28 Mar 2013 12:36:00 GMThttp://www.elexica.com/en/Resources/Microsite/AIFMD-toolkitThu, 28 Mar 2013 09:49:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-ucits-v-econ-vote-introduces-cap-on-bonuses-and-other-measures-on-remunerationThe European Parliament’s ECON Committee has voted through a number of amendments to the Commission’s UCITS V proposal, focussing mainly on remuneration issues.Wed, 27 Mar 2013 16:57:00 GMThttp://www.elexica.com/en/resources/training-landing/20130327-dutch-developments-for-uk-fund-managersThe presentation of the breakfast seminar of 27 March 2013 is available.Wed, 27 Mar 2013 14:17:00 GMThttp://www.elexica.com/en/resources/training-landing/20130326-understanding-directors-and-officers-liability-insuranceAn interview hosted by The College of Law addressing the issues surrounding D&O insurance and possible alternatives to D&O Insurance products. An overview of the cover available, the requirements of the Companies Act 2006 and its limitations and the alternatives available to help shield directors and officers from personal liability.Wed, 27 Mar 2013 09:42:00 GMThttp://www.elexica.com/en/legal-topics/tax/26-ftt-capital-markets-structured-finance-transactionsThis article highlights the practical implications of the proposed multilateral EU FTT on capital markets and structured finance transactionsTue, 26 Mar 2013 15:30:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/25-the-next-step-germanys-high-frequency-trading-actGermany’s high frequency trading act has passed the next hurdle – BaFin publishes FAQ.Mon, 25 Mar 2013 14:22:00 GMThttp://www.elexica.com/en/legal-topics/tax/22-ftt-implementation-timeline-under-ecpThis timeline tracks important past, present and scheduled future developments in the implementation of a multilateral EU FTT under the enhanced co-operation procedure (ECP).Fri, 22 Mar 2013 15:41:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-countdown-to-legal-cutoverOverview of how the UK regulatory regime for financial services looks since 01 April 2013 and some brief action points to consider if you have not done so already.Fri, 22 Mar 2013 14:24:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/21-consultation-on-draft-policy-on-gross-short-selling-notification-regime-in-the-netherlandsSummary of AFM consultation on a draft policy clarifying the Dutch gross short position disclosure regime.Thu, 21 Mar 2013 12:40:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-fsa-publishes-survey-to-firms-considering-providing-aifmd-depositary-servicesThe FSA has published an email survey to firms which may be considering whether to carry out the new proposed regulatory activity of "acting as trustee or depositary of an AIF".Wed, 20 Mar 2013 15:34:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-fsa-publishes-its-second-consultation-on-aifmd-implementationThe FSA has published CP13/09 in which it sets out more detail on its plans to transpose AIFMD into its rules by 22 July 2013.Wed, 20 Mar 2013 15:15:00 GMThttp://www.elexica.com/en/legal-topics/tax/20-eu-financial-transaction-taxAn updated version of our comprehensive note on proposals for a multilateral EU Financial Transaction Tax (FTT), incorporating major developments up to 20 March 2013 and looking ahead to the rest of 2013/2014.Wed, 20 Mar 2013 12:35:00 GMThttp://www.elexica.com/en/Resources/Microsite/FATCATue, 19 Mar 2013 12:23:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-amendments-to-the-investment-funds-regulations-in-the-united-arab-emiratesProposed amendments exempt the promotion of foreign investment funds to certain categories of investors in the United Arab Emirates.Tue, 19 Mar 2013 12:19:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-briefing-additional-documentation-may-be-required-for-fundsSummary of mandatory derivatives clearing requirements under Dodd-Frank Act of relevance to commodity pools and hedge funds.Tue, 19 Mar 2013 12:06:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-10-things-about-fatca-asset-management-investment-fundsA summary of the key implications for asset managers and investment funds resulting from the introduction of FATCA.Tue, 19 Mar 2013 12:03:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-fatca-next-steps-for-asset-managersKey tasks that asset managers need to undertake to prepare for FATCA.Tue, 19 Mar 2013 11:58:00 GMThttp://www.elexica.com/en/legal-topics/tax/18-cayman-islands-opts-for-model-1-iga-for-the-implementation-of-fatcaThe Cayman Islands has announced the intention to enter into a Model 1 IGA for the implementation of FATCA with the US.Mon, 18 Mar 2013 14:17:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-briefing-department-of-labors-recent-pronouncementsOverview of main points arising from US Department of Labor Advisory Opinion 2013-01A regarding application of Employee Retirement Income Security Act of 1974 (ERISA) to "cleared swap" transactions under Dodd-Frank Wall Street Reform and Consumer Protection Act.Fri, 15 Mar 2013 15:27:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/15-fsa-survey-for-uk-based-aifmsUK based AIFM to complete an FSA survey by 28 March 2013 to avoid business disruption following 22 July 2013.Fri, 15 Mar 2013 11:19:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0309-asset-management-and-the-new-otc-derivatives-regime-in-hong-kongSimmons & Simmons partner Joel Bentsur talks to colleague Maureen Gleeson about the new OTC derivatives regime in Hong Kong.Thu, 14 Mar 2013 11:04:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0307-promoting-ucis-and-close-substitutes-to-retail-clientsSimmons & Simmons managing associates Penny Miller and Nick Colston discuss recent developments regarding the FSA’s proposals to ban the promotion of unregulated collective investment schemes and close substitutes to retail clients.Tue, 12 Mar 2013 15:44:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-mancos-and-supermancosGroup Structures and rationalising legal entities - opportunities for asset managers under UCITS IV and AIFMD.Mon, 11 Mar 2013 14:57:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/11-remuneration-under-the-aifmd-esma-final-guidelinesOn 11 February 2013, the European Securities and Markets Authority (ESMA) published its Feedback Statement and final guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive (AIFMD) (the Final Guidelines). Mon, 11 Mar 2013 13:24:00 GMThttp://www.elexica.com/en/legal-topics/tax/08-under-the-lens-part-2-uk-tax-transparent-fundsThe UK Government has published revised draft legislation on the introduction of an authorised tax transparent fund investment vehicle in the UK and announced that the regime is now expected to go live on 01 April 2013.Fri, 08 Mar 2013 15:28:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/07-is-the-bankers-bonus-cap-only-a-problem-for-bankersThere has been a significant amount of media comment about the “bankers’ bonus cap” which will be introduced by the Capital Requirements IV package of legislation (CRD IV). Fri, 08 Mar 2013 15:15:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0305-esma-final-guidelines-on-remuneration-under-aifmdSimmons & Simmons partners Sarah Bowles and Andrea Finn discuss the major points arising from the final ESMA guidelines, published on 11 February 2013.Fri, 08 Mar 2013 15:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-62-financial-services-alerter-february-2013Issue 62 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 08 Mar 2013 13:13:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-briefing-the-impact-of-fatca-on-private-investment-fundsRecording of a webinar by Seward & Kissel on the impact of the Foreign Account Tax Compliance Act on private investment funds.Fri, 08 Mar 2013 13:04:00 GMThttp://www.elexica.com/en/legal-topics/tax/13-outsourced-advisory-services-and-exempt-fund-managementThe ECJ has held that the exemption from VAT for the management of special investment funds can encompass delegated services performed by a third party providing advice on investments to the fund manager.Fri, 08 Mar 2013 12:53:00 GMThttp://www.elexica.com/en/resources/training-landing/20130228-capital-raising-in-the-gccTraining materials from a joint seminar on 28 February hosted by the Middle East Association and Simmons & Simmons, exploring recent changes to regulation and market practice in the area of fund raising in the GCC.Thu, 07 Mar 2013 17:39:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0303-aifmd-for-us-hedge-fund-managersSimmons & Simmons partners Sarah Bowles and Steven Whittaker discuss issues for US hedge fund managers arising from the AIFMD. Wed, 06 Mar 2013 13:40:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/05-emir-obligations-applicable-from-15-march-2013Summary of obligations under EMIR which came into force on 15 March 2013.Tue, 05 Mar 2013 15:45:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-86-oversight-feb-2013-aifmdThis Oversight looks at the key points a Hong Kong or an Asian hedge fund manager needs to know about AIFMD from 22 July 2013. Mon, 04 Mar 2013 17:47:00 GMThttp://www.elexica.com/en/resources/training-landing/20130221-esmas-final-guidelines-remuneration-under-aifmdRecording of a conference call, held on 21 February, providing an overview of the main points arising from ESMA’s recent guidelines on the remuneration of Alternative Investment Fund Managers under the AIFMD.Wed, 27 Feb 2013 12:41:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-simple-bare-necessity-the-test-for-implication-of-terms-revisitedThe Court of Appeal confirms the reluctance of the courts to imply provision for a situation that is not expressly addressed by the terms of a contract.Mon, 25 Feb 2013 14:55:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-socimi-the-new-spanish-reitThe Spanish real estate investment trusts regime, primarily designed to promote investment in Spain's rental sector, has recently undergone some significant improvements, making a SOCIMI an increasingly attractive vehicle for both resident and non resident investors.Fri, 22 Feb 2013 14:57:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0297-electronic-tradingSimmons & Simmons associate Stephanie Feld talks to colleague Maureen Gleeson about electronic trading and high frequency trading in Hong Kong.Thu, 21 Feb 2013 15:30:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/20-cnmv-simplifies-information-required-to-structural-changes-of-investment-firmsSummary of CNMV Circular 1/2013 of 30 January 2013 regarding the communication of information related to investment firms, their controlling companies and management companies.Wed, 20 Feb 2013 16:01:00 GMThttp://www.elexica.com/en/resources/training-landing/20130218-eu-ftt-takes-shapeRecording of a conference call, held on 18 February 2013, examining the European Commission's proposal for a Directive on the introduction of a Financial Transaction Tax (FTT) under the enhanced co-operation procedure and its potential implications for the banking and funds sectors.Tue, 19 Feb 2013 15:36:00 GMThttp://www.elexica.com/en/resources/training-landing/20130129-summing-up-the-legal-framework-for-hft-regulationMaterials (available in English and in German) from a presentation as part of the BAI Insight conference in January 2013 in cooperation with Eurex, which focused on High Frequency and Algorithmic Trading. Mon, 18 Feb 2013 10:48:00 GMThttp://www.elexica.com/en/legal-topics/tax/15-financial-transaction-tax-faqs-commission-enhanced-cooperation-procedure-proposalThe key features and likely practical implications of the Financial Transaction Tax proposed by the European Commission in its draft Directive released on 14 February 2013. The proposed FTT will apply only to the (currently) 11 Member States which have chosen to participate in it, but has a number of extra territorial aspects which will result in FTT being imposed on numerous market participants located outside of participating Member States (or even outside the EU).Fri, 15 Feb 2013 15:23:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/15-update-on-new-dutch-inducement-regulationsThe Netherlands Authority for the Financial Markets (AFM) has announced that the largest Dutch fund distributors have agreed with the AFM that as from 01 January 2014 no distribution fees will be received from fund sponsors. In addition, a legal ban is also expected as per 01 January 2014.Fri, 15 Feb 2013 12:57:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-61-financial-services-alerter-january-2013Issue 61 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 12 Feb 2013 12:34:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/08-emir-an-overviewSummary of main points for market participants to note arising from the European Market Infrastructure Regulation.Fri, 08 Feb 2013 20:41:00 GMThttp://www.elexica.com/en/resources/training-landing/employment-conference-calls/business-protection-in-the-asset-management-sectorOne of a series of practical telephone calls in English, focusing on business protection in the Asset Management sector.Fri, 08 Feb 2013 17:14:00 GMThttp://www.elexica.com/en/legal-topics/tax/07-hungarian-financial-transaction-taxAn overview of the Hungarian Financial Transaction Tax which came into force on 01 January 2013.Thu, 07 Feb 2013 14:36:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/05-the-top-10-things-every-us-hedge-fund-manager-should-know-about-aifmdThis note looks at the top ten things a US hedge fund manager needs to know about AIFMD from 22 July 2013.Tue, 05 Feb 2013 15:49:00 GMThttp://www.elexica.com/en/resources/training-landing/20130104-call-sns-reaalMaterials from a conference call on 04 February 2013 about the intervention of the Dutch State in SNS Reaal.Tue, 05 Feb 2013 11:27:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/01-intervention-dutch-state-in-sns-reaalSNS shareholders and holders of subordinated debt are expropriated with an expected offer for nil compensation.Fri, 01 Feb 2013 12:21:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/31-the-time-is-now-aifmd-in-the-netherlandsThe AIFMD provides far reaching changes in the supervision of managers of all funds and their managers other than undertakings for collective investment in transferable securities (UCITS).Thu, 31 Jan 2013 13:37:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/seward-kissel-briefing-memorandum-annual-regulatory-remindersThis memorandum is intended to remind investment advisers of certain annual filing requirements.Thu, 31 Jan 2013 13:27:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-hong-kong-regulatory-enforcement-update-201301A round up on regulatory enforcement developments for the last quarter of 2012. Q4 saw a number of interesting developments, particularly relating to market misconduct, and these set the scene for an active 2013. Thu, 31 Jan 2013 03:30:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-high-court-mf-global-judgment-key-open-trade-position-uk-valuations-rulingMF Global: High Court judgment on the applicability of the "hindsight principle" to the valuation of a client's open client money positions for the purposes of a distribution or payment. Tue, 29 Jan 2013 12:53:00 GMThttp://www.elexica.com/en/legal-topics/tax/22-eu-council-gives-blessing-to-financial-transaction-taxThe EU Council has approved use of the enhanced cooperation procedure for the introduction of a common EU Financial Transaction Tax. The EU Commission will now proceed to present a detailed tax proposal. This is expected in the next few weeks, though the precise timeframe for this is currently unclear.Tue, 22 Jan 2013 15:02:00 GMThttp://www.elexica.com/en/legal-topics/tax/22-us-issues-much-anticipated-final-fatca-regulationsThe US Treasury and Internal Revenue Service has issued the long awaited final regulations detailing how the Foreign Account Tax Compliance Act (FATCA) will be implemented. They provide clarity on many practical aspects of FATCA implementation, finally allowing financial institutions to put necessary internal and external processes and procedures in place.Tue, 22 Jan 2013 14:41:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/21-ubersicht-zum-fortgang-des-gesetzgebungsverfahrens-zum-hochfrequenzhandelSummary of consultation of the German finance committee on the draft act to reduce the risks arising from high frequency trading and recommendation for preparatory steps.Mon, 21 Jan 2013 15:51:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0284-business-protection-in-the-asset-management-sectorSimmons & Simmons partner Andrea Finn talks to fellow lawyer Ania Rontaler about business protection in the Asset Management sector.Mon, 21 Jan 2013 14:12:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds-hk-china/legal-headwinds-hk-china-2013-q1The Q1 2013 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in HK/China for the period from 01 January to 31 March 2013. Mon, 21 Jan 2013 03:19:00 GMThttp://www.elexica.com/en/resources/training-landing/20130116-identity-theft-and-brand-infringementRecording and slides from a seminar held in London on 16 January 2013.Thu, 17 Jan 2013 10:06:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/15-legal-headwinds-hk-china-introKey legal and regulatory developments relevant to financial institutions operating in Hong Kong and China. Wed, 16 Jan 2013 12:23:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-update-on-dutch-ban-on-investments-in-cluster-munitionsA temporary and indicative list of 'banned' cluster munitions manufacturers has been published for the purposes of the Dutch ban that commenced on 01 January 2013. Mon, 14 Jan 2013 15:52:00 GMThttp://www.elexica.com/en/resources/training-landing/20121108-are-you-up-to-speed-with-recent-eu-regulatory-developmentsEuropean regulators are in the process of re-writing the regulatory architecture across the European Union through MiFID 2, EMIR and AIFMD. The proposals are likely to have a very significant impact upon the way in which financial institutions located in Hong Kong will be able to undertake business in Europe. Mon, 14 Jan 2013 07:09:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2013-q1The Q1 2013 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in the UK for the period from 01 January to 31 March 2013. Thu, 10 Jan 2013 12:30:00 GMThttp://www.elexica.com/en/resources/training-landing/20130109-aifm-directive-an-initial-view-on-the-level-2-regulationMaterials from a conference call in London on 09 January 2013, focusing on issues of the Level 2 Regulation.Thu, 10 Jan 2013 11:26:00 GMThttp://www.elexica.com/en/legal-topics/tax/09-eu-financial-transaction-taxAn updated version of our comprehensive note on proposals for a multilateral EU Financial Transaction Tax (FTT), incorporating major developments up to 31 December 2012 and looking ahead to 2013/14.Wed, 09 Jan 2013 15:47:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-60-financial-services-alerter-december-2012Issue 60 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 08 Jan 2013 10:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/07-dutch-corporate-governance-actOn 28 December 2012 it was confirmed that the Corporate Governance Act will enter into force as per 01 July 2013.Mon, 07 Jan 2013 14:38:00 GMThttp://www.elexica.com/en/legal-topics/tax/09-italy-proposes-its-own-financial-transaction-taxLaw No. 228 of 24 December 2012 introduces an Italian financial transaction tax. There are three distinct FTT charges under the Stability Law: a tax on transfers of shares and equity like instruments; a fixed levy on equity derivatives; and a tax on high frequency trading. Fri, 04 Jan 2013 12:01:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/21-kay-review-final-report-and-government-response-bis-committee-inquiryOn 12 December 2012, the Business, Innovation and Skills Committee announced an inquiry into the final recommendations in the Kay Review of Equity Markets and Long Term Decision making and the government’s plans for implementing those recommendations.Fri, 21 Dec 2012 13:57:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/21-new-dutch-inducement-regulations-from-01-january-2013Overview of various Dutch restrictions on commission payments which came into effect on 01 January 2013, as part of efforts by the Dutch Government to move towards the introduction of direct payment by clients for all types of MiFID and non MiFID services. Fri, 21 Dec 2012 12:13:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-changes-to-the-german-investment-tax-act-may-have-major-impact-on-non-german-fund-structuresDraft legislation dated 04 December 2012 contains significant changes to the scope of the German Investment Tax Act which in particular deal with the implementation of the AIFM Directive into German tax law.Fri, 21 Dec 2012 11:49:00 GMThttp://www.elexica.com/en/legal-topics/banking/20-libor-all-change-or-business-as-usual-update-december-2012Update on recent developments relating to the reform of LIBOR flowing from the Wheatley report Thu, 20 Dec 2012 15:43:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-aifmd-level-2-text-adopted-by-eu-commissionThe EU Commission has adopted a Level 2 Regulation under the AIFMD and ESMA is consulting on further Level 2 provisions under Article 4(4) of the AIFMD.Wed, 19 Dec 2012 14:52:00 GMThttp://www.elexica.com/en/resources/training-landing/20121213-distribution-of-funds-under-new-draft-german-investment-actRecordings and slides from a seminar, held in London on 13 December 2012, providing an overview of the new distribution rules under the draft German Investment Act.Wed, 19 Dec 2012 14:19:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-december-31-2012-cftc-deadlineThe Commodity Futures Trading Commission has rescinded the exemption from commodity pool operator registration.Wed, 19 Dec 2012 10:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/18-sec-institutes-administrative-proceedings-against-eight-registered-fund-directorsSEC Institutes Administrative Proceedings Against Eight Registered Fund Directors for Failure to Properly Oversee Asset Valuations.Tue, 18 Dec 2012 10:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-85-oversight-december-2012-sfc-consultation-on-enhacing-regulation-for-non-corporateThis Oversight looks at the SFC's latest proposals which include extending the market misconduct and disclosure of price sensitive information regimes to non-corporated listed entities, and the potential implications on these entities, in particular ETFs. Thu, 13 Dec 2012 03:03:00 GMThttp://www.elexica.com/en/resources/training-landing/20121211-us-regulatory-developments-jobs-act-and-fatcaMaterials from a seminar, held in Frankfurt on 11 December 2012, on the Foreign Account Tax Compliance Act (FATCA) Jumpstart Our Business Startups (JOBS) Act.Wed, 12 Dec 2012 12:05:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-dutch-ban-on-investments-in-cluster-munitionsSummary of a new ban which came into force in the Netherlands on 01 January 2013 containing a restriction on investments in cluster munitions manufacturers.Wed, 12 Dec 2012 11:53:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/10-fsa-turns-anti-financial-crime-attention-to-asset-managersThe FSA has announced a thematic review of anti-money laundering, anti bribery and sanctions compliance controls within asset management firms, with 22 firms selected for immediate review.Tue, 11 Dec 2012 13:55:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-84-oversight-december-2012-hong-kong-sfc-reports-on-selling-practices-of-licensed-corporationsThe Securities and Futures Commission (SFC) issued its Report on the Thematic Inspection of Selling Practices of Licenced Corporations (Report) on 24 October 2012.Tue, 11 Dec 2012 12:25:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-59-financial-services-alerter-november-2012Issue 59 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 10 Dec 2012 12:33:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-aifmd-breakfast-series/06-issues-for-eu-fundsMaterials from a seminar held, in London on 06 December 2012, focusing on issues for EU funds.Fri, 07 Dec 2012 16:33:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-83-oversight-november-2012-hong-kong-sfcs-consultation-on-the-regulationThe Hong Kong SFC's latest consultation paper addresses current concerns raised by electronic trading.Fri, 07 Dec 2012 02:32:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-aifmd-breakfast-series/28-disclosure-and-reportingMaterials from a seminar held, in London on 28 November 2012, focusing on disclosure and reporting.Thu, 06 Dec 2012 14:54:00 GMThttp://www.elexica.com/en/resources/training-landing/20121030-asia-fi-cpd-day/4-etfs-rqfii-and-dual-countersWith the rising popularity of Hong Kong’s exchange traded fund market, this session looks at the latest regulatory and market developments affecting synthetic and traditional ETFs listed on the SEHK. The session includes recent RQFII A Share physical ETFs and the possible introduction of dual counter arrangements.Thu, 06 Dec 2012 07:19:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/05-revised-napf-policy-and-voting-guidelines-publishedOn 04 December 2012, the National Association of Pension Funds published revised versions of its Corporate Governance Policy and Voting Guidelines for premium listed companies; for smaller companies; and for investment companies.Wed, 05 Dec 2012 10:41:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20121106-Middle-East-training-dayMaterials and recordings from a training morning held in Dubai on 06 November 2012.Tue, 04 Dec 2012 15:52:00 GMThttp://www.elexica.com/en/resources/training-landing/20121106-middle-east-training-day/update-on-uae-legislation-developmentsUpdate on UAE legislation developments including the new draft Companies Law, the proposed Insolvency Law, the new Draft Investor Protection Law and the new UAE Investment Funds regulation.Tue, 04 Dec 2012 15:24:00 GMThttp://www.elexica.com/en/legal-topics/banking/04-lma-publishes-revised-transparency-guidelinesThe Loan Markets Association (LMA) has published on its website a revised form of its Guidelines on Transparency and the Use of Information.Tue, 04 Dec 2012 14:03:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/04-cftc-grants-relief-for-family-officesThe Commodity Futures Trading Commission (CFTC) has isued no action relief for family offices. Tue, 04 Dec 2012 10:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/03-fatca-and-secondary-loan-trades-lma-secondary-documentation-riders-published-todayThe LMA has published on its website its proposed form of wording to deal with the potential impact of the US Foreign Account Tax Compliance Act (FATCA) on trades in the secondary loan market.Mon, 03 Dec 2012 15:57:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0269-financial-collateral-arrangementsSimmons & Simmons partner Philip Abbott talks to colleague Jessica Holt about financial collateral arrangements, taking into account the November 2012 decision in the Lehman case. Mon, 03 Dec 2012 