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/resources/training-landing/20130508-market-misconduct-the-screws-tightenIn the last few months we have seen significant structural changes to the regulatory / statutory regime governing market misconduct in Hong Kong.Wed, 22 May 2013 17:59:00 GMThttp://www.elexica.com/en/resources/training-landing/20130514-new-dcm-opportunities-in-europeHow can Asian financial institutions and corporates take advantage of the European funding revolution, which offers new opportunities to Asian banks, issuers and investors?Wed, 22 May 2013 15:30:00 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/legal-topics/banking/20-neither-a-lender-nor-a-borrower-nor-a-guarantor-beThe decision of the Court of Appeal in National Merchant Buying Society Limited v Andrew Bellamy and Stephen Mallett [2013] EWCA Civ 452 (02 May 2013) provides an important reminder of a fundamental legal difference between “single transaction” and “all obligations” guarantees and of the practical implications which flow from it for both lenders and guarantors.Mon, 20 May 2013 13:39:00 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/banking/15-winding-up-a-branch-of-an-overseas-incorporated-company-in-englandWhere a bank is a company incorporated outside the EU but operates in the UK through a London branch, is it possible to obtain a winding up order in England and Wales against the London Branch after the Bank becomes subject to insolvency proceedings in its country of incorporation? Wed, 15 May 2013 09:46:00 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/legal-topics/investment-bank-regulatory/13-proposed-dutch-restrictions-on-use-of-derivatives-by-semi-public-institutionsThe Dutch Minister of Finance recently provided a progress report to Parliament about the proposed regulation of the use of derivatives by (semi) public institutions. The need for the regulation was expressed in the Dutch coalition agreement of 29 October 2012, although the exact wording actually only refers to a ban on speculation with derivatives.Mon, 13 May 2013 11:48:00 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/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/dispute-resolution-commercial/pollyanna-deanes-insurance-column-april-2013This month Pollyanna considers a number of issues relating to Consumer Insurance and AIFM Directive.Fri, 03 May 2013 14:21:00 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/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/banking/01-mac-the-knifeThe decision of the High Court in Grupo Hotelero Urvasco S.A. v Carey Value Added S.L. [2013] EWHC 1039 (Comm) (26 April 2013) provides guidance on the judicial interpretation of those clauses which enable a lender to call a default under a facility agreement as the result of the occurrence of a “material adverse change” (MAC) affecting the borrower. Wed, 01 May 2013 13:20:00 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/banking/25-why-credit-arrangements-with-profit-sharing-can-seriously-damage-your-wealthAny contractual arrangement which ties the repayment of a debt to the profit of a debtor may, upon insolvency, be subordinated to the repayment of all other creditors. Thu, 25 Apr 2013 10:58:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0320-claw-back-actions-against-financial-institutions-in-germanySimmons & Simmons partner Regina Rath talks to colleague Paul Goodman about claw back actions against financial institutions in Germany.Wed, 24 Apr 2013 14:05:00 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/resources/training-landing/20130418-aima-otc-derivatives-short-position-reportingSeminar on reporting requirements regarding OTC derivatives as well as the existing short position reporting obligations.Fri, 19 Apr 2013 09:20:00 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/dispute-resolution-commercial/17-aircraft-leaseThe Court of Appeal has held that a claim for damages by a lessee for defective delivery of an aircraft by an aircraft lessor does not survive execution of a Certificate of Acceptance in which the lessee represents to the lessor that the aircraft is in a suitable condition for delivery. Wed, 17 Apr 2013 13:12:00 GMThttp://www.elexica.com/en/resources/training-landing/20130410-offering-securities-in-europe-and-european-sovereign-cdsRecent European regulatory developments regarding the offering of securities in Europe and points to consider in respect of European Sovereign linked credit default swaps.Wed, 17 Apr 2013 06:17:00 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/training-landing/2013-fml-regulation-quarterly-update/mis-sellingRecording and summary of a conference call, held on 09 April 2013. This session covers criminal mis-selling, civil mis-selling and future hot topics. Wed, 10 Apr 2013 12:16:00 