15:47:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-cftc-grants-extension-for-fund-of-funds-operatorsThe Commodity Futures Trading Commission (the CFTC) issued temporary no-action relief for commodity pool operators (CPOs) of funds of funds. Fri, 30 Nov 2012 15:57:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-the-danger-of-poor-disclosureAnnulment of a fund subscription by a qualified investor.Fri, 30 Nov 2012 15:17:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-esma-opinion-on-article-502a-ucits-directive-holdings-in-investment-fundsOn 20 November 2012, the European Securities and Markets Authority published its formal opinion in respect of its interpretation of Article 50(2)(a) of the UCITS Directive. Fri, 30 Nov 2012 12:08:00 GMThttp://www.elexica.com/en/resources/training-landing/20121030-asia-fi-cpd-day/1-rmb-the-new-global-optionAs Chinese financial markets continue to reform, preparing to meet the future is key, both for financial institutions and for those in need of additional sources of RMB funding whether for arbitrage, trade, debt financing or capital investments. In this session, our specialist panel discuss current and future opportunities for the RMB as it joins the world’s major currencies.Fri, 30 Nov 2012 09:16:00 GMThttp://www.elexica.com/en/resources/training-landing/20121030-asia-fi-cpd-day/5-the-new-qdlp-rules-and-other-developments-in-the-asset-management-sector-in-the-prcAs new pilot programmes affecting the asset management sector in the PRC evolve, this session covers the latest developments in the proposed rules and application process for investors. We look at the establishment and structure of QDLPs and compare these with the QDII scheme and discuss what this may mean for the opportunities available to fund managers.Fri, 30 Nov 2012 09:14:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-new-proposed-measures-regarding-investment-services-clients-protection-in-spainSummary of the draft text of a Spanish Circular about new obligations related to assessment of appropriateness and suitability to investment services clients.Mon, 26 Nov 2012 10:04:00 GMThttp://www.elexica.com/en/resources/training-landing/20121123-ict-and-employment-issues-for-hedge-fundsVideo recording of a seminar, held in London on 20 November 2012, looking at the ongoing technology and legal and regulatory requirements that hedge funds must consider.Fri, 23 Nov 2012 15:50:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-aifmd-breakfast-series/23-operating-conditions-for-aifmsMaterials from a seminar held, in London on 21 November 2012, focusing on those firms who are likely to require authorisation as AIFMs in the UK from July 2013.Fri, 23 Nov 2012 14:18:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/22-commercial-court-rules-on-asset-management-claim-brought-by-investorsA review of the Commercial Court judgment in Certain Limited Partners in Henderson PFI Secondary Fund II LLP v Henderson PFI Secondary Fund II LP and others. Thu, 22 Nov 2012 14:12:00 GMThttp://www.elexica.com/en/Resources/Microsite/FTTWed, 21 Nov 2012 11:43:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-update-on-eu-fttAt a meeting of EU Finance Ministers on 13 November 2012, any hopes that the EU Commission may have harboured of pushing through its beloved EU Financial Transaction Tax (FTT) by December 2012 were well and truly quashed. Wed, 21 Nov 2012 11:16:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-aifmd-breakfast-series/06-third-country-issues-and-service-provider-requirementsMaterials from our session, held in London on 06 November 2012, on AIFMD implementation.Tue, 20 Nov 2012 14:04:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0264-conflicts-management-for-asset-managersSimmons & Simmons partner Darren Fox talks to colleague Matt Evans about the FSA’s November 2012 report on conflicts of interest in the asset management sector.Tue, 20 Nov 2012 10:52:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/09-fsa-report-on-conflicts-of-interest-in-asset-management-sectorMore detailed overview of FSA report on conflicts of interest in the asset management sector containing suggested action points for asset managers.Tue, 20 Nov 2012 10:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-treasury-exempts-fx-forwards-and-fx-swaps-from-swap-definitionThe Department of the Treasury issued a final determination that exempts foreign exchange forwards and foreign exchange swaps from the definition of swap under the Commodity Exchange Act, effective upon publication in the Federal Register.Mon, 19 Nov 2012 16:43:00 GMThttp://www.elexica.com/en/legal-topics/tax/16-eu-commission-victory-over-finnish-withholding-taxThe ECJ has held that the imposition of a withholding tax by Finland on dividends paid to non resident pension funds breaches the free movement of capital, since Finnish pension funds are able to obtain a deduction in relation to such income in certain circumstances.Fri, 16 Nov 2012 10:45:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-implications-of-secs-proposed-rule-eliminating-prohibition-against-general-solicitationThis memorandum discusses Rule 506(c) and identifies certain business, regulatory and compliance issues that advisers to private funds should consider and address prior to pursuing these new marketing opportunities. Wed, 14 Nov 2012 16:57:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/13-additional-gross-short-position-disclosure-in-the-netherlandsOn 13 November 2012 the Dutch Government approved a new act which will introduce a disclosure obligation in relation to gross short positions in certain issuers.Tue, 13 Nov 2012 14:52:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/13-the-term-sheet-what-borrowers-should-knowThough each transaction is different and requires a tailor made Term Sheet, there are some general guidelines which should be taken into account when reviewing a Term Sheet.Tue, 13 Nov 2012 10:21:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/06-clarification-of-fund-names-and-fund-objectives-proposed-changes-to-collSummary of the proposals contained in FSA Quarterly Consultation No. 34 on changes to the names and objectives of UK funds. Thu, 08 Nov 2012 16:12:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/06-fsa-thematic-review-of-anti-money-laundering-and-anti-bribery-controls-of-asset-management-firmsAsset management firms are to be subject to an FSA thematic review into their systems and controls for anti-money laundering and anti-bribery and corruption. Wed, 07 Nov 2012 17:36:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20121031-Complex-contracts-seminarVideo recordings and slides from our seminar on complex contracts, held in London on 31 October 2012. Wed, 07 Nov 2012 10:28:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-58-financial-services-alerter-october-2012Issue 58 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 02 Nov 2012 15:02:00 GMThttp://www.elexica.com/en/legal-topics/tax/02-foreign-investment-companies-celebrate-commission-v-belgium-decisionThe ECJ has held that Belgian withholding taxes on interest and dividends received by foreign investment companies are in breach of European law, since Belgian investment companies (but not foreign companies) are able to obtain a refund of the tax withheld.Fri, 02 Nov 2012 10:51:00 GMThttp://www.elexica.com/en/legal-topics/tax/31-the-portuguese-financial-transaction-taxThe Portuguese Government has announced a proposed Financial Transaction Tax to come into effect in 2013/14.Wed, 31 Oct 2012 16:49:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-aifmd-breakfast-series/23-identifying-the-aifmMaterials from our session, held in London on 23 October 2012, on identifying the AIFM.Wed, 31 Oct 2012 14:49:00 GMThttp://www.elexica.com/en/resources/training-landing/20121029-eu-short-selling-regulation-the-challenges-aheadThis seminar, held at Bloomberg in London on 29 October 2012, discusses the impacts and effects on the market place upon implementation of the EU Short Selling Regulation.Tue, 30 Oct 2012 12:17:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-mifid-2-comparison-between-positions-of-eu-parliament-eu-council-and-eu-commissionComparison tables to accompany our "Top 10 Things You Need To Know About MiFID 2" articles, which set out the respective positions of the EU Parliament, Council of Ministers and the Commission. Tue, 30 Oct 2012 11:44:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20121030-Asia-FI-CPD-DayVideo recordings and accompanying slides from our Asia Financial Institutions and Asset Management Sector CPD Training Day, held on 31 October 2012.Tue, 30 Oct 2012 03:30:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/mifid-ii-discussionThis panel session discusses the industry reaction and possible impact of a number of the proposals being put forward by the European Parliament and Council as the MiFID 2 texts move towards the crucial negotiation stage.Thu, 25 Oct 2012 11:05:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/key-people-issues-in-the-asset-management-sectorA review of issues impacting Asset Managers including: Remuneration (in light of AIRMD) Team Moves.Wed, 24 Oct 2012 16:07:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/the-private-equity-exit-by-way-of-auction-saleThis session focuses on the current state of the market, running an effective auction process and implications of a successful exit for fundraising.Wed, 24 Oct 2012 15:59:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/debt-fundsThe fund structuring, regulatory and tax elements to consider when establishing open and closed ended debt funds.Wed, 24 Oct 2012 15:54:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/the-internationalisation-of-the-rmbAs China's plans to internationalise its currency take centre stage we share our experiences in Europe and Asia on the latest RMB capital raising opportunities, the development of RMB denominated financial products and the fast paced regulatory change.Wed, 24 Oct 2012 14:53:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/basel-iii-the-practical-implications-across-europeThis session provides a general overview of Basel III/CRD IV capital requirements and the consequent principal practical implications, as well as an analysis of the Europe wide regulatory impact on hybrid capital and tax.Wed, 24 Oct 2012 14:53:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/fund-distribution-in-spain-italy-and-france-issues-impacting-cross-border-marketingThis session focuses on the key issues to be considered by fund sponsors when marketing in Spain, Italy and France.Wed, 24 Oct 2012 14:48:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/professional-liability-of-asset-managersThis talk examines, from the perspective of the UK and the Netherlands, the nature of claims potentially facing asset managers in the current economic environment, the guidance already provded by the courts and their likely approach to damages.Wed, 24 Oct 2012 14:31:00 GMThttp://www.elexica.com/en/legal-topics/tax/24-eu-commission-paves-way-for-common-eu-fttYesterday, the EU Commission presented a proposal to the EU Council to authorise use of the enhanced cooperation procedure (ECP) for the introduction of a common EU Financial Transaction Tax (FTT) in certain Member States.Wed, 24 Oct 2012 14:31:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/update-on-the-aifmdThis session examines the implications of the Level 2 Regulation.Wed, 24 Oct 2012 10:17:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-changes-to-german-short-selling-rules-regarding-shares-post-01-november-2012This article looks at the changes which will take place when the EU Short Selling Regulation replaces the existing German rules on short selling on 01 November 2012.Fri, 19 Oct 2012 13:50:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/short-sellingAre you ready for 01 November 2012? Final implementation issues on the European short selling regulation.Thu, 18 Oct 2012 14:26:00 GMThttp://www.elexica.com/en/legal-topics/banking/17-libor-all-change-or-business-as-usualSummary of the main proposed reforms flowing from the Wheatley report and their potential impact.Wed, 17 Oct 2012 14:43:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-82-oversight-october-2012-hkex-issues-dual-counter-faqs-for-rqfii-etfsThe Dual Counter provides RQFII ETF's managers with the option to have the relevant ETFs' units traded in both RMB and HKD, increasing investor choice and liquidity.Wed, 17 Oct 2012 07:19:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/UK-Financial-Institutions-Autumn-Legal-Update-2012Materials and slides from our Autumn Legal Update for the Financial Institutions and Asset Management & Investment Funds Sectors, held in London on 16 and 17 October 2012.Tue, 16 Oct 2012 20:12:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-the-top-10-things-every-fund-manager-should-know-about-mifid-2Summary of the implications for fund management firms of MiFID 2.Mon, 15 Oct 2012 14:39:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/01-hong-kong-regulatory-enforcement-update-201210Aside from reviewing the recent trends of the SFC’s enforcement activities, this update also looks at the Hong Kong courts' recent decisions in relation to insider dealing and the news of the head of SFC enforcement renewing his service contract. Mon, 15 Oct 2012 06:35:00 GMThttp://www.elexica.com/en/legal-topics/tax/11-eu-financial-transaction-tax-given-new-lifelineThe original FTT was defeated at EU level, but now a smaller group of EU Member States has requested that the EU Commission progress a less ambitious FTT under the enhanced co-operation procedure, which would only be applicable to States wishing to participate.Thu, 11 Oct 2012 14:22:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-effective-company-stewardship-frc-amends-the-stewardship-codeThis note summarises the changes to the Stewardship Code which took effect from 01 October 2012. Thu, 11 Oct 2012 13:35:00 GMThttp://www.elexica.com/en/legal-topics/tax/11-quorum-reached-for-ftt-enhanced-cooperation-procedure11 EU Member States have expressed a willingness to proceed with the enhanced co-operation procedure (ECP) for introducing a multilateral financial transaction tax (FTT) across participating Member States.Thu, 11 Oct 2012 08:43:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-57-financial-services-alerter-september-2012Issue 57 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 10 Oct 2012 11:31:00 GMThttp://www.elexica.com/en/resources/training-landing/20121003-us-and-european-regulatory-update/the-new-european-short-selling-and-cds-regimeThis presentation covers the new pan-EU short selling regulation, net short positions and netting by fund managers.Mon, 08 Oct 2012 16:46:00 GMThttp://www.elexica.com/en/resources/training-landing/20121003-us-and-european-regulatory-update/fatca-the-view-from-hereThis presentation covers FATCA issues such as changes for fund constitutional and offering documents and Approach of administrators and other service providers.Mon, 08 Oct 2012 16:15:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2012-q4The Q4 2012 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in the UK for the period from 01 October to 31 December 2012. Fri, 05 Oct 2012 12:36:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/03-full-brakes-on-the-german-hft-autobahnOn 26 September 2012 the Federal Government of Germany published its official draft law to reduce the risks arising from high frequency trading (HFT) (Entwurf eines Gesetzes zur Vermeidung von Gefahren und Missbräuchen im Hochfrequenzhandel, “HFT-Act”).Thu, 04 Oct 2012 14:09:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0257-funds-finance-introduction-and-issuesSimmons & Simmons partner Philip Abbott talks to colleague John Sayers about Funds Finance and the current issues.Thu, 04 Oct 2012 13:52:00 GMThttp://www.elexica.com/en/legal-topics/banking/04-funds-financeIn this first of a series of articles on funds finance, we examine some of the material issues to be aware of when structuring a funds finance transaction and during the documentation and/or due diligence phase. Thu, 04 Oct 2012 10:23:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/04-the-eurozone-crisis-legislative-and-contractual-implicationsThis article examines the potential legislative approaches that may be taken if one or more countries withdraw from the European Monetary Union, or if the Euro was replaced as the national currency of participating Eurozone countries with individual national currencies and/or new currencies. Thu, 04 Oct 2012 09:32:00 GMThttp://www.elexica.com/en/resources/training-landing/20121003-us-and-european-regulatory-update/form-pf-and-non-us-advisersThis presentation covers the general reporting obligations for Form PF filing for asset managers such as private, hedge fund (sub-) advisers.Wed, 03 Oct 2012 17:10:00 GMThttp://www.elexica.com/en/resources/training-landing/20121003-us-and-european-regulatory-update/subject-to-timekeeping-erisaThis presentation covers the ERISA disclosures, indicia of ownership and Form 5500 Schedule C.Wed, 03 Oct 2012 17:02:00 GMThttp://www.elexica.com/en/resources/training-landing/20121003-us-and-european-regulatory-update/cftc-registration-and-compliance-for-private-fund-managersThis presentation covers the statutory and regulatory developments under the CFTC.Wed, 03 Oct 2012 16:58:00 GMThttp://www.elexica.com/en/resources/training-landing/20121003-us-and-european-regulatory-update/fatca-for-private-investment-fundsThis presentation covers the background and outline of FATCA, changes to fund documents, compliance process and exceptions to FACTA compliance.Wed, 03 Oct 2012 16:45:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20121003-US-and-European-regulatory-updateMaterials from the US and European regulatory update held in London on 03 October 2012.Wed, 03 Oct 2012 16:09:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/28-how-to-invest-in-r-and-d-centresA guide to setting up a research and development facility in China.Tue, 02 Oct 2012 15:09:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-mifid-2-synopsisDocument comparing text of MiFID with proposed EU Council and EU Parliament MiFID 2 text and relevant provisions of German Securities Trading Act.Fri, 28 Sep 2012 15:54:00 GMThttp://www.elexica.com/en/resources/training-landing/doha-cpd-day-2012/pre-contractual-obligationsPresentation on pre-contractual obligations including requirements for contracts in Qatar, pre-contractual negotiations and memorandums of understanding.Wed, 26 Sep 2012 15:53:00 GMThttp://www.elexica.com/en/resources/training-landing/20120918-bloomberg-sands-regulatory-challenges/navigating-the-regulatory-mazeThis session was presented during our seminar "Regulation: Avoiding the pitfalls" on 18 September 2012.Wed, 26 Sep 2012 10:19:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20120918-Bloomberg-SandS-Regulatory-ChallengesMaterials from the Regulatory Challenges conference held in London on 18 September 2012 in association with Bloomberg Tradebook. Wed, 26 Sep 2012 10:17:00 GMThttp://www.elexica.com/en/resources/training-landing/20120918-bloomberg-sands-regulatory-challenges/managing-prime-brokers-and-counterparty-riskThis session was presented during our seminar "Regulation: Avoiding the pitfalls" on 18 September 2012.Wed, 26 Sep 2012 10:17:00 GMThttp://www.elexica.com/en/legal-topics/tax/25-implementing-fatca-in-the-ukHMRC is consulting on the detailed implementation of the UK/US FATCA Agreement, which will enable UK financial institutions to comply with the US FATCA rules by disclosing information to HMRC.Tue, 25 Sep 2012 12:14:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0254-new-uae-investment-funds-regulationSimmons & Simmons partner, Muneer Khan, talks to colleague Tariq Hameed about the new UAE investment funds regulations and the key implications of these regulations.Mon, 24 Sep 2012 12:46:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-offshore-fund-private-equity-exceptionA review of some of the difficulties that can be encountered in meeting the "unlisted trading company" (or "private equity") exception to the offshore fund rules.Fri, 21 Sep 2012 09:54:00 GMThttp://www.elexica.com/en/resources/training-landing/20120913-new-investment-fund-regulation-in-the-uaeRecording of a conference call discussing the practical implications of the new SCA regulations on investment funds. Thu, 20 Sep 2012 09:42:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-clarification-on-cash-settled-equity-derivativesFurther clarifications of our earlier advice on cash settled equity derivatives (CSEDs).Fri, 14 Sep 2012 11:45:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-new-uae-investment-funds-regulations-practical-guidance-fund-managersPoints to note following a meeting between Simmons & Simmons and the UAE Securities and Commodities Authority regarding implementation of the new UAE Investment Funds Regulations.Wed, 12 Sep 2012 11:28:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-fsa-proposes-to-ban-promotion-of-unregulated-cis-to-retails-clientsOverview of proposals in FSA Consultation Paper 12/19 to ban the promotion of unregulated CIS and “closely substitutable” products to retail clients in the UK.Tue, 11 Sep 2012 11:47:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-56-financial-services-alerter-august-2012Issue 56 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 06 Sep 2012 15:15:00 GMThttp://www.elexica.com/en/resources/training-landing/20120904-fsa-proposals-to-ban-unregulated-cisConference call held on 04 September 2012 discussing the FSA's proposals in Consultation Paper 12/19 on the promotion of unregulated CIS and close substitutes to retail clients and their potential impact.Thu, 06 Sep 2012 14:45:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/04-mifid-2-council-of-the-eu-publishes-latest-compromise-textOverview of latest EU Council compromise texts on the recast version of MiFID and the new regulation MiFIR (collectively known as MiFID 2) agreed on 31 August 2012, and dates to note going forward.Wed, 05 Sep 2012 16:05:00 GMThttp://www.elexica.com/en/legal-topics/tax/03-french-financial-transaction-taxAn overview of the new French Financial Transaction TaxMon, 03 Sep 2012 16:17:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0249-rqfii-etfs-in-hong-kongSimmons & Simmons partner Rolfe Hayden talks to colleague Beatrice Jiang about RQFII ETFs in Hong Kong.Thu, 23 Aug 2012 09:46:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-80-oversight-august-2012-hedge-fund-manager-regulation-singapores-new-regime-introducedThe much anticipated new regulatory regime for fund managers in Singapore, which has implications for all fund management companies, is now in force.Thu, 23 Aug 2012 03:56:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-german-income-from-profit-participating-instrumentsThis article outlines the impact of new double tax treaties between Germany and Ireland, the Netherlands and Luxembourg.Tue, 21 Aug 2012 16:17:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0248-short-position-reporting-rules-in-hong-kongSimmons & Simmons partner Rolfe Hayden talks to colleague Maureen Gleeson about the new short position reporting rules in Hong Kong.Fri, 17 Aug 2012 11:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-79-oversight-august-2012-esma-guidelines-on-etfs-and-hong-kongIn this edition of Oversight, we compare ESMA’s approach to regulating UCITS funds to the evolving approach of the SFC to ETF regulation.Fri, 17 Aug 2012 03:15:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/15-new-investment-fund-regulation-in-the-united-arab-emiratesOverview of new UAE regulations covering the establishment, operation and promotion of domestic investment funds and the promotion of foreign investment funds in the UAE.Wed, 15 Aug 2012 15:41:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0246-new-spanish-regulation-on-investment-fundsSimmons & Simmons managing associate Juan Sosa Pons Sorolla talks to María Tomillo about the recent publication of a new regulation on investment funds in Spain.Wed, 08 Aug 2012 09:48:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-55-financial-services-alerter-july-2012Issue 55 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 06 Aug 2012 14:28:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/01-proposed-regulation-of-algorithmic-trading-in-germanyOn 29 July 2012, the German Ministry of Finance released a first draft of proposed legislation to reduce risks arising from high frequency and algorithmic trading.Wed, 01 Aug 2012 12:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0244-compensation-orders-for-market-misconductSimmons & Simmons partner Paul Li talks to fellow colleague Abdulali Jiwaji about compensation orders for market misconduct in Hong Kong.Tue, 31 Jul 2012 11:17:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-ucits-guidelines-in-the-esma-reportSummary of the UCITS guidelines in the ESMA Report and Consultation Paper 25 July 2012.Fri, 27 Jul 2012 10:54:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/27-getting-the-deal-through-anti-money-laundering-2012A review of the money laundering and anti money laundering (AML) laws and regulations in the UK Fri, 27 Jul 2012 09:28:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/19-hong-kong-regulatory-enforcement-updateAside from reviewing the recent trends of the SFC’s enforcement activities, this update also looks at a Market Misconduct Tribunal decision in respect of insider dealing, an acquittal by the Court of Appeal in respect of false trading and some proposed legislative changes in respect of an enhanced regulatory regime for sponsors and a new procedure for commencing class actions in Hong Kong.Mon, 23 Jul 2012 10:52:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/20-ucits-iv-transposition-in-spainSummary of the Spanish Royal Decree 1082/2012 which entered into force on 21 July 2012 that completes transposition of UCITS IV in Spain.Mon, 23 Jul 2012 09:52:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-hong-kong-court-dismisses-accumulator-claim-against-private-bankHong Kong's Court of First Instance has dismissed a mis-selling claim brought by an investor against a private bank, in a decision which upholds the key contractual provisions governing the bank / customer relationship.Mon, 23 Jul 2012 07:24:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-trading-german-equities-proposed-restrictions-on-the-participation-exemptionThis note explains the provisions of recently released draft legislation which may have a major impact on the tax treatment of foreign investors trading or investing in German equities.Thu, 19 Jul 2012 13:59:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-vat-and-portfolio-management-servicesThe ECJ has held that supplies of portfolio management services to individual investors form a single supply of services which does not qualify for exemption from VAT.Thu, 19 Jul 2012 13:13:00 GMThttp://www.elexica.com/en/resources/training-landing/20120712-rdr-roadshowMaterials from this session provide an overview of distribution charging models in the UK, the Netherlands and Germany for financial instruments and how this is likely to be impacted by the current MiFID II process. Thu, 19 Jul 2012 09:53:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-hedge-fund-breakfast-forums/20120717-pay-wars-esma-strikes-backMaterials from a breakfast briefing held in London on 17 July 2012 focusing on the key elements of ESMA’s consultation paper which was published in June 2012, setting out its draft guidelines on Remuneration under the AIFMD.Wed, 18 Jul 2012 14:51:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-78-oversight-july-2012-aifmd-affecting-asia-alternative-funds-into-the-eu-and-ukIn this edtion, we consider AIFMD in the context of marketing Alternative Investment Funds such as Cayman Islands mutual fund corporations, to professional investors into the EU, and in particular the UK, after 22 July 2013.Tue, 17 Jul 2012 02:56:00 GMThttp://www.elexica.com/en/resources/training-landing/20120711-short-selling-final-level-2-measuresRecording of a conference call providing an overview of the final Level 2 provisions under the EU Short Selling Regulation, and any significant differences from the draft provisions published earlier this year.Fri, 13 Jul 2012 14:31:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/04-eu-short-selling-regulation-an-overviewThe EU Short Selling Regulation was published in the Official Journal on 24 March 2012 and came into force the day after. It introduces a pan European disclosure regime for net short positions in EEA listed shares and sovereign debt, as well as a ban on naked physical short sales of EEA listed shares and sovereign debt, and a ban on credit default swap positions in EEA sovereign debt which, broadly speaking, do not serve to hedge exposure to the underlying debt (so called naked CDS positions). The Regulation came into force on 25 March 2012, and its provisions will apply from 01 November 2012.Fri, 13 Jul 2012 14:31:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0241-short-selling-eu-commission-formally-adopts-level-2-measuresSimmons & Simmons partners Darren Fox and Sarah Bowles give an update following the adoption of the Level 2 measures on Short Selling by the EU Commission.Fri, 13 Jul 2012 14:30:00 GMThttp://www.elexica.com/en/legal-topics/tax/10-eu-savings-directive-impact-on-financial-servicesAn article looking at the implications of the EU Savings Directive for, in particular, collective investment schemes and fund managers.Tue, 10 Jul 2012 14:03:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0240-five-minutes-on-aifmd-remunerationSimmons & Simmons partner Darren Fox talks to colleague Andrea Finn about ESMA’s consultation paper, published 28 June 2012, on proposed guidelines for Alternative Investment Fund Managers (AIFMs) on sound remuneration policies.Tue, 10 Jul 2012 09:17:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/09-ucits-v-an-assessmentOn 03 July 2012 the EU Commission published its UCITS V legislative proposal relating to UCITS depositaries and the remuneration of UCITS managers. Mon, 09 Jul 2012 14:34:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2012-q3The Q3 2012 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in the UK for the period from 01 July to 30 September 2012. Mon, 09 Jul 2012 13:54:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-54-financial-services-alerter-june-2012Issue 54 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 09 Jul 2012 09:45:00 GMThttp://www.elexica.com/en/legal-topics/tax/06-under-the-lens-uk-tax-transparent-fundsA review of the current proposals to introduce an authorised tax transparent fund vehicle in the UK.Mon, 09 Jul 2012 06:30:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/06-french-long-disclosure-rules-further-clarityThe French regulator (the Autorité des marches financiers, (AMF)) has recently published a consultation on the new rules relating to the disclosure of holdings in cash settled equity derivatives (CSEDs). Mon, 09 Jul 2012 06:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/03-handling-regulatory-interviews-in-hong-kong-practical-tipsThis article sets out some general guidance on how to handle increasingly aggressive regulatory interviews in Hong Kong.Tue, 03 Jul 2012 03:38:00 GMThttp://www.elexica.com/en/legal-topics/banking/02-reminder-lehman-brothers-31-july-2012-bar-dateBy way of reminder, on 02 May 2012, the High Court granted the Joint Administrators’ request to bring forward the last bar date for the submission of unsecured claims to 11.59 pm (London time) on 31 July 2012 (the Bar Date). There is now less than a month before the Bar Date. Mon, 02 Jul 2012 16:25:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-financial-transaction-tax-defeated-at-eu-levelThe Financial Transaction Tax has been defeated at EU level. A smaller group of EU Member States are seeking a less ambitious FTT applicable only to States wishing to participate.Thu, 28 Jun 2012 10:43:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-hedge-fund-breakfast-forums/20120627-fsa-has-teethSimmons & Simmons partners, Sarah Bowles, Darren Fox and Richard Sims discuss current trends in market abuse with reference to Greenlight, Hannam, Kyprios et al.Thu, 28 Jun 2012 08:52:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/25-wealth-management-amounted-to-exempt-intermediary-servicesThe First Tier Tribunal has held that the services provided by a wealth management company in choosing investment funds for individuals fell within the VAT exemption for intermediary services.Mon, 25 Jun 2012 14:31:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-fsa-extends-moratorium-on-providing-kiids-prior-to-distance-contractOverview of FSA modification by consent of COBS 14.2 concerning provision of KIIDs where contract concluded at a distance.Wed, 20 Jun 2012 14:05:00 GMThttp://www.elexica.com/en/legal-topics/banking/18-internationalisation-of-the-renminbi-the-market-viewSimmons & Simmons, in association with FinanceAsia, have conducted a survey to find out the market’s view on the internationalisation of the RMBMon, 18 Jun 2012 02:37:00 GMThttp://www.elexica.com/en/legal-topics/banking/13-renminbi-from-the-peoples-money-to-a-world-currencyWhat challenges and opportunities exist today and going forward for the future of China's renminbi (literally, the People’s money) as an international currency? Mon, 18 Jun 2012 02:35:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-new-private-banking-regulation-in-hong-kong-a-case-of-the-emperors-new-clothesThe Hong Kong Monetary Authority issues its vision for Hong Kong as a private banking hub. Is the private banking industry best served by two masters?Mon, 18 Jun 2012 01:59:00 GMThttp://www.elexica.com/en/resources/training-landing/20120514-handling-cross-border-regulatory-investigationsFinancial institutions are scrutinised by regulators on both a local and a global basis. This video seminar examines strategies on how to navigate these issues.Thu, 14 Jun 2012 02:48:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120607-under-the-lens-uk-tax-transparent-fundsThis conference call held on 07 June 2012 provides an overview of the proposed UK authorised tax transparent fund (TTF) vehicle.Tue, 12 Jun 2012 14:59:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-53-financial-services-alerter-may-2012Issue 53 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 06 Jun 2012 10:40:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120524-short-selling-the-new-eu-regime-takes-shapeThis session provides an update on the EU Short Selling Regulation in the light of the latest draft Level 2 provisions published by ESMA.Fri, 01 Jun 2012 14:38:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120531-emir-a-new-european-landscape-for-otc-derivativesThis session provides an update on the European Market Infrastructure Regulation and its likely impact on both cleared and uncleared trades.Fri, 01 Jun 2012 13:33:00 GMThttp://www.elexica.com/en/Resources/Microsite/RDRThu, 31 May 2012 13:01:00 GMThttp://www.elexica.com/en/resources/training-landing/20120524-tmt-sector-legal-update-2012/contracting-with-fis-now-and-in-the-futureThis session covers the MiFID outsourcing requirements, focussing on translating these requirements into contractual drafting, and we also consider a number of recent regulatory developments and upcoming requirements, which financial institutions will be looking to deal with in their existing supply contracts, as well as in new deals going forward.Thu, 31 May 2012 11:32:00 GMThttp://www.elexica.com/en/resources/training-landing/2012-hedge-fund-breakfast-forums/20120522-aifmd-where-is-it-atRichard Perry and Steven Whittaker give an update on the hot issues under the Directive in the UK.Tue, 22 May 2012 15:32:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/2012-Hedge-Fund-Breakfast-ForumsTo support our clients in navigating through the challenges, the Hedge Fund Breakfasts series provides the opportunity for you to gain insight from our experts on areas of regulation, tax, employment, compliance, litigation and fund structure issues.Tue, 22 May 2012 15:28:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0229-short-selling-latest-on-level-2Simmons & Simmons partners Sarah Bowles and Darren Fox give an update on the EU Short Selling Regulation following the publication of ESMA’s draft Level 2 provisions.Wed, 16 May 2012 14:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/15-the-pottage-case-implications-for-senior-managementThe Upper Tribunal ruled against the FSA in its recent case against John Pottage, however the case is a reminder of the FSA's determination to take cases against senior managers of authorised firms for alleged business failings in their areas of responsibility.Tue, 15 May 2012 14:40:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120510-anti-money-laundering-recent-uk-and-european-developmentsAudio recording from a training session held on 10 May 2012. This session provides an overview of the latest key developments in relation to anti money laundering requirements.Mon, 14 May 2012 10:04:00 GMThttp://www.elexica.com/en/legal-topics/tax/10-french-withholding-tax-on-distributions-to-non-resident-ucits-contrary-to-eu-lawThe ECJ has confirmed that French withholding tax levied on foreign UCITS was contrary to the free movement of capital, since France exempted domestic UCITS from tax, opening the way to claims for repayment by funds located both in and outside the EU.Thu, 10 May 2012 13:05:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/10-internationalisation-of-the-renminbiOver the past five years the offshore renminbi market has made yuan-denominated assets increasingly attractive to both companies seeking to raise capital and to investors. Simmons & Simmons, in association with FinanceAsia, are conducting a survey on the internationalisation of the RMB and would welcome your views.Thu, 10 May 2012 11:19:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/09-effective-company-stewardship-frcs-proposals-to-amend-the-uk-corp-gov-and-audit-committeeA summary of the FRC’s April 2012 proposals to amend the UK Corporate Governance and its Guidance on Audit Committees and to amend the International Standards on Auditing to give effect to these proposals.Wed, 09 May 2012 15:20:00 GMThttp://www.elexica.com/en/legal-topics/banking/08-transferring-npls-is-a-banking-licence-neededAnyone purchasing NPLs normally does not have to have a banking licence unless they undertake to make payments on the loans or modify their terms and conditions. Wed, 09 May 2012 14:53:00 GMThttp://www.elexica.com/en/legal-topics/banking/08-the-market-in-non-performing-loansThere are signs that things are set to change significantly in 2012: the positive economic climate is allowing investors to pay higher prices for the loans.Wed, 09 May 2012 14:51:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/09-effective-company-stewardship-frc-proposals-to-amend-the-stewardship-codeA summary of the FRC’s April 2012 proposals to amend the UK Stewardship Code. Wed, 09 May 2012 11:53:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/08-corporate-governance-in-systemically-important-financial-institutionsThe Treasury Select Committee has published the terms of reference for a new inquiry into corporate governance and remuneration in systemically important financial institutions.Wed, 09 May 2012 09:46:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-52-financial-services-alerter-april-2012Issue 52 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 04 May 2012 10:29:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/03-financial-markets-litigation-timelineThis interactive timeline highlights some of the most important financial markets cases of recent times and features video and written summaries prepared by associates from around our international network. Thu, 03 May 2012 10:27:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-77-oversight-may-2012-sfcs-guidance-and-spr-service-pilot-testAn explanation of the Securities and Futures (Short Position Reporting) Rules in light of the SFC’s FAQs, Notes to Reportable Short Position Form and User Guide.Wed, 02 May 2012 14:45:00 GMThttp://www.elexica.com/en/legal-topics/data-protection-and-privacy/30-proposed-eu-data-protection-regulation-potential-issues-for-asset-managersThe proposed new EU Data Protection Regulation could have a significant impact on asset managers’ data protection compliance obligations.Mon, 30 Apr 2012 10:34:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-cass-resolution-packThe FSA has issued new rules to expedite the return of client assets following a firm’s insolvency, by requiring them to maintain and be able to retrieve a CASS Resolution Pack containing specified documents and records to assist insolvency practitioners.Thu, 26 Apr 2012 10:48:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/24-dutch-aifmd-implementation-bill-submitted-to-parliamentThe Dutch AIFMD implementation bill has been submitted to Parliament. As a result, the outlines of the Dutch implementation of the AIFMD regime are becoming clear. Apart from AIFMD aspects that will be implemented due to the maximum harmonisation requirement, the bill includes various aspects that are particularly relevant from a Dutch perspective.Wed, 25 Apr 2012 09:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/20-lehmans-client-money-supreme-court-judgmentAn update on the recent UK Supreme Court client money ruling in connection with the administration of Lehman Brothers International (Europe) (LBIE).Mon, 23 Apr 2012 10:35:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120419-mifid-ii-unlockedThis training session helps you to decode MiFID 2 with an A-Z of what can be expected.Wed, 18 Apr 2012 17:36:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/13-mifid-2-proposed-eu-parliament-amendments-published-in-draft-ferber-reportAn overview of the most significant changes proposed in two draft reports representing the European Parliament's initial response to the European Commission's original draft MiFID 2 proposals.Fri, 13 Apr 2012 09:43:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120412-the-retail-distribution-reviewThis practical session, for product providers and distributors of retail investment products, will alert you to issues you need to consider in implementing the Retail Distribution Review.Wed, 11 Apr 2012 15:05:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/10-esma-guidelines-on-systems-controls-for-automated-tradingHigh level overview of what the ESMA Guidelines on systems and controls in an automated trading environment mean for UK authorised investment firms who use electronic trading systems or algorithms.Tue, 10 Apr 2012 13:22:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-51-financial-services-alerter-march-2012Issue 51 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 05 Apr 2012 12:53:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/04-clarity-on-section-2a-iii-of-the-isda-master-agreementSummary points from the English Court of Appeal judgment clarifying issues raised in relation to section 2(a)(iii) of the ISDA Master Agreement.Wed, 04 Apr 2012 16:04:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120405-eurozone-shocks-dont-panicThis briefing provides a quick run through of the practical steps to take in respect of contracts and business operations in the event of an exit from, or restructuring of, the Euro.Wed, 04 Apr 2012 14:28:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2012-q2The Q2 2012 edition of Legal Headwinds focuses on key legal and regulatory developments relevant to financial institutions operating in the UK for the period from 01 April to 30 June 2012. Wed, 04 Apr 2012 09:09:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/01-hong-kong-regulatory-enforcement-update-201204In this Enforcement Update, we will look at the SFC's recent enforcement activity, the Court of Appeal judgments for Tiger Asia and CITIC Pacific and the SFC's willingness to pursue criminal prosecutions.Sun, 01 Apr 2012 10:52:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20120329-Simmons-and-Simmons-InsightsOur series of weekly regulatory conference call briefings provide practical steps for financial institutions to take in relation to current regulatory issues.Wed, 28 Mar 2012 15:05:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120329-getting-to-grips-with-the-fsa-guidance-on-retail-product-development-and-governanceMaterials available from a briefing which examines the practical implications of the recently issued Financial Services Authority's guidance in respect of structured products.Wed, 28 Mar 2012 14:10:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-cash-settled-equity-derivatives-france-changes-its-position-on-disclosureWith effect from 01 October 2012, France will change its substantial holding disclosure rules relating to the disclosure of holdings in cash settled equity derivatives (“CSED”s).Wed, 28 Mar 2012 12:38:00 GMThttp://www.elexica.com/en/legal-topics/private-equity/26-private-equity-issues-a-jurisdictional-comparisonSimmons & Simmons presents some introductory information regarding legal and tax issues that may confront parties involved in private equity transactions in various jurisdictions. Mon, 26 Mar 2012 10:10:00 GMThttp://www.elexica.com/en/resources/training-landing/20120307-an-update-on-short-selling-in-hong-kongWith regulation evolving at pace in this area, this seminar looks at the implications of the latest short selling regulatory changes affecting the investment funds industry.Tue, 20 Mar 2012 06:58:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/15-new-german-short-position-disclosure-regime-launches-on-26-march-2012BaFin has published the final version of its Regulation on Net Short Positions and detailed guidance concerning the registration procedure for its reporting platform Thu, 15 Mar 2012 15:30:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/13-regulation-specifying-the-rules-of-conduct-and-organisational-rules-under-german-investment-actGerman text and English translation of the German Investment Conduct and Organisation Regulation (Investment-Verhaltens- und Organisationsverordnung – InvVerOV)*).Tue, 13 Mar 2012 13:42:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/13-circular-on-minimum-requirements-for-risk-management-in-asset-management-companiesGerman text and English translation of the Minimum Requirements for Risk Management in Asset Management Companies (Mindestanforderungen an das Risikomanagement für Investmentgesellschaften – InvMaRisk).Tue, 13 Mar 2012 12:11:00 GMThttp://www.elexica.com/en/legal-topics/tax/06-recovery-of-overpaid-vat-from-hmrc-by-investment-trust-customersThe High Court has held that a customer overcharged VAT is not able under UK law to recover that VAT from HMRC on the basis of a restitutionary claim, but has deferred decision on whether the EU law right to repayment requires such a restitutionary remedy. Tue, 06 Mar 2012 14:23:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-50-financial-services-alerter-february-2012Issue 50 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 06 Mar 2012 11:53:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-76-oversight-march-final-sfc-short-position-reporting-rulesThe SFC recently released their final conclusions on the short position reporting regime which will introduce a weekly reporting regime for holders of reportable short positions in Hong Kong. Tue, 06 Mar 2012 03:26:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/02-new-fsa-transaction-reporting-guidance-effective-immediatelyVersion 3 of FSA Transaction Reporting User Pack has been published, replacing version 2 with immediate effect.Fri, 02 Mar 2012 11:39:00 GMThttp://www.elexica.com/en/legal-topics/private-equity/29-aifmd-update-spring-2012Key considerations from The Alternative Investment Fund Managers Directive for Private Equity Fund Managers. Wed, 29 Feb 2012 11:27:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-supreme-court-lehman-judgment-summary-articleA summary of today's key judgment by the Supreme Court of the United Kingdom on the Financial Service Authority's client money rules and the administration of Lehman Brothers International (Europe).Wed, 29 Feb 2012 11:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/supreme-court-lehman-judgment-important-uk-client-money-rulingA detailed analysis of the key judgment of the Supreme Court of the United Kingdom on the Financial Service Authority's client money rules and the administration of Lehman Brothers International (Europe). Wed, 29 Feb 2012 09:53:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-75-oversight-february-2012-sfcs-new-aml-guidelinesComing into effect on 1 April 2012, the SFC's consultation conclusions on the new AML Guidelines highlight a number of key changes for SFC licensed corporations which have been made to the Guideline from the Existing Guidance Note. Thu, 23 Feb 2012 06:37:00 GMThttp://www.elexica.com/en/legal-topics/real-estate/30-proposed-saudit-arabian-mortgage-laws-unlocking-the-shariah-conundrumAhmed Butt discusses the proposed Saudi mortgage laws, related Shariah compliance issues and the potential effects on the housing market. Wed, 22 Feb 2012 12:04:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-74-oversight-february-2012-sfc-guidelines-to-fund-managers-on-disclosure-under-takeovers-codeThe SFC issued the Guidelines to fund managers on dealing disclosure obligations under Rule 22 of the Takeovers Code (Guidelines) on 29 December 2011.Fri, 17 Feb 2012 09:52:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-extension-of-german-disclosure-obligations-for-net-short-positionsOverview of the new notification and disclosure obligations for holders of net short positions, coming into force on 26 March 2012.Tue, 14 Feb 2012 14:26:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-49-financial-services-alerter-january-2012Issue 49 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 08 Feb 2012 12:02:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/07-etfs-back-to-businessImpact of the Consultation paper: ESMA’s guidelines on ETFs and other UCITS issues Tue, 07 Feb 2012 12:38:00 GMThttp://www.elexica.com/en/resources/training-landing/20120126-germany-regulatory-hot-topics-shareholder-disclosure-short-sellingThe session focused on German developments, during which Frankfurt partners Jochen Kindermann and Harald Glander provided an overview of a number of recent and forthcoming regulatory changes, as well as an indication of their relevance to you and your business. Wed, 01 Feb 2012 11:54:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-73-oversight-january-2012-singapore-to-catch-up-with-hk-on-hedge-fund-manager-regulationAsia’s two competing international financial centers – Hong Kong and Singapore, have traditionally taken different approaches to the further regulation of hedge fund managers.Sat, 28 Jan 2012 16:20:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-the-fsas-market-abuse-fine-on-greenlight-capital-and-david-einhornThe implications of the FSA's actions in particular in relation to the nature of inside information. Fri, 27 Jan 2012 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0210-renminbi-qualified-foreign-institutional-investorSimmons & Simmons partner Rolfe Hayden talks to colleague Malisa Ng about the recently introduced Renminbi Qualified Foreign Institutional Investor scheme in Hong Kong. Thu, 26 Jan 2012 11:24:00 GMThttp://www.elexica.com/en/legal-topics/tax/25-french-stamp-duty-increases-on-share-transfers-from-01-january-2012On 01 January 2012, French stamp duty on transfers of shares in French companies rose significantly. These changes could adversely affect both French and non French funds trading French securities.Wed, 25 Jan 2012 11:50:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/24-bonjour-ucits-iv-french-regulator-publishes-final-transposition-textsOn Friday 23 December 2011, the French financial regulator (the Autorité des marchés financiers) finally published the texts completing France’s transposition of the UCITS IV Directive.Tue, 24 Jan 2012 14:15:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2012-q1The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Mon, 23 Jan 2012 08:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/21-fsa-market-abuse-casesThis article sets out the key market abuse decisions by the FSA under the market abuse regime pre and post 01 July 2005.Fri, 20 Jan 2012 19:30:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/19-bias-or-just-sour-grapes-challenging-an-arbitratorAnalysis of LCIA guidance on what grounds a party can seek to challenge an arbitrator.Thu, 19 Jan 2012 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/13-uk-tax-resident-investors-demand-reporting-fund-statusA high level overview of the UK's reporting fund regime aimed at US and other non-UK investment managers.Fri, 13 Jan 2012 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-48-financial-services-alerter-december-2011Issue 48 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 09 Jan 2012 17:33:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/06-further-detail-on-new-dutch-share-disclosure-rulesFour rules for calculation of holdings in cash settled instruments, baskets and indices have been introduced in the Netherlands as from 1 January 2012. Fri, 06 Jan 2012 07:21:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0208-eu-short-selling-regulationSimmons & Simmons partners Sarah Bowles and Darren Fox discuss the EU Short Selling Regulation which will create a pan European regime regarding the short selling of EEA listed shares and sovereign debt with effect from 01 November 2012.Tue, 03 Jan 2012 