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/de-DE/legal-topics/mergers-and-acquisitions/08-gesellschafterliste-und-auslandsbeurkundung-wer-muss-die-liste-einreichenDas Urteil des OLG München hat zu dieser Thematik unterschiedlich zum jüngst ergangenen Urteil des OLG Düsseldorf entschieden.Mon, 08 Apr 2013 10:46:00 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/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/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-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/resources/training-landing/employment-conference-calls/crdiv-remuneration-provisionsA practical telephone call in English on CRDIV - Remuneration provisions (including the bonus cap).Thu, 28 Mar 2013 09:45:00 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/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/dispute-resolution-financial-markets/27-misselling-hong-kong-courts-curtail-moral-hazardHong Kong Courts approach consistent with the English Courts in rejecting mis-selling claim and recognised that contractual estoppel could be invoked to defeat a mis-selling claim. Wed, 27 Mar 2013 02:32:00 GMThttp://www.elexica.com/fr-FR/resources/training-landing/20130326-actualite-reglementaire-bancaire-et-financiereSimmons & Simmons LLP Paris en partenariat avec l’Association Française de Gestion Financière (AFG) a organisé un petit-déjeuner « Actualité Règlementaire bancaire et financière » le mardi 26 mars 2013.Tue, 26 Mar 2013 17:30:00 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/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/resources/training-landing/20130219-working-within-eu-financial-collateral-arrangementsA conference call covering security arrangements and compliance when working within the EU Financial Collateral Regulations. Thu, 21 Mar 2013 10:02:00 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/tax/budget/20-uk-budget-2013-expert-commentarySimmons & Simmons' expert commentary on those tax aspects of the 2013 UK Budget, released on 20 March 2013, which are of particular interest to the business community. Wed, 20 Mar 2013 15:30:00 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/budget/20-uk-budget-overview-2013Simmons & Simmons' brief overview of the UK Budget 2013, which was released on 20 March 2013.Wed, 20 Mar 2013 15:00:00 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/legal-topics/dispute-resolution-financial-markets/19-upper-tribunal-upholds-fsa-decision-on-market-abuseThe Upper Tribunal (Tax and Chancery Chamber)has upheld the decision of the Financial Services Authority to fine Swift Trade £8m for market abuse in breach of section 118 of the Financial Services and Markets Act 2000.Tue, 19 Mar 2013 15:26:00 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/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/19-10-things-about-fatca-capital-markets-transactionsA summary of the key implications for capital markets transactions resulting from the introduction of FATCA.Tue, 19 Mar 2013 11:58:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-10-things-about-fatca-banking-transactionsSummary of the implications of FATCA on banking transactions.Tue, 19 Mar 2013 11:58:00 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/banking/18-all-change-for-charges-an-updateAn update to our article dated 13 February 2013 entitled All Change for Charges.Mon, 18 Mar 2013 15:06:00 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/resources/podcast/episode-0311-prospectus-directive-review-revisited-impact-on-debt-issuersSimmons & Simmons managing associate Penny Miller talks to colleague Rachel McGivern about the impact of the recent changes to the Prospectus Directive regime.Mon, 18 Mar 2013 13:34:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0308-eu-bonus-cap-the-latestSimmons & Simmons partner Philip Bartlett talks to colleague Stephanie Cackett about the latest proposals in relation to capping bonuses in the financial institutions sector.Wed, 13 Mar 2013 14:21:00 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/zh-CN/resources/podcast/episode-0306-rqfii-etf西盟斯律师行的姜斌律师与陳宜碧律师关于人民幣合格境外機構投資者交易所買賣基金(RQFII ETFs)的谈话Mon, 11 Mar 2013 10:23:00 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/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/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/legal-topics/employment-and-benefits/06-bankers-bonus-cap-for-services-and-performance-from-the-year-2014-onwardsThe UK Government’s latest chance to derail the long threatened and much debated cap on bonuses under the Capital Requirements IV package of legislation failed in March 2013.Thu, 07 Mar 2013 15:25:00 GMThttp://www.elexica.com/en/legal-topics/tax/24-vat-and-management-of-pension-fundsThe ECJ has held that an investment fund pooling the assets of a retirement pension