11:13:00 GMThttp://www.elexica.com/en/Resources/Microsite/Prudential-RegulationThe global financial crisis highlighted the inadequacy of the scheme of prudential regulation for banks and investment firms worldwide based on the Basel II Capital Accord. This microsite provides access to the materials on this topic being produced internationally.Thu, 29 Dec 2011 14:19:00 GMThttp://www.elexica.com/en/Resources/Microsite/Remuneration-RegulationThere is a general consensus that inappropriate remuneration policies incentivise employees to take excessive risks and that such policies contributed to the global financial crisis. This microsite provides access to the materials on this topic being produced internationally.Wed, 28 Dec 2011 15:11:00 GMThttp://www.elexica.com/en/Resources/Microsite/Regulatory-ArchitectureThe global financial crisis has given rise to calls for fundamental structural change to the EU and UK financial services regulatory architecture and fuelled the argument in favour of greater regulatory convergence and harmonisation. This microsite provides access to the materials on this topic being produced at both EU and UK level.Fri, 23 Dec 2011 15:37:00 GMThttp://www.elexica.com/en/Resources/Microsite/Private-EquityThe global financial crisis has placed regulators under increased pressure to scrutinise the activities of the alternative asset management sector, including private equity funds. This microsite provides access to the materials on this topic being produced internationally. Fri, 23 Dec 2011 12:00:00 GMThttp://www.elexica.com/en/Resources/Microsite/Short-SellingThere has been increased focus on short selling in the aftermath of the global financial crisis, particularly in relation to sovereign debt and financial sector stocks. This microsite provides access to the materials on this topic being produced internationally. Thu, 22 Dec 2011 16:26:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-feeder-nursThe FSA has published its consultation on the introduction of feeder funds as non-UCITS retail schemes (NURS) in its December 2011 quarterly consultation.Thu, 22 Dec 2011 08:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-uk-protected-cell-regimeOn 21 December 2011 new legislation came into force permitting the segregation of liability between sub-funds within umbrella OEICs. Apart from some limited exceptions, all UK OEICs have two years to adopt the new rules by amending the terms of their instruments of incorporation and prospectuses to comply with the new legislation.Thu, 22 Dec 2011 08:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/independent-commission-on-bankingWe consider the Response and its implications across a range of different legal practice areas.Wed, 21 Dec 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-new-dutch-disclosure-obligation-for-certain-cash-settled-instrumentsOn 1 January 2012 new legislation is expected to come into force extending the obligation to disclose major shareholdings so as to cover holdings of certain cash settled instruments.Tue, 20 Dec 2011 08:00:00 GMThttp://www.elexica.com/en/Resources/Microsite/UCITS-road-map/Executive-SummaryIntroduction to UCITSFri, 16 Dec 2011 16:21:00 GMThttp://www.elexica.com/en/Resources/Microsite/UCITS-road-mapThis microsite is an in depth guide to the use of UCITS by hedge fund managers seeking a greater understanding of how alternative strategies may be adapted to the UCITS environment.Fri, 16 Dec 2011 16:18:00 GMThttp://www.elexica.com/en/Resources/Microsite/MiFIDThis microsite is designed to give you access not only to MiFID and the secondary legislation made under it, but also to the materials which implement MiFID in the UK and the materials currently being produced on MiFID 2.Fri, 16 Dec 2011 12:40:00 GMThttp://www.elexica.com/en/Resources/Microsite/UCITSThis microsite is designed to give you access to the UCITS Directives, as well as the materials which implement them in the UK, Luxembourg and Ireland.Wed, 14 Dec 2011 15:13:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-are-you-prepared-significant-changes-to-german-share-disclosure-obligationsOn 01 February 2012 the rules concerning the disclosure of voting rights in German listed companies will change significantly and will, amongst other things, introduce new disclosure obligations for CfDs and stock lending.Wed, 14 Dec 2011 08:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/issue-72-oversight-december-2011-approval-of-etfs-as-permissible-mpf-investmentsOur funds regulatory specialists outline the current requirements for approval as a permissible MPF investment and analyse the MPFA's approach to the approval of ETFs as a permissible MPF investments.Fri, 09 Dec 2011 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/issue-47-financial-services-alerter-november-2011Issue 47 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 07 Dec 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/01-hong-kong-regulatory-enforcement-update-201112In this series of Enforcement Updates, we aim to highlight various recent developments on the regulatory enforcement front and explore what lies ahead in the remaining part of the year.Thu, 01 Dec 2011 11:52:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/17-london-s-hedge-funds-face-a-fight-to-maintain-the-status-quoThis article examines, first, why hedge fund managers have traditionally been successful in avoiding court proceedings and, secondly, whether this position is set for change in light of the events of the past few years.Thu, 17 Nov 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/4-looking-through-transparency-2-proposed-changes-to-the-eu-s-transparency-directiveSummary of the implications of the EU Commission`s legislative proposal for amendments to the Transparency Directive published in October 2011.Fri, 04 Nov 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/28-even-more-mad-impact-on-company-announcements-pdmrs-and-insider-listsThis briefing focuses on the changes proposed to the issuer announcement regime, transactions by persons discharging managerial responsibilities, insider lists and whistleblowing for UK companies.Thu, 27 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/26-oversight-october-2011-proposed-hong-kong-short-position-reporting-rulesThe Hong Kong SFC`s Conclusions and Further Consultation of 18 October 2011 on the proposed Securities and Futures (Short Position Reporting) Rules inviting comment by 04 November 2011 on the requirement to report on a net basis.Tue, 25 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0194-mifid-2-implications-for-fund-managersSimmons & Simmons partner Darren Fox talks to colleague Nick Colston about the implications for fund management firms of the EU Commission's MiFID 2 legislative proposal published on 20 October 2011. Mon, 24 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0195-mad-2Simmons & Simmons partner Sarah Bowles talks to colleague Darren Fox about the implications of the EU Commission's legislative proposal for amendments to the Market Abuse Directive published on 20 October 2011.Mon, 24 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/21-beyond-mad-the-proposed-market-abuse-regulation-and-directive-on-criminal-sanctionsSummary of the implications of the EU Commission`s legislative proposal for amendments to the Market Abuse Directive published on 20 October 2011.Thu, 20 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-eu-short-selling-regulation-parliament-and-commission-reach-agreement-on-final-textOn 18 October 2011 the European Parliament and the European Council reached an agreement on the final text of the proposed EU Short Selling Regulation, including agreement on a ban on naked sovereign credit default swap (CDS) positions.Tue, 18 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20111012-Asia-FI-Sector-CPD-Day-2011Audio recordings and accompanying slides from our fifth Asia financial institutions sector CPD day, held at our Hong Kong office on Wednesday 12 October 2011.Wed, 12 Oct 2011 07:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20111012-asia-fi-sector-cpd-day-2011/how-vieable-is-your-deal-structure-in-chinaThis session looks at variable interest entity (VIE) structuring for investment in China and the potential revisiting of the VIE structure by relevant PRC government agencies including the potential impact on deal structuring and investors in overseas listed China based companies.Wed, 12 Oct 2011 07:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20111012-asia-fi-sector-cpd-day-2011/the-regulatory-landscape-in-asia-for-asset-managersAn overview of the key regulatory themes and expected upcoming developments for investment management industry in China, Hong Kong, Singapore and Japan.Wed, 12 Oct 2011 07:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20111012-asia-fi-sector-cpd-day-2011/extra-territorial-and-local-regulatory-developments-affecting-the-global-funds-industryThe sea of regulatory change affecting funds since the GFC continues. In this session our investment management specialists update you on key developments including the latest on the Alternative Investment Management Fund Directive, the Dodd-Frank Wall Street Reform and Consumer Protection Act, Hong Kong's proposed new short selling reporting regime and the SFC's approach to structured funds. Wed, 12 Oct 2011 07:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-aifmd-timelineA timeline of the significant steps towards implementation of the Alternative Investment Fund Managers (AIFM) Directive.Mon, 10 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-october-2011Issue 46 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 06 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/UK-Financial-Institutions-Autumn-Legal-Update-2011Video recordings and accompanying slides from our seventh FI Sector Autumn Legal Update, held on Thursday 06 October 2011.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/saudi-arabia-updateTim Field and Muneer Khan give an introduction to our new alliance in Saudi Arabia and to doing business in this key Middle Eastern market, including a review of the fast developing financial sector and a look at opportunities in the local Islamic finance and asset management sectors.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/the-ucits-iv-experience-three-months-onApart from a lot of noise about the KIIDs, what have we learned and what can we expect in the months ahead?Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/duties-of-hedge-fund-directorsFollowing the recently reported Weavering decision in the Cayman Islands courts and an increasing emphasis on governance issues amongst investors, there is a renewed focus on directors' duties in hedge funds. In this session we talk about some of the practical implications of these issues and how they impact on existing hedge funds.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/european-developments-on-short-sellingSarah Bowles and Darren Fox review the current European landscape on short selling including development of the EU short selling regulation.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/key-regulatory-themes-in-asia-for-asset-managersPaul Li looks at key regulatory themes and expected upcoming developments for the investment management industry in China, Hong Kong, Singapore and Japan.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/key-regulatory-themes-when-trading-in-the-electronic-ageAnthony Mortimer and Jonathan Melrose look at how regulators are dealing with micro structural issues in the European equity markets relating to automated trading.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/protecting-the-intellectual-property-in-banking-business-methods-and-trading-systemsSignificant value resides within the intellectual property in banking business methods and trading systems. Nicholas Fox considers the issues surrounding patenting business methods and other intellectual property protection strategies.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/incentivisation-and-retention-schemes-for-alternative-fund-managersThis session examines the more important legal, regulatory and tax issues that can arise with Incentivisation and Retention Schemes that involve special capital and will review some of the variations on these schemes that we are seeing in the market place.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/the-uk-regulatory-shake-upThis session examines the future implications for buy side and sell side institutions of the replacement of the Financial Services Authority by the Financial Conduct Authority and the Prudential Regulation Authority.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/update-on-the-aifmdThis session examines the implications of the July and August 2011 ESMA Consultation Papers on Level 2 Implementing Measures for the AIFMD.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/5-financial-services-alerter-september-2011Issue 45 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 04 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/30-eu-financial-transaction-tax-faqsThe key features and likely practical implications of the EU Financial Transaction Tax proposed by the European Commission in the draft Directive released on 28 September 2011.Thu, 29 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2011-q4The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Thu, 29 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-esma-s-draft-advice-the-good-the-bad-and-the-uglyBrief summary of key points of concern arising from draft level 2 technical advice to European Commission in relation to the AIFMD, issued by ESMA in July 2011.Thu, 22 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/22-jurisdiction-in-italian-madoff-related-proceedingsA note on the decision of the Italian Supreme Court on jurisdiction issues in a Madoff related action for liability in tort.Wed, 21 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/2-financial-services-alerter-august-2011Issue 44 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 01 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-outsourcing-asset-management-contractual-pitfallsIn this article, we will address a number of potential contractual pitfalls pension funds may encounter in the course of outsourcing their asset management to Dutch or foreign asset managers. In doing so, we will also go into the question whether the pensThu, 11 Aug 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/3-financial-services-alerter-july-2011Issue 43 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 02 Aug 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20110728-disclosure-of-interests-and-proposed-short-position-reporting-regime-in-hong-kongThe disclosure of interests regime in Hong Kong is probably the most complex in the world and of particular relevance to company directors, fund managers and financial institutions. In this seminar our funds and corporate specialists in our Hong Kong office charter a course through the interests which must be disclosed and by whom as well as the exemptions available. Finally, this session guides you through the key changes in the proposed new short position reporting regime in Hong Kong.Wed, 27 Jul 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/21-amendments-to-the-dutch-funds-regimeThis article discusses recent amendments to the Dutch funds regime, including UCITS IV implementation, ring fencing of sub funds and the light touch regime.Wed, 20 Jul 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/15-ucits-iv-summary-european-updateUCITS IV was due to be implemented in European Member States by 01 July 2011. We have created an overview of the current stages of implementation within seven key European jurisdictions in addition to a summary implementation tracker table.Thu, 14 Jul 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-june-2011Issue 42 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 06 Jul 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20110630-shareholder-disclosure-in-germanySlides available from a seminar held on 30 June 2011 discussing the existing and the new rules and highlighting some of the problems that we have come across in practice.Thu, 30 Jun 2011 07:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2011-q3The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Wed, 29 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/27-oversight-june-2011-sfc-s-guidance-on-the-regulation-of-intermediariesHong Kong`s SFC recently issued two papers explaining the regulatory framework for, and approach to, supervising intermediaries.Sun, 26 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-extended-deadline-for-sec-investment-adviser-registration-under-the-dodd-frank-act-amendments-confirmedSEC confirms extended deadline of 30 March 2012 for investment advisers to register under Dodd-Frank Act amendmentsWed, 22 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-the-prudential-regulation-authority-s-approach-to-banking-supervisionOverview of the joint FSA and Bank of England paper, entitled `The Bank of England, Prudential Regulation Authority - Our approach to banking supervision`, published on 19 May 2011.Thu, 16 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20110615-kiidsThis seminar, held on 15 June 2011, in association with Morningstar covered: state of play implementation and key challenges; calculation of the SRRI – across all relevant UCITS products; the present thinking, it's implications and future challenges / evolution; delivery of clear plain language in multiple translations production and distribution (including monitoring and updating); and compliance and legal risk.Wed, 15 Jun 2011 07:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/13-oversight-june-2011-proposed-hong-kong-short-position-reporting-rulesThe new short position reporting regime now to be implemented by the SFC aims to promote greater transparency in local short selling activities, hopefully at a minimal additional compliance cost on market participants.Sun, 12 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/9-financial-services-alerter-may-2011Issue 41 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 08 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/1-oversight-june-2011-consultation-on-amendments-to-the-financial-resources-rulesThe SFC has proposed changes to the FRR regime to facilitate market development and reduce compliance costs for licensed corporations. This Oversight provides an overview of the key proposed changes and their impact.Tue, 31 May 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2011-financial-markets-briefing-series-2011/current-fund-raising-trends-for-hedge-fund-managersThis briefing covers: which types of investors are currently the most active; special considerations when dealing with major institutional investors; trends in structures - the fund, a managed account or a single investor fund; due diligence and "negotiating" standard documents; and side letters - what to expect. Thu, 26 May 2011 07:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/16-survey-of-ucits-iv-translation-issuesWe are pleased to provide you with a survey regarding translation issues arising out of EU Directive 65/2009/EC (UCITS IV).Sun, 15 May 2011 23:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/2011-Financial-Markets-Briefing-Series-2011Video recordings and related presentation materials from a series of briefings held at our London office in May, June and July 2011. This series of seminars examines recent developments in Financial Markets in the UK and abroad and explores the key legal issues and focuses on the challenges and opportunities ahead.Wed, 11 May 2011 14:35:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-trading-german-equities-and-equity-linked-financial-instrumentsThis document gives a short summary about German tax issues in relation to trading German equities and equity linked financial instruments.Wed, 11 May 2011 10:56:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/9-financial-services-alerter-april-2011Issue 40 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Sun, 08 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/5-fsa-remuneration-code-further-guidanceOverview of finalised guidance on FCA/PRA Remuneration Code.Wed, 04 May 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0162-fsa-consultation-on-guidance-on-the-remuneration-codeSimmons & Simmons partner Philip Bartlett talks to colleague Darren Fox about the FSA's current consultation on guidance on its Remuneration Code. Philip and Darren highlight the most significant aspects of the guidance and its potential impact in practice. Tue, 26 Apr 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0160-uk-bribery-act-implications-for-fund-managersSimmons & Simmons partner Richard Perry talks to colleague Nick Benwell about the Bribery Act, the Ministry of Justice guidance and the implications for UK and overseas fund managers.Mon, 18 Apr 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/18-sec-will-consider-extending-the-deadline-for-registration-by-private-fund-advisorsThe SEC will consider extending from 21 July 2011 to the first quarter of 2012 the deadline for private fund advisors to register as investment advisorsSun, 17 Apr 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-march-2011Issue 39 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 06 Apr 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2011-q2The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Mon, 04 Apr 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20110331-fund-distribution-in-germanyVideo recording and slides from a briefing held on 31 March 2011, giving an overview of the current state of play with new legislation and the implications they will have for the distribution of funds in Germany.Thu, 31 Mar 2011 07:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2011-q2-v1The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Wed, 30 Mar 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0153-product-key-facts-statement-for-funds-in-hong-kongSimmons & Simmons managing associate Eva Chan talks to colleague Malisa Ng about the recent clarification and guidance provided by the Securities and Futures Commission in Hong Kong on the content and layout of Product Key Facts Statement for funds.Thu, 17 Mar 2011 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/3-financial-services-alerter-february-2011Issue 38 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 03 Mar 2011 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0147-mini-qfii-and-sfc-authorised-funds-in-hong-kongSimmons & Simmons lawyer Malisa Ng talks to colleague Eva Chan about the anticipated mini QFII regime and its implications on RMB-denominated SFC authorised funds. Wed, 02 Mar 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/1-hm-treasury-consults-further-on-new-uk-financial-services-regulatory-architectureHigh level overview of points arising from HM Treasury`s second, more detailed consultation on reform of the UK financial services regulatory architecture, published on 17 February 2011Tue, 01 Mar 2011 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/4-financial-services-alerter-january-2011Issue 37 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 04 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-latest-developments-on-german-kiid-pib-rules-for-ucitsGerman legislator appears not to require a KIID or Product Information Sheet (PIB) for foreign UCITS (if and to the extent the relevant home state regulator allows the continued use of the simplified prospectus).Wed, 02 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/12-financial-services-alerter-december-2010Issue 36 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 12 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-aifm-directive-the-end-of-the-beginningOn 11 November 2010, the European Parliament adopted the final text of the EU Directive on Alternative Investment Fund Managers and formal approval by the European Council is expected in January 2011.Wed, 12 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20110111-aifm-directiveVideo recording and slides from a client seminar held on 11 January 2011 on the implications of the EU Directive on Alternative Investment Fund Managers (AIFM) for those AIFM who are managers of hedge funds or other types of alternative investment funds, such as funds of hedge funds.Tue, 11 Jan 2011 08:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-lehman-client-money-supreme-court-decision-on-permission-to-appealOn 21 December 2010 the Supreme Court Appeal Panel made an order in relation to applications made by each of the administrators of Lehman Brothers International (Europe) and GLG Investments plc Sub Fund - European Equity Fund for permission to appeal theThu, 06 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/4-the-private-fund-adviser-exemption-under-the-dodd-frank-act-a-significant-development-for-non-us-fund-managersOverview of the proposed exemption for private fund advisers from the investment adviser registration requirement under the Dodd Frank Act, issued for public comment by the SEC on 19 November 2010.Tue, 04 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/commercial/31-investing-in-china-2010Welcome to Simmons & Simmons' guide to Investing in China. This guide outlines a variety of legal considerations relating to foreign investment and M&A in the People's Republic of China.Fri, 31 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2011-q1The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Fri, 31 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/23-sound-compensation-policies-in-the-netherlandsIn the Netherlands new rules and regulations regarding sound compensation policies will come into force on 01 January 2011. These rules are relevant for financial undertakings in the Netherlands. The rules and regulations comprise the Decree regarding Sound Compensation Policies and the Regulations regarding Sound Compensation Policies. The Regulations will implement CRD III in the Netherlands.Thu, 23 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-fsa-regulated-firms-amendments-to-approved-persons-regimeArticle providing an overview of forthcoming changes to the FSA`s approved persons regime together with action points.Wed, 22 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0139-the-fsa-s-final-remuneration-codeSimmons & Simmons partner Philip Bartlett talks to fellow partner Darren Fox about the final version of the FSA's Remuneration Code and, in particular, the practical issues arising from changes made to the draft Code. Tue, 21 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/21-fsa-remuneration-codeOverview of the main provisions of the FCA/PRA Remuneration Code, which was amended significantly with effect from 01 January 2011 as part of the process of implementing CRD 3 in the UK.Tue, 21 