scheme is not a special investment scheme for VAT exemption purposes where the members of the scheme do not bear the risk arising from the management of the fund.Thu, 07 Mar 2013 14:31:00 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/podcast/episode-0301-offshore-rmb-capital-raising-cnh-floating-notesSimmons & Simmons partner Jay Lee talks to fellow partner Yongmei Cai about the latest developments in offshore RMB capital raising CNH Floating Notes and SHIBOR (Shanghai Interbank Offered Rate).Fri, 01 Mar 2013 16:14:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/26-pollyanna-deanes-insurance-column-february-2013This month Pollyanna considers a number of issues relating to Insurance mediation and Solvency II.Fri, 01 Mar 2013 15:49:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-vat-and-services-provided-by-an-insurance-allianceThe First Tier Tribunal has held that the services provided by an insurer alliance to its broker members did not fall within in the VAT exemption for insurance related services.Thu, 28 Feb 2013 10:55:00 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/environment-and-climate-change/22-energy-and-environment-pulse-2012-climate-change-conferenceThe 2012 UN climate change conference concluded with the adoption of the Doha Climate Gateway. This edition of Pulse reviews the key outcomes of the conference and the implications of the outcomes for the future international regime and cleantech investors.Fri, 22 Feb 2013 15:52:00 GMThttp://www.elexica.com/en/legal-topics/real-estate/22-additional-mortgagee-protection-when-taking-leasehold-commercial-property-as-securityForfeiture of a lease will destroy a mortgagee’s security over it – it has become accepted good practice for lenders to seek to negotiate additional protection.Fri, 22 Feb 2013 15:12:00 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/fr-FR/resources/podcast/episode-298-trading-electroniqueMaureen Gleeson et Stephanie Feld , Solicitors chez Simmons & Simmons, discutent du projet consultatif de la SFC sur le trading electronique a Hong Kong.Fri, 22 Feb 2013 14:37:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/labour-leader/issue-37-labour-leader-feb-2013-china-personal-data-protectionChina issued new data protection guidelines impacting organisations without formal policies or practices for the collection, use, processing, transfer, retention and erasure of personal information. Fri, 22 Feb 2013 05:06:00 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/legal-topics/banking/19-examining-shibor-the-shanghai-interbank-offered-rateExploring the SHIBOR and how it works for those with exposure to RMB notes, loans and other products.Tue, 19 Feb 2013 08:27:00 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/legal-topics/banking/13-all-change-for-chargesA summary of the changes which will come into effect on 06 April 2013 in relation to registration of charges created by companies incorporated in England & Wales.Wed, 13 Feb 2013 12:05:00 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/legal-topics/investment-bank-regulatory/08-cnmv-strengthens-the-supervision-of-investment-firmsThe Spanish Securities Market Commission has launched a major new initiative to improve the supervision of entities that provide investment services.Fri, 08 Feb 2013 15:20:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0293-understanding-workplace-harassmentSimmons & Simmons managing associate Sarah Berkeley talks to colleague Som Leung about harassment in the workplace and ways to minimise the risks (particularly at work related functions and events).Fri, 08 Feb 2013 02:49:00 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/podcast/episode-0291-doing-business-in-africa-managing-corruption-riskNick Benwell talks to Paris Managing Associate, Etienne Kowalski, about the challenges of operating in Africa and key issues to consider when seeking to manage the risk of corrupt activity. Tue, 05 Feb 2013 11:31:00 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/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/antitrust-and-merger-control/29-personal-current-accounts-revisitedThe OFT is urging banks and building societies to improve the quality of service and value for money provided to customers.Tue, 29 Jan 2013 17:30:00 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/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-rainy-skyRainy Sky v Kookmin Bank, Supreme Court, 02 November 2011 [2011] UKSC 50Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-insider-dealing-marcus-geltlMarcus Geltl v Daimler AG, ECJ Second Chamber, 28 June 2012, Case C-19/11.Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-retail-oft-v-abbey-nationalOffice of Fair Trading v Abbey National & Ors, Supreme Court, 25 November 2009, [2009] UKSC 6Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-crime-shahShah and another v HSBC Private Bank (UK) Limited, 16 May 2012 [2012] EWHC 1283 (QB)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-westlbWestLB AG v Nomura Bank International PLC and Nomura International PLC, Court of Appeal, 24 April 2012 [2012] EWCA Civ 495.Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-client-classification-mf-global(1) Michael Duthie Wilson (2) PS Trustees Ltd v (1) MF Global UK Ltd (2) GNI Ltd (In Members’ Voluntary Liquidation), Queen’s Bench Division, 01 February 2011, [2011] EWHC 138 (QB)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-dbs-bankDBS Bank (Hong Kong) Limited v San-Hot HK Industrial Company Limited and Hao Ting, Court of First Instance, Hong Kong 12 March 2013 HCA 2279/2008Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-china-haishengMorgan Stanley & Co International PLC v China Haisheng Juice Holdings Co Ltd, Commercial Court, 05 October 2009, [2009] EWHC 2409 (Comm)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-capacity-depfa-haugesund(1) Haugesund Kommune (2) Narvik Kommune (Claimants) v (1) DEPFA ACS Bank (Defendant/ Respondent) (2) Wikborg Rein& Co (Appellants/ Part 20 Defendants), Court of Appeal, 28 January 2011, [2011] EWCA Civ 33Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-retail-green-and-rowleyGreen and Rowley v RBS, Queens Bench Division Manchester Mercantile Court, 21 December 2012, [2012] EWHC 3661 (QB)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-retail-conlonConlon v Black Horse Limited, unreported, 07 November 2012Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-retail-plevinPlevin v Paragon Personal Finance, Manchester County Court, 04 October 2012 [2012] EW Misc 24 (cc)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-smp-trusteesIn the matter of SMP Trustees Ltd, Chancery Division, 27 March 2012 [2012] EWHC 722 (Ch) and Chancery Division, 25 June 2012 [2012] EWHC 1728 (Ch).Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-rubensteinRubenstein v HSBC, Court of Appeal, 12 September 2012 [2012] EWCA Civ 1184Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-rbs-v-fal-oilRBS v Fal Oil Co Limited and others, Commercial Court, 20 November 2012, [2012] EWHC 3628 (Comm)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-depfaDepfa Bank Plc v Provincia di Pisa: Dexia Crediop SpA v Provincia di Pisa, Commercial Court, 25 May 2010, [2010] EWHC 1148 (Comm) and 23 March 2012, [2012] EWHC 687 (Comm)Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-highlandRoyal Bank of Scotland Plc v (1) Highland Financial Partners LP and othersWed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-camarataCamerata Property Inc v Credit Suisse Securities (Europe) Ltd, Commercial Court, 09 March 2011, [2011] EWHC 479 (Comm)/Camerata Property Inc v Credit Suisse Securities (Europe) Ltd, Commercial Court, 20 January 2012, [2012] EWHC 7 (Comm)/Camerata Property Inc v Credit Suisse Securities (Europe) Ltd, Commercial Court, 23 January 2013, [2015] EWHC 29 (Comm) Wed, 23 Jan 2013 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-client-classification-suitability-zakiZaki and others v Credit Suisse, Court of Appeal, 01 February 2013 [2013] EWCA Civ 14Wed, 23 Jan 2013 12:16:00 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/resources/podcast/episode-0285-offshore-capital-raising-in-rmb-the-latest-developmentsSimmons & Simmons partner Paul Browne talks to colleague Jay Lee about the latest developments in offshore Chinese yuan (CNH) bonds.Tue, 22 Jan 2013 14:31:00 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/de-DE/legal-topics/investment-bank-regulatory/21-ubersicht-zum-fortgang-des-gesetzgebungsverfahrens-zum-hochfrequenzhandelZusammenfassung der Anhörung des Finanzausschusses des Bundestags zum Entwurf eines Gesetzes zur Vermeidung von Gefahren und Missbräuchen im Hochfrequenzhandel.Mon, 21 Jan 2013 11:25:00 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/legal-topics/dispute-resolution-financial-markets/17-interest-rate-swaps-litigationA review of the decision of the Manchester Mercantile Court in Green and Rowley v RBS.Thu, 17 Jan 2013 16:38:00 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/resources/podcast/episode-0281-new-disclosure-requirements-for-listed-companiesSimmons & Simmons partner Paul Li speaks to colleague Ian Wood about the latest disclosure requirements for listed companies in Hong Kong.Tue, 15 Jan 2013 10:30:00 GMThttp://www.elexica.com/zh-CN/legal-topics/equity-capital-markets/19-ten-points-to-ensure-compliance-with-hong-kongs-new-disclosure-regime-chs从2013年01月01日起，所有在香港联合交易所有证券上市的公司都有法律责任在可行的情况下,尽快向公众披露任何公司已获悉的內幕消息。