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-mifid-2-proposals-on-pre-and-post-trade-transparency-and-transaction-reportingSeries of charts summarising the proposals in the EU Commission's MiFID 2 legislative proposal on extending the scope of the MiFID pre and post trade transparency and transaction reporting requirements.Mon, 20 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-marketing-complex-financial-instruments-to-the-public-amf-and-acp-step-up-their-vigilanceThe Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel have published documents which apply to the marketing in France of complex financial instruments to retail investors.Fri, 17 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/10-policing-the-rules-enforcement-in-the-new-regulatory-structureOn 17 November 2010 the Treasury announced that (for the moment) the FSA`s powers of prosecution will lie with the new CPMA rather than the new ECA.Fri, 10 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/resources/training-landing/financial-markets-conference-calls/conference-call-12-mifid-2On 08 December 2010 the EU Commission published a wide ranging consultation paper on possible amendments to the Markets in Financial Instruments Directive (MiFID) as part of its ongoing review of the operation of the Directive (referred to as MiFID 2). The call provided an overview of the main proposals.Wed, 08 Dec 2010 08:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/7-oversight-december-2010-etfs-ongoing-disclosure-obligations-and-identification-requirements-for-synthetic-etfs-listed-on-the-sehkThis Oversight summarises the SFC`s recent circular on ETFs` ongoing disclosure obligations and the new measures adopted by the SFC and SEHK which aim at raising investors` general awareness of `synthetic` ETFs.Tue, 07 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-november-2010Issue 35 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 06 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-financial-services-alerter-november-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for November 2010. It covers relevant publications and announcements, as well as related items such as significant responses to consultations, etc.Mon, 06 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/2-french-short-selling-rules-effective-from-01-february-2011Summary of net short position disclosure regime in France with effect from 01 February 2011.Thu, 02 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0133-fsa-authorised-asset-managers-and-the-stewardship-codeSimmons & Simmons partners Darren Fox and Alan Karter discuss the new disclosure requirement for FSA-authorised asset managers in relation to their commitment to the Stewardship Code. Mon, 29 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/29-the-uk-stewardship-code-fsa-disclosure-requirement-from-06-december-2010Summary of requirement for FSA authorised asset managers to disclose the nature of their commitment to the Stewardship Code, containing template disclosure wording and practical tips.Mon, 29 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-the-alternative-investment-fund-managers-directive-video-discussionThis video analyses the Alternative Investment Fund Managers Directive following its approval by the EU Parliament on 11 November 2010.Fri, 19 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/15-fsa-s-revised-remuneration-code-video-presentationVideo presentation in which Andrea Finn and Philip Bartlett discuss the current status of the FSA`s revised Remuneration Code, the key issues arising for organisations in relation to the Code, and the practical tools made available by Simmons & Simmons toMon, 15 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0126-cebs-guidelines-on-remunerationSimmons & Simmons partner Philip Bartlett talks to fellow partner Darren Fox about the draft CEBS guidelines on remuneration and their implications, in particular for the FSA's consultation on revising its Remuneration Code. Fri, 12 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0125-physical-etfs-in-hong-kongSimmons & Simmons partner Rolfe Hayden talks to lawyer Malisa Ng about the current environment for physical ETFs in Hong Kong. Wed, 10 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-october-2010Issue 34 of this regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Sun, 07 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-financial-services-alerter-october-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for October 2010. It covers relevant publications and announcements, as well as related items such as significant responses to consultations, etc.Fri, 05 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/27-oversight-october-2010-consultation-paper-on-the-evidential-requirements-under-the-securities-and-futures-professional-investor-rulesThis is an overview of the recent consultation paper which aims to refine the evidential requirements for ascertaining whether a person meets the relevant assets or portfolio threshold in order to qualify as a professional investor under the Professional Investor Rules.Tue, 26 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-fsa-publishes-policy-statement-on-client-assetsSummary of the main elements of forthcoming enhancements to the FSA`s Client Assets Sourcebook, contained in Policy Statement 10/16.Tue, 26 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/18-oversight-october-2010-the-implications-of-ucits-iv-in-hong-kongAll UCITS funds are required to have converted into UCITS IV status by 01 July 2011. This Oversight provides an overview of the key features of UCITS IV and its implications in Hong Kong.Sun, 17 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/15-lehman-brothers-international-europe-lbie-in-administrationThe Administrators of LBIE have published their 4th progress report.Thu, 14 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20101007-UK-FI-Sector-CPD-Day-2010On Thursday 07 October 2010 our London office hosted our sixth financial institutions sector autumn legal update. Sessions covered a broad range of topics relevant to financial institutions from our lawyers across many disciplines. Video and slides from this training day are now available.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/wish-you-were-here-moving-your-hedge-fund-management-business-offshoreWe examine the rationale for hedge fund managers looking to re-domicile all or part of their business from the UK and the legal, tax and practical considerations in so doing.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/remuneration-in-the-light-of-the-new-fsa-codeThis session looks at the issues that financial institutions are having to grapple with relating to remuneration, in the light of the new FSA Code. Please note that there is a separate session that focusses on fund manager remuneration.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/short-selling-developments-in-the-euThis session looks at the current regulatory trends in relation to short selling in the EU, including any developments towards a pan-European regime, with specific reference to certain key European jurisdictions.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/hedge-funds-tax-structures-for-the-fin-48-worldThis session explains the potential tax issues that managers may face when making investments in a range of instruments and jurisdictions, considers the accounting, commercial and regulatory considerations that these issues may cause and identifies a number of potential responses for managers.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/the-implications-for-uk-and-other-non-us-fund-managers-us-pfi-advisers-registration-act-of-2010This session covers the new threshold for registration with the SEC as an investment adviser and the exemptions thereto created pursuant to the Title IV of the Dodd-Frank Act (ie, the Private Fund Investment Advisers Registration Act of 2010).Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/all-change-the-new-regulatory-landscapeThe regulators are changing, both in the UK and the EU. Sarah Bowles, Charlotte Stalin and Richard Sims examine the coming changes to the regulatory landscape for banks and asset managers. With the end of the FSA, and the dawn of the pan European supervisors, who will your regulators be in the future and where will their focus lie? Who will make the rules and who will enforce them? What are the current regulatory trends and how will change affect your business?Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/fund-manager-remuneration-after-crd3-the-revised-fsa-remuneration-codeThis session examines the revised FSA Remuneration Code and its application to investment firms. There is a particular focus on proportionality, ie timing of implementation, the de minimis concession, and the FSA's proposed proportionate approach (rules to be applied by all, rules to be applied by some firms in line with their nature, internal organisation etc, and rules where some firms may comply or explain based on their nature, internal organisation etc).Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/hello-stranger-the-ongoing-mifid-reviewThis session provides an overview of the EU Commission's ongoing review of the Markets in Financial Instruments Directive, including its suggestions as regards investor protection and intermediaries, transaction reporting, equity markets and non equity markets transparency. Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/looking-afer-the-kiidsThis session looks at the content requirement of the KIID (Key Investor Information document), timing requirements for delivery of the KIID by UCITS, the practical problems facing UCITS managers in producing the KIID and possible solutions to these problems, including a demonstration of our online automated tool.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/private-equity-themesFollowing a brief introduction to the private equity sector, this session focuses on the environment for fund raising, financing, and M&A. We comment on developments on the political and regulatory front and highlight certain trends in deal structuring, exits and within key investment sectors. Reference is also made to certain recent private equity transactions we have been involved in across our European practice.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/regime-changes-in-chinaThis session covers business trends and current issues for foreign investors in China, including capital raising in RMB for foreign corporations, investing into RMB denominated PE funds, and the overseas expansion of Chinese financial institutions.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/trilogue-politics-and-protectionism-the-latest-state-of-play-with-the-aifm-directiveThis session examines whether agreement has been reached on the principal unresolved issues under the AIFMD, including those relating to third country issues and depositaries. Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/etfs-plain-sailing-ahead-the-impact-of-european-regulatory-developments-on-exchange-traded-fundsThis session examines the impact on ETFs of recent regulatory developments at both European and national level.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-september-2010Issue 33 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 05 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-financial-services-alerter-september-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for September 2010. It covers relevant publications and announcements, as well as related items such as significant responses to consultations, etc.Mon, 04 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2010-q4The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Wed, 29 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-eu-commission-issues-legislative-proposal-on-short-sellingOverview of the main points contained in the European Commission`s legislative proposal for a Regulation establishing a pan European short selling regime, which was published on 15 September 2010.Wed, 22 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0115-hkmas-guideline-on-a-sound-remuneration-systemSimmons & Simmons partner Fiona Loughrey talks to colleague Carrie Chung about the scope and application of the HKMA guideline issued in 2010 in relation to sound remuneration systems. Mon, 20 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0114-short-selling-new-eu-proposalSimmons & Simmons partner Darren Fox talks to colleague Geoff Rimington about the EU Commission's legislative proposal on short selling. Sun, 19 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20100915-asia-fi-sector-cpd-day-2010/the-regulatory-landscape-in-europe-and-asiaThis session provides an overview of the key regulatory themes for 2010 in Europe and Asia, including expected upcoming developments.Wed, 15 Sep 2010 07:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20100915-asia-fi-sector-cpd-day-2010/the-regulatory-framework-for-fund-raising-and-fund-investments-in-chinaThis session covers the legal and regulatory issues, and practical aspects of on-shore fund raising and fund investment in China, including sponsoring, managing, or investing in an RMB denominated fund. It also covers the issues for investors with foreign currencies in relation to access to the Chinese market including the A-share market through investing into China focused funds, fund of funds, QFII, or other regimes.Wed, 15 Sep 2010 07:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20100915-Asia-FI-Sector-CPD-Day-2010On Wednesday 15 September 2010 we hosted our fourth Asia financial institutions sector CPD day at our Hong Kong office. This one day conference comprised seven training sessions, focusing on a range of topical legal issues relevant to financial institutions in Asia. Slides and video recordings are available for each session.Tue, 14 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/13-recent-changes-to-the-difc-funds-regimeThis article discusses some of the more significant amendments which the DFSA has made to its Collective Investment Scheme Laws, and the likely impact of those amendments.Sun, 12 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-august-2010Issue 32 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Sun, 05 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-use-of-fsa-online-notifications-and-applications-system-mandatory-from-04-october-2010A series of FAQs providing an overview of the changes resulting from the decommissioning of the FSA`s Firms Online system and mandatory use of the Online Notifications and Applications system (ONA) from 04 October 2010.Sun, 05 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-financial-services-alerter-august-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for August 2010. It covers relevant publications and announcements, as well as related items such as significant responses to consultations, etc.Thu, 02 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0100-changes-to-the-fsas-remuneration-codeSimmons & Simmons lawyer Richard Pilsworth talks to partner Philip Bartlett about the FSA's consultation on changing the scope and content of its Remuneration Code.Wed, 11 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0099-uk-market-abuse-updateSimmons & Simmons partner Darren Fox talks to colleague Richard Sims about market abuse, including the latest civil and criminal action by the FSA and the future for enforcement of the market abuse regime.Mon, 09 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-july-2010Issue 31 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 05 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-financial-services-alerter-july-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for July 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Thu, 05 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-cesr-s-guidelines-on-risk-measurement-and-the-calculation-of-global-exposure-and-counterparty-risk-for-ucitsOverview of Guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS, published by Committee of European Securities Regulators on 28 July 2010.Thu, 05 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0095-hm-treasury-consultation-on-the-future-of-the-fsaSimmons & Simmons financial services lawyer Nick Colston talks to partner Sarah Bowles about significant proposed changes to the UK financial regulatory architecture of relevance to FSA regulated firms.Mon, 02 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/2-lehman-judgment-important-uk-client-money-rulingThe Court of Appeal of England and Wales has handed down a key judgment on client money in connection with the administration of Lehman Brothers International (Europe) (LBIE).Sun, 01 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/2-change-to-the-accredited-investor-net-worth-test-effective-immediatelyThe Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on 21 July 2010. A change was made with immediate effect on 21 July 2010 to the definition of `accredited investor` with the result that the net worth test now excludes theSun, 01 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-german-short-selling-act-in-forceFurther information on the Act to Prevent Abusive Securities and Derivative Trades (Gesetz zur Vorbeugung gegen missbräuchliche Wertpapier- und Derivategeschäfte) which came into force at midnight on 26 July 2010.Thu, 29 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-the-future-of-uk-financial-services-regulation-asset-managementSeries of FAQs providing an overview of the implications for asset management firms concerning the new structure of the UK financial services regulatory regime.Sun, 25 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0092-remuneration-restrictions-in-the-financial-services-industrySimmons & Simmons senior professional support lawyer Kitty Debenham talks to partner Philip Bartlett about the provisions which affect remuneration in the European Directive amending the Capital Requirements Directive (CRD3).Wed, 21 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-sec-registration-for-non-us-advisers-under-the-dodd-frank-actPresident Obama has now signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in the Act are amendments to the SEC registration threshold for investment advisers which are likely to impact a very large number of non US fuWed, 21 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/12-german-short-selling-act-passedOverview of main points of Act to Prevent Abusive Securities and Derivative Trades (Gesetz zur Vorbeugung gegen missbräuchliche Wertpapier- und Derivategeschäfte), which was passed by the German Parliament on 02 July 2010 and agreed by the Federal Council on 09 July 2010, as well as main differences from draft version published on 03 June 2010.Sun, 11 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/8-financial-services-alerter-june-2010Issue 30 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 07 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/8-financial-services-alerter-june-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for June 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Wed, 07 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/6-remuneration-systems-of-institutions-and-insurance-companiesThe new German Remuneration Act applies to credit institutions, financial services institutions and insurance companies. It covers variable compensation systems for managers and employees, without being restricted to so-called risk takers.Mon, 05 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/2-crd-3-and-remuneration-in-the-financial-services-sectorA summary of amendments to the Capital Requirements Directive regulating remuneration of senior employees in credit institutions and MiFID investment firms.Thu, 01 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/legal-headwinds/legal-headwinds-2010-q3The Legal Headwinds report focuses on key legal and regulatory developments relevant to financial institutions operating in the UK. The report looks at future developments, rather than being a retrospective analysis. We outline what is relevant this quarter and then beyond. The report is currently UK focused, although we do cover significant developments within the EU.Tue, 29 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/29-etfs-regulatory-framework-hong-kongHong Kong has emerged from the global financial crisis as a clear winner. A particular strength of the SEHK as against its Asian competitors of recent years has been the growth of Exchange Traded Funds being listed in Hong Kong. This article examines theMon, 28 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-etfs-regulatory-framework-euDespite the global financial crisis, the Exchange Traded Fund (ETF) market in Europe has continued to grow; not only in terms of assets under management, but also in relation to the range of indices covered by European ETFs and the number of ETF issuers.Sun, 27 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/private-equity-funds-evolving-structures-post-recessionAn overview of private equity, real estate and infrastructure funds as they emerge from recession and the new and evolving structures that managers are using to meet the needs of investors.Thu, 24 Jun 2010 07:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-hong-kong-and-prc-employment-briefings-2010/legal-issues-on-remuneration-in-hong-kongThis briefing comments on the common features of a remuneration package offered to employees (in Hong Kong in particular, although not exclusively), and highlights key issues of which employers should be aware in relation to components of remuneration. There is also a discussion on the case law surrounding various types of bonuses, in particular discretionary bonuses. The session ends with a brief look at sound remuneration system principles (drawing from the recommendations of the Financial Stability Board and the recent HKMA guideline), and the UK "supertax".Tue, 22 Jun 2010 07:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/2010-Hong-Kong-and-PRC-employment-briefings-2010Video recordings and slides from the Simmons & Simmons China employment group's 2010 series of employment law briefings.Mon, 21 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/15-oversight-june-2010-consultation-conclusions-on-changes-to-the-sfc-s-code-on-unit-trusts-and-mutual-fundsThis Oversight focuses specifically on the new requirements and changes under the revised Code on Unit Trusts and Mutual Funds (Code), contained in the Consultation Conclusions on Proposals to Enhance Protection for the Investing Public.Mon, 14 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/9-update-on-new-spanish-rules-on-disclosure-of-short-positionsOn 09 June 2010 the CNMV published an amended version of its FAQs on the new short selling disclosure regime (previously published on 04 June 2010), together with an English language version. The FAQs were further amended on 11 June 2010.Tue, 08 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-may-2010Issue 29 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Sun, 06 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-financial-services-alerter-may-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for May 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Sun, 06 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-revised-draft-german-act-on-short-selling-prohibitions-publishedIn connection with the naked short selling bans introduced by BaFin on 19 May 2010, the German Ministry of Finance has published a draft act to strengthen the stability of the financial market including certain prohibitions on naked short selling. On 31 May 2010 the draft Act was subject to debate resulting in further amendments. It is likely that the draft Act will pass through the parliament before the end of June 2010. This article provides an update on the latest changes.Wed, 02 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-new-rules-in-spain-on-disclosure-of-short-positionsOn 27 May 2010, the CNMV published new rules on the disclosure of short positions, which will come into force on 10 June 2010. First filings under the New Rules will be due by 11 June 2010.Thu, 27 May 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/24-new-german-short-selling-restrictions-from-midnight-on-18-may-2010Brief overview of temporary restrictions on naked short selling introduced by BaFin with effect from midnight on 18 May 2010 until 31 March 2011.Sun, 23 May 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/financial-markets-conference-calls/conference-call-07-eu-parliament-and-council-vote-on-draft-aifmdAudio recording of a conference call in which Iain Cullen outlines the latest position following the EU Parliament and Council votes on the draft Alternative Investment Fund Managers Directive (AIFMD) on 17 and 18 May 2010. Fri, 21 May 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/10-major-changes-to-the-german-financial-services-regimeOn 03 May 2010, the German Ministry of Finance circulated a draft act which sets out significant regulatory changes to the German financial services regime. The Act has already caused a strong reaction from the financial services community and, in some areas, the amendments can be seen as a paradigm shift in regulation of the German market.Sun, 09 May 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-april-2010Issue 28 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 06 May 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-financial-services-alerter-april-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for April 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Thu, 06 May 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/regulatory-intervention-a-wholesale-changeThe Financial Services Authority (FSA) says it will deliver intensive supervision and credible deterrence. It has raised the stakes in enforcement with a focus on systems and controls, senior management and a step change in the level of fines. This session looks at the new direction of FSA intervention for finance firms.Thu, 29 Apr 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/20-volcanic-ash-impact-on-fund-board-meetingsThe continuing travel chaos caused by the volcanic ash cloud may create problems for offshore funds with UK resident directors. Consideration should be given as to whether board meetings should be held and care taken to ensure any contingency plans do not have adverse tax consequences.Mon, 19 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-cesr-issues-consultation-on-risk-measurement-for-ucitsBrief overview of CESR consultation paper published on 19 April 2010 on proposed Level 3 guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS.Mon, 19 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/ucits-a-road-map-for-hedge-fund-managersThis session looks at the opportunities for hedge fund managers in UCITS: what are people doing; why are they doing it; and the challenges involved in you doing it too including a look at: what you can really do with UCITS III eligible assets; examples of innovative UCITS products; set up issues; platform or DIY; prime brokerage and VaR related issues.Thu, 15 Apr 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/8-fsa-publishes-consultation-paper-on-client-assetsThe FSA published on 30 March 2010 its long awaited consultation paper in relation to its client assets regime. In it, the FSA sets out certain proposals for `enhancing` its client asset rules and this builds upon some of the themes and ideas set out byWed, 07 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/7-bank-payroll-tax-the-final-wordThe Finance Bill released on 01 April 2010 includes the final draft of the Bank Payroll Tax, which contains a number of significant changes from the initial version released on 09 December 2009.Tue, 06 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-march-2010Issue 27 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 05 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-financial-services-alerter-march-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for March 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 05 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/22-german-short-selling-obligations-latest-developmentsThe German Federal Financial Supervisory Authority (BaFin) has published updated FAQs in relation to new German short selling rules for certain issuers.Mon, 22 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/22-information-in-relation-to-the-insolvency-of-lehman-brothers-treasury-co-b-vThis general client memo deals with the suspension of payments and subsequent bankruptcy of Lehman Brothers Treasury Co. B.V. The Dutch financing vehicle of Lehman Brothers issued notes worth over €30bn.Mon, 22 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/16-asian-bankers-counsel-poll-2010For the third year running Simmons & Simmons has sponsored the IFLR`s Asian Bankers` Counsel Poll. A questionnaire was put together with the help of a committee of leading senior in house counsel at some of the world`s largest international banks, seniorTue, 16 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/the-regulatory-landscape-in-europe-the-middle-east-and-asiaThis briefing provides an overview of the key regulatory themes for 2010 in Europe, the Middle East and Asia, including expected upcoming developments.Thu, 11 Mar 2010 08:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/8-rules-relating-to-funds-of-alternative-investment-fundsThe UK`s Financial Services Authority have published Policy Statement 10/03, which sets out the rules for Non UCITS Retail Schemes and Qualified Investor Schemes being established as Funds of Alternative Investment Funds.Mon, 08 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/4-financial-services-alerter-february-2010Issue 26 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 04 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/4-financial-services-alerter-february-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for February 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Thu, 04 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/2010-Financial-markets-breakfast-briefing-series-2010After a year of far reaching regulatory reform and continued market upheaval, the financial sector is now focusing on identifying opportunities in the new landscape as well as dealing with the legacy of the old. What does this mean in practical terms for market participants? Video recordings and slides from this series of seminars are available here.Thu, 25 Feb 2010 08:00:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/22-the-banks-and-cloud-computingThis article looks at the legal and regulatory compliance risks preventing banks from adopting in any large scale fashion public clouds, and the issues banks need to consider before using private clouds sourced from, and managed by, a third party serviceMon, 22 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/18-insider-trading-clarification-from-french-regulatory-authorityThis article summarises a recent AMF decision concerning the deemed use of insider information.Thu, 18 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/16-bank-payroll-tax-update-to-q-asHMRC has published further Questions & Answers on the application of the Bank Payroll Tax, which are helpful in tone and provide information above and beyond what one might gain from a careful reading of the legislation.Tue, 16 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-commercial-court-ruling-on-alleged-misselling-issuesThe Commercial Court has given a ruling on certain important preliminary issues in a bank alleged misselling case: Titan Steel Wheels Ltd v The Royal Bank of Scotland plc [2010] EWHC 211.Tue, 16 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/11-us-to-tax-carried-interest-as-ordinary-income-uk-to-followPresident Obama`s 2010 Budget includes a proposal to tax carried interest received from partnerships as ordinary income rather than at the significantly lower long term capital gains rate which has historically applied to such payments.Thu, 11 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-cesr-consults-on-extension-of-european-major-shareholding-notification-regimeOn 09 February 2010, the Committee of European Securities Regulators published a consultation paper on extending the European Transparency Directive major shareholding notification regime to include instruments that create a similar economic effect to holThu, 11 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/10-proposed-resolution-arrangements-impact-on-banks-and-suppliersProposed new resolution arrangements for investment firms - impact on outsourcing, IT infrastructure and IT service arrangements.Wed, 10 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/10-what-outsourcing-suppliers-need-to-know-about-banking-regulationFrequently asked questions about what suppliers of outsourced services to banks and financial institutions need to know about banking regulation.Wed, 10 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/8-oversight-february-2010-consultation-on-proposals-to-extend-the-takeovers-code-to-reits-and-parts-xiii-xiv-and-xv-of-the-securities-and-futures-ordinance-to-listed-fundsThis newsletter looks at the Consultation issued by the Hong Kong Securities and Futures Commission (SFC) in January 2010 on proposals to extend (1) the Takeovers Code to REITs, and (2) Parts XIII, XIV and XV of the Securities and Futures Ordinance to listed funds.Mon, 08 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/8-financial-services-alerter-january-2010Issue 25 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 08 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/8-financial-services-alerter-january-2010-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for January 2010. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 08 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/1-compensation-standards-for-credit-institutions-and-financial-services-providers-in-germanySummary of developments in Germany relating to remuneration practices in credit institutions, financial services providers and insurance companies, following the publication of the FSB Principles for Sound Compensation Practices.Mon, 01 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/28-france-announces-bonus-supertaxFrance has announced its own version of the bank bonus tax first implemented by the UK Government.Thu, 28 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/25-prc-s-qualified-foreign-institutional-investor-regimeA brief discussion on the new regulations issued by the State Administration of Foreign Exchange in September 2009 regarding Qualified Foreign Institutional Investors.Mon, 25 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/19-key-english-court-judgments-of-2009-for-financial-markets-participants2009 saw a series of important judgments handed down by the English courts which are of relevance to our clients in the financial markets. The purpose of this update is to highlight the most significant of those cases.Tue, 19 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/8-financial-services-alerter-december-2009Issue 24 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 08 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/8-financial-services-alerter-december-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for December 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Fri, 08 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/23-requirements-for-compensation-systems-of-credit-institutions-and-financial-services-providersBaFin publishes circular concerning compensation systems of credit institutions and financial services providers which requires them to align their compensation structures to the company`s sustained success.Wed, 23 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-new-hmrc-guidance-on-the-application-of-the-bank-payroll-taxHM Revenue & Customs has published new guidance providing further details and clarification on the businesses to which the Bank Payroll Tax will apply.Mon, 21 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/16-uk-bank-bonus-super-tax-faqsFollowing the Chancellor`s Pre Budget Report on 09 December 2009, Simmons & Simmons has prepared a set of FAQs about the bank bonus super tax.Wed, 16 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0060-uk-bank-bonus-super-taxSimmons & Simmons corporate tax lawyer Darren Oswick talks to colleague Gary Barnett about the UK Government's announcement in this year's Pre Budget Report of its much trailed tax on bank bonuses. The tax takes the form of a 50 per cent levy on bonuses in excess of £25,000 paid to bankers from 09 December 2009 until 05 April 2010. Tue, 15 Dec 2009 08:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/15-lehman-judgment-important-uk-client-money-rulingMr Justice Briggs of the High Court of England and Wales handed down judgment following the largest and longest UK litigation so far in connection with the administration of Lehman Brothers International (Europe) (LBIE).Tue, 15 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/9-bank-bonus-super-tax-application-to-the-asset-management-industryFollowing the Chancellor`s Pre Budget Report on 09 December 2009, Simmons & Simmons has prepared an article focussing on the application of the bank bonus super tax to those who work in the asset management industry.Wed, 09 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-november-2009Issue 23 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 07 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-financial-services-alerter-november-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for November 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 07 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-the-financial-services-bill-new-collective-actions-in-the-financial-marketsThe government has outlined legislation which would allow consumers to group together to claim damages from financial institutions that have allegedly misled customers over financial products or committed other acts of wrongdoing.Fri, 27 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/26-vat-and-investment-management-services-from-january-2010Changes to the place of supply of services rules are coming into force across the EU with effect from 01 January 2010. These changes will apply, in particular, to the place of supply of cross border business to business (B2B) services. As well as changing the place of supply of certain B2B services, the new rules will also involve additional administrative burdens for persons providing cross border supplies of B2B services.Thu, 26 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/25-eu-commission-proposal-for-a-directive-on-aifm-swedish-presidency-compromise-proposalOn 12 November 2009 the Swedish Presidency published a compromise proposal for the draft EU Directive on Alternative Investment Fund Managers (published by the EU Commission on 30 April 2009). This note analyses the key changes to the original draft of thWed, 25 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0055-proposed-changes-to-the-hong-kong-code-on-unit-trusts-and-mutual-fundsSimmons & Simmons partner Rolfe Hayden talks to lawyer Eva Chan about the proposed changes published in the recent SFC Consultation Paper in relation to the Hong Kong Code on Unit Trusts and Mutual FundsTue, 24 Nov 2009 08:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/11-oversight-november-2009-consultation-on-the-regulation-of-intermediary-conduct-and-selling-practicesFollowing on from Oversight October 2009, we look at the Hong Kong Securities and Futures Commission's (SFC) proposed changes to enhance the conduct of SFC licensed persons in the sale of investment products.Wed, 11 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/10-privilege-how-far-can-in-house-lawyers-share-information-with-the-businessThis article examines the extent to which in house lawyers are able to communicate with business in a variety of contexts. It addresses the critical question of when communications will or will not be protected by privilege, both legal advice privilege aTue, 10 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0051-an-introduction-to-exchange-traded-fundsSimmons & Simmons partner Ian Rogers talks to Bill McIntosh, editor of The Hedge Fund Journal, about the key issues for market participants. As ETFs increase in popularity, portfolio management strategies are shifting from active to passive management. This podcast addresses why ETFs are such an important investment tool, how to go about getting a listing for an ETF, the evolution of European versus US ETFs, and how ETFs can be used by hedge funds.Thu, 05 Nov 2009 08:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/5-financial-services-alerter-october-2009Issue 22 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 05 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-financial-services-alerter-october-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for October 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Thu, 05 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/2-short-positions-in-delta-lloyd-n-v-to-be-disclosedAs of 03 November 2009 Delta Lloyd N.V. will be listed on Euronext Amsterdam.Mon, 02 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-new-french-rules-on-the-disclosure-of-economically-equivalent-financial-instrumentsFrom 01 November 2009, investors in shares listed on NSYE Euronext Paris have an additional notification obligation in relation to financial instruments that are `economically equivalent` to shares.Mon, 26 Oct 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/23-oversight-october-2009-consultation-on-proposed-amendments-to-the-code-on-unit-trusts-and-mutual-fundsOn 25 September 2009 the Hong Kong Securities and Futures Commission issued the consultation paper, `Proposals to Enhance Protection for the Investing Public`.Thu, 22 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/21-lbie-update-ruling-on-post-administration-money-received-by-lbieKey issues and implication of Mr Justice Briggs` judgment in relation to post administration cash proceeds received by Lehman Brothers International (Europe).Tue, 20 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/13-new-italian-class-actionThe Italian Parliament recently issued new rules on collective class actions for damages, amending previous regulations (article 140-bis Legislative Decree 206 of 06 September 2005).Mon, 12 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/13-new-consob-rules-for-financial-disputes-between-investors-and-financial-intermediariesFollowing a spate of recent financial crises, new financial rules have been introduced in Italy in order to offer a more efficient and straightforward way of protecting investors from breaches of information, transparency and fairness rules.Mon, 12 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/9-sfc-consultation-paper-to-enhance-protection-for-the-investing-public-a-digestThis article examines the recent SFC consultation paper surrounding the regulation of the sale of unlisted retail investment products to the Hong Kong investing public.Thu, 08 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/8-financial-services-alerter-september-2009Issue 21 of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 07 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/8-financial-services-alerter-september-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for September 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Wed, 07 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0045-hedge-funds-managed-accountsSimmons & Simmons partner Tim Pearce talks to Richard Tomlinson about the move to the use of managed accounts within the hedge fund industry, and to introduce some of the key topics for both investors and managers. Tue, 06 Oct 2009 09:44:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/25-new-act-on-executive-pay-in-forceOn 05 August 2009, the Act on reasonable remuneration of management board members came into force.Thu, 24 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-placement-and-marketing-of-complex-financial-products-in-portugalA new regulation in Portugal introduces a new regulatory regime relevant to the placement and marketing of complex financial products by financial intermediaries to non qualified investors in Portugal.Mon, 21 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-eu-commission-proposal-for-a-directive-on-aifm-key-issues-for-investors-in-hedge-funds-and-funds-of-hedge-fundsBriefing paper providing an overview of the main issues for investors in hedge funds and funds of hedge funds arising from the draft EU Directive on Alternative Investment Fund Managers (AIFMD) which was published on 30 April 2009.Sun, 06 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/2-financial-services-alerter-august-2009Issue twenty of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 01 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/2-financial-services-alerter-august-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for August 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Tue, 01 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0033-etfs-recent-developmentsSimmons & Simmons lawyer Eva Chan talks to partner Rolfe Hayden about recent developments in exchange traded funds in Hong Kong. Tue, 18 Aug 2009 13:47:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0032-fsa-remuneration-codeSimmons & Simmons employee benefits lawyer Richard Pilsworth talks to employment partner Philip Bartlett about the impact that the UK Financial Services Authority's remuneration code will have on the bonus culture and the changes it will require. Mon, 17 Aug 2009 13:42:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-cesr-s-advice-regarding-the-key-information-document-for-ucits-ivA summary of CESR`s consultation on technical advice at level two on the format and content of Key Information Document (KID) disclosures for UCITSThu, 06 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-consultation-on-introducing-a-protected-cell-regime-for-oeicsHM Treasury consults on protected segregated liability between sub funds of UK Open Ended Investment Companies (OEICs)Thu, 06 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-european-commission-consultation-on-the-ucits-depositary-functionThe Commission consults on the legal framework applying to UCITS depositariesThu, 06 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-cesr-s-advice-on-risk-measurement-when-calculating-ucits-global-exposureSummary of CESR`s technical advice at Level two on risk measurement for the purposes of the calculation of UCITS global exposure.Thu, 06 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-cesr-s-technical-advice-to-the-european-commission-on-the-level-2-measures-relating-to-the-ucits-management-company-passportCESR has provided the European Commission with technical advice relating to the introduction of the UCITS management company passport under UCITS IVWed, 05 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-fsa-consultation-on-amendments-to-collThe FSA has published CP 09/20, inclusding consultation on certain amendments to to the Collective Investment Scheme Sourcebook (COLL)Wed, 05 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/5-financial-services-alerter-july-2009Issue nineteen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 04 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-financial-services-alerter-july-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for July 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Tue, 04 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/28-oversight-july-2009-consultation-on-enhancement-of-the-aml-regime-of-the-financial-sectorOn 09 July 2009, the Financial Services and the Treasury Bureau of Hong Kong issued a consultation paper to gauge public views on the conceptual framework of the legislative proposal to enhance the anti money laundering regulatory regime in respect of the financial sector in Hong Kong. This article provides an overview of the proposed legislation and its potential Implications on the operations of financial institutions.Mon, 27 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/24-new-rules-for-executive-pay-adopted-in-the-act-on-reasonable-remuneration-of-management-board-membersOn 18 June 2009 the Lower House of German Parliament, the Bundestag, approved the Act on reasonable remuneration of board members (Gesetz zur Angemessenheit der Vorstandsvergütung - VorstAG). Management board members` remuneration is now to be more closely linked to the ongoing development of the company.Thu, 23 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/24-hedgefund-intelligence-a-cautionary-taleA recent European Union trade mark decision highlights the importance for hedge funds and other businesses in the finance and investment world of effective clearance checks and taking expert trade mark advice when adopting names for funds or other new vehThu, 23 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-csrc-issued-rules-on-business-scope-of-securities-companiesCSRC issued the Interim Provisions on the Approval of the Business Scope of Securities Companies.Tue, 21 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-enforceable-and-fair-when-a-term-sheet-becomes-legally-bindingA recent credit crunch case affirms the tests for determining the intention to create contractual relations and the tests for fairness in the Unfair Contract Terms Regulations and Consumer Credit Act.Mon, 13 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20090713-regulatory-challenges-and-opportunities-for-hedge-funds-in-the-us-and-europeMaterials from a seminar hosted in New York by Simmons & Simmons and Seward & Kissel LLP.Sun, 12 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/9-financial-services-alerter-june-2009Issue eighteen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 08 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-financial-services-alerter-june-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for June 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Sun, 05 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/Financial-Markets-Conference-CallsAudio recordings and materials from recent telephone conference calls hosted by Simmons & Simmons for clients active in financial markets.Thu, 02 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/2-oversight-july-2009-future-hedge-fund-regulation-in-the-eu-and-its-impact-on-hong-kong-and-singapore-fund-managersOn 30 April 2009 the European Commission, the executive body of the 27 Member State European Union, published the final text of a draft EU Directive on Alternative Investment Fund Managers. This article briefly explains the major issues under the Directive and some of the relevant consequences.Wed, 01 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/25-funds-get-windfall-from-ecjWithholding taxes took another battering in the European Court of Justice in Aberdeen Property Fininvest Alpha Oy (ECJ, 18 June 2009). In a decision which will be welcomed by investment funds throughout the EU and their investors, the ECJ has ruled that Finland breached EU law by imposing withholding tax on dividends paid to non resident parent companies, whilst exempting Finnish resident parent companies and investment funds.Wed, 24 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/24-eu-commission-proposal-for-a-directive-on-aifm-key-issues-for-us-managers-of-hedge-funds-and-funds-of-hedge-fundsOn 30 April 2009 the EU Commission published the final text of a draft EU Directive on Alternative Investment Fund Managers. While the Directive will apply primarily to any AIFM established in an EU Member State, it will also apply to the marketing of AIFTue, 23 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-iosco-task-force-issues-final-report-on-short-sellingOn 19 June 2009 IOSCO published its final report on the regulation of short selling.Mon, 22 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/12-oversight-june-2009-hong-kong-and-taiwan-allow-mutual-recognition-of-etfsOn 22 May 2009, the Securities and Futures Commission of Hong Kong and the Financial Supervisory Commission of Taiwan signed a side letter, complimenting a bilateral Memorandum of Understanding signed between the parties in 1996, to facilitate the cross listing of exchange traded funds between the stock exchanges of Taiwan and Hong Kong.Thu, 11 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/9-financial-services-alerter-may-2009Issue seventeen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 08 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/4-financial-services-alerter-may-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for May 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Wed, 03 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/1-federal-government-stricter-duties-on-supervisory-board-concerning-reasonable-executive-salariesOn 12 March 2009, at the initiative of the Federal Ministry of Justice (Bundesjustizministerium) the Federal Government resolved official wording relating to executive pay in commercial and stock corporation law which is to be introduced as a draft bill and adopted before the parliamentary summer recess.Sun, 31 May 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0018-share-disclosure-and-short-sellingSimmons & Simmons partner Sarah Bowles and fellow partner Darren Fox discuss issues and latest developments in navigating the international regulation of share disclosure and short selling. Fri, 29 May 2009 11:34:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/29-changes-to-the-dutch-short-selling-regimeSummary of changes to the Dutch short selling regime with effect from 01 June 2009 resulting in a termination of the ban on short selling financial issuers and amendment of the short position disclosure regime.Thu, 28 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-cfds-and-leveraged-fx-transactions-the-cecei-and-the-amf-issue-a-joint-warning-to-investorsThe AMF and the CECEI have issued a joint warning to the public with respect to unsolicited marketing activities relating to CFDs and leveraged FX transactions.Tue, 26 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-commission-proposal-for-a-directive-on-alternative-investment-fund-managersOn 30 April 2009 the European Commission published the final text of a proposal for an EU Directive on AIFM. This article provides a detailed analysis of the Directive, supplementing an earlier article on elexica.Mon, 25 May 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0014-aifm-directive-the-impact-for-hedge-fundsSimmons & Simmons partner Richard Perry talks to fellow partner Darren Fox about the potential consequences for the hedge fund industry of the draft European directive on alternative investment fund management. Tue, 12 May 2009 16:02:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/12-financial-services-alerter-april-2009Issue sixteen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-financial-services-alerter-april-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for April 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/1-commission-publishes-proposal-for-a-directive-on-alternative-investment-fund-managersThe European Commission has published the final text of a draft proposed European Directive on AIFM. The Directive will apply to any AIFM established in an EU Member State which provides management and administration services to one or more AIFs.Thu, 30 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-french-supreme-court-confirms-amf-s-position-regarding-the-obligations-of-ucits-depositariesThe French Cour de Cassation has confirmed the decision of the AMF in connection with the liability of a depositary to return assets to a fund when the depositary has delegated custody of the assets to a third party.Tue, 28 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/29-amf-clarification-of-declaration-obligations-in-relation-to-long-positionsThe AMF has published clarification on the new disclosure rules in France.Tue, 28 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-amf-notice-concerning-strict-liability-for-depositariesAutorité des Marchés Financiers (AMF) Order upheld requiring depositaries to return securities placed in safekeeping with Lehman Brothers International (Europe) to hedge funds for which they were custodians.Wed, 22 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/20-changes-applicable-to-ucits-registered-in-italyDetails of changes to the marketing of UCITS in Italy and a new definition of qualified investor.Sun, 19 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-guidance-on-electronic-transfer-of-investment-fund-units-confirmed-by-fsaFollowing changes to the law allowing for the electronic transfer of shares, the FSA has confirmed guidance issued by the IMA to facilitate the transfer and redemption of units held in an AUT or shares held in an OEIC.Sun, 19 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-fsa-lifts-restrictions-on-umbrella-firms-with-single-sub-fundFSA lifts requirement to launch second sub fund under an umbrella scheme within 24 months of first sub fund with effect from 06 August 2009.Thu, 16 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/15-financial-services-alerter-march-2009Issue fifteen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 14 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/15-financial-services-alerter-march-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for March 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Tue, 14 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/9-the-turner-report-an-at-a-glance-guideGuide to the main points arising from the Turner Review, published by the Financial Services Authority on 18 March 2009, and the regulatory agenda contained in it.Wed, 08 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/31-asian-bankers-counsel-poll-2009Simmons & Simmons has sponsored the Asian Bankers` Counsel Poll, published by IFLR. Designed with input from a committee of senior inhouse counsel from some of the world`s largest banks, peers at international banks with an Asian presence were surveyed onMon, 30 Mar 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/30-taxation-of-hedge-funds-in-the-ukThis article examines the current UK taxation treatment of hedge funds, ie offshore funds pursuing alternative investment strategies. The success of the UK as a hedge fund centre has been due as much to the approach taken by the UK Government to tax as to regulation. This is most recently shown by the introduction of regimes that will permit the establishment of UK authorised funds that are funds of hedge funds or follow a quasi hedge fund investment policy.Sun, 29 Mar 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/23-oversight-march-2009-selling-in-hong-kong-suitability-obligationsIn the wake of the Lehman Minibonds crisis in Hong Kong, the Hong Kong Securities and Futures Commission has turned its attention to the duty of intermediaries to ensure investment products are suitable for investors. This newsletter provides an analysis of what is required of intermediaries - be they banks, brokers or fund managers and advisers - when recommending investment products to their clients, and offers some practical guidance on how best to comply with the suitability obligations.Mon, 23 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/20-iosco-task-force-issues-final-report-on-hedge-funds-oversightOn 22 June 2009, further to its March 2009 consultation paper on this topic, IOSCO published its final report on hedge funds oversight.Fri, 20 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-fsa-s-telephone-taping-rules-an-overviewOverview of the FSA`s rules on the recording of telephone conversations and electronic communications.Tue, 17 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/16-navigating-the-international-regulation-of-short-sellingChecklist of points to note for anyone attempting to get to grips with short selling restrictions internationally. Mon, 16 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0003-bonus-debate-german-executive-paySimmons & Simmons partner Hans-Hermann Aldenhoff talks to colleague Alison Marriott about the current debate in Germany on executive remuneration and bonuses and why German employment law needs to get more flexible when it comes to top earners. Wed, 11 Mar 2009 11:32:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-february-2009Issue fourteen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 06 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-financial-services-alerter-february-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for February 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Fri, 06 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-new-cfd-disclosure-rules-from-01-june-2009Summary of rule changes with effect from 01 June 2009, which extended the scope of the FSA`s substantial shareholding disclosure regime to cover holdings in the shares of a UK listed company through contracts for differences (CFDs) and other cash settledFri, 06 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-opportunities-for-hedge-fund-managers-why-ucitsThe level of interest in the use of absolute return and other `alternative` strategies in a UCITS environment from both alternative and long only managers has increased significantly in recent times. The UCITS regulatory framework is opening new distributTue, 03 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-disclosure-rules-in-france-the-long-and-the-short-of-itDisclosure obligations in relation to long and short positions in France.Thu, 26 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/10-the-state-of-play-for-retail-investment-products-in-hong-kongThis article provides an overview on the current structure under which retail notes and equity linked investments are offered and discusses the practical steps that should be followed by issuers in light of the SFC`s circular (03 October 2008) and press rTue, 10 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/10-madoff-any-deep-pockets-in-the-ukThis article looks at whether the Madoff fraud will result in claims against UK professionals.Tue, 10 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-january-2009Issue thirteen of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Fri, 06 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-financial-services-alerter-january-2009-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for January 2009. It covers relevant developments which are not necessarily covered in other sections of the service.Thu, 05 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-treasury-committee-evidence-hearing-on-the-role-of-hedge-funds-in-the-banking-crisisOn Tuesday 27 January, the UK House of Commons` Treasury Committee met to hear evidence on the role of hedge funds in the ongoing banking crisis.Wed, 28 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-liability-of-a-ucits-depositaryThere has been some concern raised that the alleged fraud perpetrated by Bernard L Madoff Investment Securities LLC has exposed a regulatory gap in the obligations and liabilities of depositaries/custodians of UCITS in relation to assets held by sub custoMon, 19 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/16-european-parliament-approves-ucits-ivOn 13 January 2009, the European Parliament voted to approve the text of UCITS IV, a Directive designed to codify successive changes to the UCITS I Directive (85/611/EEC) since it was introduced in 1985 and improve the current EU legislative framework forFri, 16 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-the-future-of-prime-brokerage-in-the-ukThis article considers a number of practical issues for hedge funds arising as a result of the Lehman insolvency, as well as the steps currently being taken to address the deficiencies of the prime brokerage model, with a view to setting it on an even keeWed, 14 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/12-financial-services-alerter-december-2008Issue twelve of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 12 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-financial-services-alerter-december-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for December 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 12 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-fsa-expands-approved-persons-regimeOn 27 July 2009, following its consultation on proposed changes to its approved persons regime, the FSA issued a policy statement confirming the changes, which came into effect on 06 August 2009.Tue, 06 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/3-financial-services-alerter-november-2008Issue eleven of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 03 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/2-financial-services-alerter-november-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for November 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Tue, 02 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/28-short-selling-in-hong-kong-no-change-plannedThis article examines the recent rumours that there may be new restrictions on short selling in Hong Kong. The overall message appears to be that there is no imminent change planned.Fri, 28 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/18-financial-services-alerter-october-2008Issue ten of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 18 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/11-financial-services-alerter-october-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for October 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Tue, 11 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-consultation-commences-on-massive-changes-to-french-share-threshold-disclosure-regimeOn 23 October 2008 the AMF issued, for consultation, a report prepared by a working group chaired by Bernard Field. If implemented into French law, the proposals contained in the report would cause a massive change to the current French disclosure rules.Mon, 27 Oct 2008 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/3-financial-services-alerter-september-2008Issue nine of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 02 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/3-oversight-september-2008-hong-kong-and-australia-allow-mutual-recognition-of-retail-fundsThe Hong Kong Securities and Futures Commission and the Australian Securities and Investments Commission have recently signed a Declaration on Mutual Recognition of Cross Border Offering of Collective Investment Schemes to facilitate the sale of Australian retail funds to investors in Hong Kong and vice versa.Thu, 02 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-financial-services-alerter-september-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for September 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Thu, 02 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/30-21st-century-vat-reform-of-the-vat-regime-for-financial-servicesThe European Commission has put forward its proposals for reforming the antiquated EU VAT regime for the financial services sector. The reforms are aimed at creating greater legal certainty for operators within the sector, ensuring a consistent cross border application of the VAT rules and allowing businesses to manage the impact of non deductible VAT on their activities.Mon, 29 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-austrian-short-selling-restrictionsAs a reaction to the latest market turmoil, the Austrian Financial Markets Authority issued a circular letter in order to curtail short selling on Monday, 22 September 2008.Thu, 25 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/25-asia-financial-institutions-sector-cpd-day-25-september-2008The Asia Financial Institutions Sector CPD Day was held on 25 September 2008 at Simmons & Simmons` Hong Kong office. This one day conference comprised eight sessions, focusing on a range of topical legal issues relevant to financial institutions in Asia.Wed, 24 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/23-investment-management-and-residual-input-vatThe VAT tribunal agreed with HMRC that the standard method of apportionment (based on turnover) for residual input VAT is appropriate for an investment management business and should not, on the particular facts, be displaced by an expenditure based method.Mon, 22 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/22-short-sales-ban-on-uncovered-positions-and-disclosure-of-short-positions-relating-to-securities-in-the-financial-sectorThe AMF has introduced a ban on uncovered positions, as well as a new disclosure requirement in relation to net short positions. Please see set out below the full translated text of the AMF`s press release.Sun, 21 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-the-fsa-s-disclosure-regime-for-short-positions-in-the-shares-of-quoted-uk-financial-companiesThis article provides an overview of the rules introduced by the FSA in September 2008 concerning short selling in relation to the shares of publicly quoted financial companies, as well as answers to a number of additional questions.Thu, 18 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/4-financial-services-alerter-august-2008Issue eight of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 03 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-financial-services-alerter-august-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for August 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Tue, 02 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/6-financial-services-alerter-july-2008Issue seven of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Tue, 05 Aug 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-financial-services-alerter-july-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for July 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 04 Aug 2008 23:00:00 GMThttp://www.elexica.com/en/Resources/Microsite/Credit-Rating-AgenciesIt is widely believed that the process for rating structured finance products contributed to the global financial crisis, leading to calls for increased scrutiny of credit rating agencies. This microsite provides access to the materials on this topic being produced internationally. Wed, 30 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/24-fund-management-fees-and-vatThe Finance Act 2008 contains provisions which come into force on 01 October 2008 and are intended to make the UK VAT regime compliant with decisions of the European Court of Justice in JP Morgan Claverhouse and other cases. However, the scope of these changes is not limited to asset managers who provide fund management services to UK authorised funds and investment trusts but will affect the position of managers of particular categories of overseas funds.Wed, 23 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/17-oversight-july-2008-second-issue-sfc-and-hkex-streamline-admission-procedures-for-exchange-participantsThe Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited have recently announced a relaxation of the admission procedure for exchange participants on The Stock Exchange of Hong Kong Limited and The Hong Kong Futures Exchange Limited as well as a relaxation of the registration procedure for exchange participants` staff members and substantial shareholders.Wed, 16 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/10-oversight-july-2008-first-issue-sfc-revises-advertising-guidelines-for-authorised-fundsThis article focuses on the major changes set out in the standalone set of revised advertising guidelines applicable to all SFC authorised schemes and their implications for the fund industry in Hong Kong.Wed, 09 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/10-the-fsa-s-disclosure-regime-for-short-positions-in-the-shares-of-companies-pursuing-rights-issuesOverview of the rules introduced by the FSA in June 2008 regarding public disclosure of short positions in the shares of listed issuers pursuing a rights issue.Wed, 09 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/7-financial-services-alerter-june-2008Issue six of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Sun, 06 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-financial-services-alerter-june-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for June 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Wed, 02 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/18-monitoring-committee-makes-proposals-to-amend-dutch-corporate-governance-codeThe Dutch Corporate Governance Code has proved to be a valuable self regulation tool for the management and supervisory board members and shareholders of Dutch listed companies. In order for the Code to remain up to date, it should be amended in line with developments in the field of corporate governance.Tue, 17 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/13-oversight-june-2008-electronic-submission-of-financial-returns-by-licensed-corporationsThe Securities and Futures Commission (SFC) issued a consultation paper on electronic submission of financial returns proposing to require all corporations licensed to carry on regulated activities under the Securities and Futures Ordinance to submit their financial returns electronically. Subsequent to public consultation, the SFC published its conclusions which were to proceed with its proposal. The new system will come into effect on 01 November 2008.Thu, 12 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/3-financial-services-alerter-may-2008Issue five of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 02 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-financial-services-alerter-may-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for May 2008. It covers relevant developments which are not necessarily covered in other sections of the service.Mon, 02 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/30-oversight-april-2008-consultation-on-e-prospectuses-for-public-offers-of-companies-and-fundsThe SFC and the SEHK have jointly issued the Joint Consultation Paper on the Proposal to allow a Companies Ordinance Offeror to issue a CO Paper Application Form for Shares in or Debentures of a Company to be listed on SEHK and a CIS Offeror to supply a CIS Paper Application Form for Interests in an SFC authorised CIS to be listed on SEHK, with a Listing Document Displayed on Certain Websites.Thu, 29 May 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/30-oversight-may-2008-consultation-paper-on-exemption-of-etfs-from-part-xv-of-the-sfoWith a view to developing Hong Kong as Asia`s leading Exchange Traded Fund market, the Securities and Futures Commission proposes to amend the Guidelines for the Exemption of Listed Corporations from Part XV of the Securities and Futures Ordinance (Disclosure of Interests) (Guidelines) to extend the scope of exemption in the Guidelines to cover SFC authorised open ended collective investment schemes which are in corporate form and listed on the SEHK.Thu, 29 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/16-overview-of-us-president-s-working-group-hedge-fund-best-practicesProvides a brief overview of the hedge fund best practices contained in two reports which were published on 15 April 2008 by separate committees established by the US President`s Working Group on Financial MarketsThu, 15 May 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/2-financial-services-alerter-april-2008Issue four of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 01 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/2-financial-services-alerter-april-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for April 2008. It covers significant UK, EU and international developments of relevance to the funds community.Thu, 01 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-fund-marketing-why-achieving-harmonisation-is-a-deeply-complex-businessThis article gives an outline of the key considerations which any marketing entity (whether the manager of the fund or other distributor) should consider before approaching investors in a particular jurisdiction.Tue, 29 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/3-financial-services-alerter-march-2008Issue three of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Wed, 02 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/3-financial-services-alerter-march-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for March 2008. It covers significant UK, EU and international developments of relevance to the funds community.Wed, 02 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/1-replacement-of-the-amf-s-13-criteriaFurther to the Adhémar report, the AMF has issued its new simplified investment criteria for determining whether or not a hedge fund is eligible for investment by a French fund of funds. This article sets out the four replacement criteria.Mon, 31 Mar 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/10-financial-services-alerter-february-2008Issue two of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Mon, 10 Mar 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-financial-services-alerter-february-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for February 2008. It covers significant UK, EU and international developments of relevance to the funds community.Thu, 06 Mar 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/29-regulated-funds-update-funds-of-alternative-investment-funds-faifsThe FSA has now issued feedback and further consultation on its proposals for FAIFs and HM Revenue & Customs has indicated it will introduce rules designed to achieve tax neutrality for the product. It is a mixed bag of proposals – some welcome and some nFri, 29 Feb 2008 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/19-oversight-february-2008-hong-kong-sfc-consultation-paper-on-pre-vetting-of-cis-advertisementsSFC consultation paper on pre vetting of CIS advertisements.Tue, 19 Feb 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/15-fsa-adopts-new-cold-calling-approach-to-market-abuse-casesIt has been reported that the Financial Services Authority is using a new tactic in its policing of the markets in relation to suspected insider dealing and market abuse. The FSA has been `cold calling` traders and investors it suspects of potential markeFri, 15 Feb 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/8-public-offer-timetableTime path for the course of a public offer based on new Dutch regulation implemented by means of the Decree on Public Takeover Bids (Besluit openbare biedingen Wft/BOB).Fri, 08 Feb 2008 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-services-alerter/31-financial-services-alerter-january-2008Issue one of regular bulletin providing brief details of significant legal and regulatory developments of relevance to the fund management and investment banking communities.Thu, 31 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/26-financial-services-alerter-january-2008-funds-related-developmentsThis is the `Funds related developments` section of Financial Services Alerter for January 2008. It covers significant UK, EU and international developments of relevance to the funds community.Sat, 26 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/18-the-uk-financial-services-authority-getting-and-staying-authorisedA guide for investment advisors and managers.Fri, 18 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-convergence-of-ucits-and-hedge-fund-strategiesThis article looks at how convergence is now possible and how some features of hedge fund management (eg derivatives, short selling and prime brokerage) might be used to develop hedge fund-like strategies in UCITS.Thu, 17 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/28-dutch-takeover-bid-actThe Dutch Takeover Bid Act became law on 28 October 2007. It implements the EU directive on public takeovers and introduces new rules relating to the public bid process in the Netherlands.Fri, 28 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-arbitration-clauses-fiona-trust-v-fili-shipping-company-limitedThere will, from now on, be a strong presumption that where an agreement contains an arbitration clause, commercial parties intend any dispute arising out of that relationship to be decided by the arbitrator.Fri, 07 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/3-oversight-december-2007-the-sfc-and-ucits-iii-in-hong-kongThe SFC and UCITS III in Hong KongMon, 03 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-establishing-a-ucits-in-selected-jurisdictionsPrincipal key features and timings of establishing a UCITS in Ireland, Luxembourg and the UK.Fri, 23 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-ucits-clarification-of-eligible-assetsA brief discussion of some of the key areas of the new Eligible Assets Directive.Fri, 23 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/23-convergence-for-hedge-fund-managers-recent-developments-in-ucitsThis article looks at how convergence is now possible and how some features of hedge fund management are being used to develop hedge fund like strategies in UCITS.Fri, 23 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/13-the-capital-guide-to-reits-in-asiaMarket Overview: Hong KongTue, 13 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/8-asian-bankers-counsel-poll-2007The report is highly relevant to everyone working in the financial institutions sector in Asia. It highlights counsels` views on recent trends in the Asian markets, ranging from the risks associated with structured products, to disclosure standards of ChiThu, 08 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-the-litigation-risk-in-selling-structured-products-to-hnwisThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The session focused on investigating the litigation risks in selling structured products to the retail market.Fri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-setting-up-funds-in-hong-kong-and-singaporeThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The talk covered: regulatory issues for the manager establishing an office in either Hong Kong or Singapore; overview of the tax issues for the manager establishiFri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-alternative-strategies-in-ucits-130-30-and-all-thatThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The session looked at ways in which UCITS can take advantage of alternative strategies including a practical look at 130/30 and how it works in a UCITS environmenFri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/6-listing-venues-for-closed-end-hedge-fundsThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The talk covered: an update on the latest proposals to revise the regime for listing closed end funds on the London Stock Exchange under Chapter 15 of the ListingFri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/4-financial-institutions-cpd-day-hong-kong-04-october-2007The Financial Institutions CPD Day was held on 04 October 2007 at our Hong Kong office. The one day conference contained five seminars, focusing on a range of topics relevant to financial institutions in Asia.Wed, 03 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-certainty-of-oral-tradingThe High Court held in July 2007 that the market practice of agreeing trades over the telephone creates a binding contract even though the documentation for the trade is to follow and even though the detailed terms to apply to the trade have not been agreThu, 06 Sep 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-london-specialist-fund-market-new-listing-venue-for-hedge-funds-and-private-equity-fundsClient briefing paper discussing the new London Stock Exchange dedicated market for issuers of specialist funds which is due to go live on 1 November 2007.Thu, 06 Sep 2007 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/24-oversight-august-2007-relaxation-of-qdii-scheme-rulesThe article provides an analysis on the relaxation of QDII scheme rules and discusses whether these changes will start a new wave of investment out of PRC.Thu, 23 Aug 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/6-uk-investment-manager-exemption-revised-statement-of-practiceHM Revenue & Customs has published its revised Statement of Practice 1/01 on the application of the investment manager exemption, the long awaited replacement to the original SP, which itself largely repeated guidance from 1995.Sun, 05 Aug 2007 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/6-oversight-june-2007-licensing-of-hedge-fund-managers-sfc-pilot-programAn analysis of the Securities and Futures Ordinance which governs the regulation and licensing of hedge fund managers and investment advisers.Thu, 05 Jul 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-courts-affirm-certainty-of-oral-trading-bear-stearns-bank-plc-v-forum-global-equity-limitedIn a significant case decided yesterday the concept of `a trade is a trade` received judicial endorsement for the first time.Thu, 05 Jul 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/29-vat-and-management-of-investment-trust-companiesThe ECJ has held that the UK does not have a free hand to determine the identity of `special investment funds` for the purposes of exempting from VAT management fees, but must have regard to the overriding principles of fiscal neutrality and treat like funds in the same way. In addition, the ECJ has suggested that investment trust companies in the UK should be treated on an equal footing with authorised unit trusts and OEICs and benefit from the VAT exemption.Thu, 28 Jun 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/12-hong-kong-sfc-licensing-requirements-changesOn 11 June 2007 the Hong Kong Securities and Futures Commission (SFC) released a circular to explain how the SFC intends to streamline the process for licensing overseas fund managers, and the key factors it will consider when exercising its discretion toMon, 11 Jun 2007 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/8-oversight-april-2007-qualified-foreign-institutional-investor-regulationsNew qualified foreign institutional investor (QFII) regulations mark further liberalisation of China`s capital markets.Mon, 07 May 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/2-130-30-the-next-big-thing-for-ucitsThis note describes the use of limited shorting techniques in the form of `130/30` strategies and discusses whether and, if so, how the strategy can be accommodated within a UCITS product offering.Tue, 01 May 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-regulated-funds-update-ucits-clarification-of-eligible-assetsThe recent EU Commission Eligible Assets Directive provides welcome clarification on what constitutes eligible assets for investment by a UCITS.Thu, 26 Apr 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-update-on-hedge-fund-regulations-in-spainThis article assesses the impact of the amendments to Spanish hedge fund regulations published in March 2007, and February`s relaxation of investment restrictions on hedge funds for insurance entities.Mon, 16 Apr 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-hedge-funds-in-france-new-developmentsThe Autorité des Marchés Français, the French financial markets regulator, has recently published new rules and guidance on the forms of investment vehicle introduced by the Financial Securities Law of 01 August 2003.Mon, 16 Apr 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-disclosure-fsma-section-348-real-estate-opportunities-limited-v-aberdeen-asset-managers-jersey-limitedTranscripts of interviews taken by the FSA as part of an investigation were discloseable in subsequent litigation. They were not covered by the provisions of section 348 of FSMA.Tue, 20 Mar 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/12-contract-construction-chartbrook-limited-v-persimmon-homes-limitedThe `private dictionary` exception to the general exclusion of evidence relating to parties` precontractual negotiations when construing a contract is limited to cases where the word or phrase in issue is not expressly defined in the contract.Mon, 12 Mar 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-arbitration-agreements-bribery-fiona-trust-and-holding-corporation-v-privalovArbitration clauses in international commercial contracts should be liberally construed. In this case the clause was wide enough, on its true construction, to encompass a dispute as to whether the contract of which it was part had been rescinded on the bTue, 06 Feb 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/16-hedge-fundsThis article outlines the principal issues which will determine the structure of a hedge fund.Tue, 16 Jan 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-establishing-an-office-in-hong-kongA look at some of the legal issues for asset managers and investment advisers.Fri, 05 Jan 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-private-equityThe FSA has published discussion paper 06/6 on the private equity market.Tue, 05 Dec 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-banking-experts-j-p-morgan-chase-bank-v-springwell-navigation-corpWhere an expert report effectively dealt solely with a question of law, it would be excluded from evidence. In a case such as this, the parties could be expected to agree, so far as possible, issues which would otherwise have to be dealt with by way of eMon, 06 Nov 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-restitution-deutsche-morgan-grenfell-group-plc-v-inland-revenue-commissionersTax had been paid under a mistake of law, the mistake had not been discovered until a ruling by the European Court of Justice and the taxpayer was entitled to rely on the extended limitation period provided under section 32(1)(c) of the Limitation Act 198Mon, 30 Oct 2006 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/23-oversight-october-2006-prospectus-regime-sfc-conclusionsThe Securities and Futures Commission has issued its consultation conclusions on possible reforms to the Prospectus Regime in the Companies Ordinance.Sun, 22 Oct 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-ten-things-every-fsa-regulated-hedge-fund-manager-should-know-about-mifidThe Markets in Financial Instruments Directive (MiFID) will have a significant impact on day to day business and this note identifies some of the most important issues for hedge funds managers.Wed, 18 Oct 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/19-new-llp-sorpThe new statement of recommended accounting practice for LLPs issued on 31 March 2006 raises issues including the consequences of members` capital being treated as debt.Wed, 18 Oct 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/17-the-fsa-and-industry-guidance-on-side-lettersNext steps for managers following AIMA`s industry guidance.Mon, 16 Oct 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-the-enforcement-review-continuing-workThe Financial Services Authority has published its enforcement annual performance account for 2005/06. The enforcement process review, which reported in July 2005, made a total of 44 recommendations in relation to the FSA`s enforcement process. This is thMon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-progress-towards-principles-based-regulationThe Financial Services Authority (FSA) has published its Better Regulation Action Plan progress report. The latest report identifies some of the progress made in the last six months.Mon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-treating-customers-fairlyThe latest paper arising out of the Financial Services Authority’s treating customers fairly initiative has just been published. It contains a number of key messages. Most importantly, it identifies the six improved outcomes for retail consumers which theMon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-the-markets-in-financial-instruments-directive-mifid-enforcement-issuesThe Financial Services Authority has published CP 06/14 `Implementing MiFID`. Chapter 7 of this Consultation Paper deals with enforcement and regulatory co-operation.Mon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-the-financial-services-authority-enforcement-conferenceThe speeches given by John Tiner and Margaret Cole at the recent FSA enforcement law conference contain one or two interesting insights, particularly in relation to the use of settlements.Mon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-market-abuse-and-suspicious-transaction-reportingThe Financial Services Authority has published Issue 16 of its Market Watch bulletin. It deals with, amongst other things, market abuse and suspicious transaction reporting and includes a selection of `no names` examples of suspicious transactions reportsMon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-fsa-publishes-feedback-on-fund-disclosures-to-retail-clientsThe Financial Services Authority has published its policy statement PS06/5: `Bundled Brokerage and Soft Commission Arrangements for Retail Investment Funds – feedback on CP05/13`.Mon, 04 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/28-money-laundering-injunctions-k-limited-v-national-westminster-bank-plcWhere a bank suspected that money in a client`s account was criminal property, a court should not compel the bank by interim injunction to comply with its customer`s payment instructions.Thu, 27 Jul 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/7-closed-end-uk-listed-hedge-funds-ukla-s-review-of-the-uk-listing-rules-for-investment-fundsThe UKLA is proposing to relax the UK listing rules to allow, for the first time, a wider range of closed-end investment funds to obtain a listing, including closed-end hedge funds.Thu, 06 Jul 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/5-publication-of-the-investment-restrictions-to-be-applied-to-the-new-french-alternative-fund-vehiclesThe Autorité des Marchés Financiers (AMF) has issued a document summarising the position of alternative management in French and setting out the proposed investment restrictions for the new French alternative fund vehicles. This article provides an EnglisTue, 04 Jul 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-banks-duty-of-care-freezing-injunctions-her-majesty-s-commissioners-of-customs-excise-v-barclays-bankA bank notified of a freezing order does not owe to the party who obtained the order a duty to take reasonable care to comply with the terms of the order.Wed, 28 Jun 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-r-v-saikCriminal Law - Conspiracy - Money Laundering - a defendant was not guilty of a conspiracy to launder money where he suspected, but did not know, that the money in question was the proceeds of crime. Suspicion was sufficient for the substantive offence butThu, 15 Jun 2006 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/5-oversight-may-2006-reit-regime`Frequently Asked Questions about SFC Authorization of Real Estate Investment Trusts` have been issued by the SFC. This Oversight highlights the areas in the FAQ which may be of interest to market participants. A key issue relates to the control of property in which a REIT invests.Sun, 04 Jun 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-fsa-s-priorities-for-the-asset-management-sectorDan Waters, the asset mangement sector leader at the FSA, spoke on the subject of the FSA`s priorities for the sector at the Future of Fund Management Conference.Mon, 15 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-fsa-s-personal-handbook-serviceThe FSA has launched a personal handbook service.Mon, 15 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-fsa-s-asset-management-newsletterThe FSA has published issue 3 of its Asset Management newsletter.Mon, 15 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-the-regulatory-environment-of-hedge-funds-a-survey-and-comparisonIOSCO has issued a consultation report entitled: `The Regulatory Environment of Hedge Funds - A survey and comparison`.Mon, 15 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-joint-money-laundering-steering-group-guidance-on-the-prevention-of-money-launderingThe Joint Money Laundering Steering Group (JMLSG) published the final version of its revised guidance on the prevention of money laundering on 03 March 2006. The guidance has now received Treasury approval.Mon, 15 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-essar-steel-limited-v-the-argo-fund-limitedDefinition of financial institution - An investment fund purchasing distressed debt was a financial institution within the definition in a syndicated loan agreement.Mon, 15 May 2006 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/8-oversight-march-2006-profits-tax-exemption-for-offshore-fundsRevenue (Profits Tax Exemption for Offshore Funds) Ordinance promulgated.Sun, 07 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/25-side-letters-and-the-financial-services-authorityThis note explains the concerns about the Financial Services Authority`s approach to side letters, recently expressed in its Feedback Statement on Hedge Funds.Mon, 24 Apr 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/23-uk-budget-2006-reit-on-cueBudget 2006 represents the latest milestone in the process to establish a specialist onshore listed property investment vehicle in the UK.Thu, 23 Mar 2006 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/28-oversight-january-2006-possible-reforms-to-the-prospectus-regimeConsultation Paper on Possible Reforms to the Prospectus Regime in the Companies Ordinance.Tue, 28 Feb 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-dishonest-assistance-barlow-clowes-international-limited-v-eurotrust-international-limitedIn order to be guilty of dishonest assistance in a breach of trust, it was not necessary for a defendant to be aware that, by ordinary standards, his behaviour would be regarded as dishonest. All that was required was that his knowledge of the transactionFri, 28 Oct 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-financial-advisers-negligence-seymour-v-ockwellIt was beyond the scope of an IFA retainer to sell an investment to a client who had requested a low risk investment when that investment was not low risk. A company which provided neglilgent advice to the IFA in connection with the investment was liableMon, 24 Oct 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-vat-and-outsourced-fund-servicesThe European Court of Justice held that the VAT exemption for the management of special investment funds encompasses the outsourced administrative management of funds. However, the functions of a depositary are not covered by this exemption: Abbey National v C&E Comrs. Her Majesty`s Revenue & Customs announced a change of policy as a result.Tue, 27 Sep 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-money-laundering-r-v-aliConspiracy to commit an offence under either Section 49(2) of the Drug Trafficking Act 1994 or Section 93C(2) of the Criminal Justice Act 1988 required knowledge on the part of the conspirators that the property in question was the proceeds of criminal coSun, 24 Jul 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-contract-misrepresentation-peekay-intermark-limited-v-australia-and-new-zealand-banking-group-limitedThe fact that an investor signed final terms and conditions did not nullify a pre contractual misrepresentation as to the nature of the product which he was buying.Sun, 24 Jul 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/24-budget-2005-a-reit-good-ideaThe reality of a UK real estate investment trust moved a step closer with the developments announced in Budget 2005.Thu, 24 Mar 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/17-private-funds-and-tax-exemptions-budget-2005An overview of the impact of the Budget 2005 on private funds and tax exemptions.Thu, 17 Mar 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/15-money-laundering-proceeds-of-crime-appeals-bowman-v-felsThe conduct of legal proceedings does not entail `becoming concerned in an arrangement` within the meaning of section 328 of the Proceeds of Crime Act 2002.Tue, 15 Mar 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/9-fsa-s-cp04-18-implementation-of-the-ucits-simplified-prospectusA summary of FSA`s proposals for implementing the requirement for UCITS to offer a Simplified Prospectus to investors in accordance with the UCITS Management Directive.Wed, 09 Feb 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-marketing-unit-trusts-and-mutual-funds-in-the-prcThis article explores various legal aspects of the unit trust and mutual funds sector in China.Thu, 30 Dec 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/14-cesr-s-transitional-provisions-for-the-ucits-amending-directiveA summary of CESR`s consultation on proposed guidelines for transitional provisions for UCITS II and UCITS III.Tue, 14 Dec 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/13-freezing-injunctions-banks-duty-of-care-customs-and-excise-commissioners-v-barclays-bank-plcA bank receiving notice of a freezing injunction owed a duty to the claimant to take reasonable care to ensure that funds held in the frozen accounts were not dissipated.Mon, 13 Dec 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-bank-accounts-first-in-first-out-rule-commerzbank-a-g-v-imb-morgan-plcWhere innocent parties had competing claims to funds held in a correspondent bank account the rule in Clayton`s case would not be applied. The funds in the account would be paid out in proportion to the value of the claims.Mon, 06 Dec 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-cesr-s-mandate-on-ucits-directive-to-clarify-certain-definitionsCESR`s mandate for advice on modification to the UCITS Directive, seeking clarification of definitions concerning eligible assets.Tue, 30 Nov 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-money-laundering-conspiracy-r-v-sakavickasA charge of conspiracy to commit an offence under Section 93A of the Criminal Justice Act 1988 did not require the prosecution to prove that the alleged conspirators had knowledge that assets had been acquired by means of a crime. A suspicion that they haTue, 23 Nov 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-vat-and-collective-investment-schemesThe European Court of Justice has held that a Luxembourg SICAV carries on an economic activity for VAT purposes such that supplies of management services from a Belgian company were outside the scope of Belgian VAT.Wed, 20 Oct 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-money-laundering-tayeb-v-hsbc-bank-plcA transfer into the claimant`s account via the CHAPS system created a debt once the account details had been authenticated and confirmation of receipt had been transmitted to the bank making the transfer. Suspicions as to the source of the funds did noThu, 29 Jul 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/6-budget-2004-impact-on-financial-services-pdf-versionAn overview of those aspects of Budget 2004 affecting the financial services sector.Mon, 05 Apr 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/16-ucits-and-derivativesA briefing note examining the increased scope for regulated funds to invest in derivatives.Tue, 16 Mar 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/27-ucits-management-directiveAn article summarising changes to the operation of regulated funds brought about by the UCITS Management Directive.Fri, 27 Feb 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-negligence-duty-of-care-limitation-williams-v-fanshaw-hazelhurstThe defendant had deliberately concealed facts relevant to the claimant`s cause of action. Section 32(1)(b) of the Limitation Act 1980 applied and time did not start to run until the claimant discovered the concealment.Fri, 27 Feb 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-conflict-of-laws-swaps-royal-bank-of-canada-v-cooperative-centrale-raiffeisen-boerenleenbank-b-aWhere a jurisdiction clause clearly anticipated the possibility of parallel proceedings in different jurisdictions and contained no express wording to prevent the occurrence of virtually simultaneous trials, the court would not grant an injunction to prevSat, 31 Jan 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/30-fsa-policy-statement-on-implementing-the-ucits-management-directiveA summary of FSA`s Policy Statement on implementing the UCITS Management Directive, including feedback on CP163 and `made` text.Mon, 29 Sep 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-money-laundering-interim-declarationsCase summary of Amalgamated Metal Trading Limited v City of London Police, Financial Investigation Unit and Others.Sun, 13 Apr 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-jurisdiction-branch-operationsCase summary of Anton Durbeck GmbH v Den Norske Bank ASA.Tue, 25 Feb 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/12-tort-deceit-fraudulent-misrepresentation-standard-chartered-bank-v-pakistan-national-shipping-corporationCase summary of Standard Chartered Bank v Pakistan National Shipping Corporation, House of Lords, 06 November 2002.Tue, 12 Nov 2002 00:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/1-fsa-policy-statement-on-new-collective-investment-scheme-productsA summary of the FSA`s Policy Statement on New Collective Investment Scheme Products arising out the UCITS Product Directive.Mon, 30 Sep 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-confidential-information-chinese-walls-koch-shipping-v-richards-butlerCase summary of Koch Shipping v Richards Butler, Court of Appeal, 22 July 2002.Mon, 05 Aug 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/9-contribution-claimsCase summary of Co-operative Retail Services Limited v Taylor Young Partnership, House of Lords, 25 April 2002Wed, 08 May 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-banking-current-accountsCase summary of Emerald Meats (London) Limited v AIB Group (UK) Plc, Court of Appeal, 12 April 2002.Sun, 28 Apr 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/26-limitation-deliberate-concealment-of-relevant-factsA review of the House of Lords decision which has overturned Brocklesby.Thu, 25 Apr 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/asset-management/1-fsa-cp135-on-new-collective-investment-scheme-productsA summary of the FSA`s consultation paper on New Collective Investment Scheme Products and the implementation of the UCITS Product Directive.Sun, 31 Mar 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-the-scope-of-the-exemption-for-outsourced-financial-servicesThe ECJ has provided a restrictive interpretation for the exemption for `transactions including negotiations, in securities.`Mon, 28 Jan 2002 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-sdrt-and-amalgamation-of-authorised-unit-trusts-schemes-and-open-ended-investment-companiesHMRC has confirmed that an amalgamation of open ended investment companies or sub funds of an umbrella open ended investment company effected by operation of law will not attract an stamp duty reserve tax charge.Mon, 27 Aug 2001 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/4-the-meaning-of-full-and-final-settlement-bcci-v-aliA settlement agreement can be drafted so that it releases all claims whether or not known to the parties at the time of execution. However, the court will be slow to infer this interpretation unless the wording of the agreement is very clear.Tue, 03 Jul 2001 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-an-examination-of-the-house-of-lords-approach-to-estoppel-and-the-recoverability-of-damagesAn analysis of the issues raised in Johnson v Gore Wood & Co (a firm), House of Lords, 14 December 2000.Tue, 16 Jan 2001 00:00:00 GMT