Tue, 15 Jan 2013 02:41:00 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/legal-topics/dispute-resolution-commercial/11-financial-services-ombudsman-award-may-not-preclude-further-court-actionA first instance judgment has held that a determination by the Financial Services Ombudsman accepted by the claimant does not preclude a further court claim.Fri, 11 Jan 2013 15:16:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20130109-level-ii-aifm-verordening-vanuit-nederlands-perspectiefTijdens deze sessie zet Simmons & Simmons de implicaties uiteen van de nieuwe Level II AIFM Verordening die op 19 december 2012 is gepubliceerd.Fri, 11 Jan 2013 09:31:00 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/dispute-resolution-commercial/07-pollyanna-deanes-insurance-column-december-2012This month Pollyanna considers a number of issues relating to responsibility of the Prudential Regulation Authority and the Financial Conduct Authority.Mon, 07 Jan 2013 17:48:00 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/real-estate/07-agreeing-detailed-terms-for-management-agreementsThe article examines the key terms for a range of documents encountered on real estate transactions, collectively known as “management agreements”.Mon, 07 Jan 2013 13:13:00 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/real-estate/03-income-protection-bridging-the-gap-on-priceReal estate investment deals: concern about voids and fragile tenants can be hard to quantify on real estate investment deals. There is a way to bridge the gap in price expectations.Thu, 03 Jan 2013 10:37:00 GMThttp://www.elexica.com/en/legal-topics/banking/30-pboc-releases-qianhai-cross-boarder-rmb-loan-rulesKey points from the Interim Administrative Rules on Qianhai Cross Border RMB Loans which lay down the rules for direct RMB lending between Hong Kong and Shenzhen.Fri, 28 Dec 2012 03:44:00 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/capital-markets/20-commission-adopts-technical-standards-for-emirThere have been two important recent developments on both sides of the Atlantic that will be of interest to clients involved with implementation of OTC regulation: the first relates to an announcement by the CFTC on 18 December 2012 and the second relates to an announcement by the EU Commission on 19 December 2012.Wed, 19 Dec 2012 16:59:00 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/equity-capital-markets/19-ten-points-to-ensure-compliance-with-hong-kongs-new-disclosure-regimeWhat should issuers be doing to comply with the Hong Kong SFC's new disclosure regime to address the issue of inside information?Wed, 19 Dec 2012 06:51:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/18-hong-kongs-sfc-subjects-sponsors-of-ipos-to-greater-regulationHong Kong SFC proposal conclusions on the regulation of sponsors in connection with IPOs on the Hong Kong Stock Exchange.Tue, 18 Dec 2012 07:28:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/18-variable-interest-entities-under-the-microscopeCompanies with VIEs are increasingly attracting the attention of regulatory authorities. This article looks at recent investigations into New Oriental and Wal-mart.Tue, 18 Dec 2012 03:22:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/10-consumer-credit-cases-update-november-2012A brief review of some of the more significant recent consumer credit judgments. Thu, 13 Dec 2012 15:47:00 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/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/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/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-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/nl-NL/resources/training-landing/20121129-autumn-legal-update-nl/geschillenbeslechting-in-de-financiele-sectorDeze presentatie behandelt de voor – en nadelen van verschillende geschillenbeslechtingsmethoden. Dit vanuit het perspectief van de financiële sector en met aandacht voor onder meer vertrouwelijkheid, timing, bewijslevering, deskundigheid en mogelijkheden tot schikking.Fri, 30 Nov 2012 10:39:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20121129-autumn-legal-update-nl/duurzaam-vastgoedDeze presentatie biedt een overzicht van energiegerelateerde aspecten van vastgoed waarbij onder andere aandacht wordt besteed aan groenfinancieringen en Energy Service Companies (ESCo’s).Fri, 30 Nov 2012 10:32:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20121129-autumn-legal-update-nl/europese-toezichtsregimes-voor-institutionele-asset-managersDeze presentatie biedt een overzicht van een aantal ontwikkelingen in de (nieuwe) regelgeving die een fundamentele impact hebben op beleggingsinstellingen en vermogensbeheerders. Aan bod komen onder andere de AIFM richtlijn en andere actuele regelgeving.Fri, 30 Nov 2012 10:32:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20121129-Autumn-Legal-Update-NLTijdens het seminar spreken onze advocaten en fiscalisten over diverse actuele onderwerpen voor de financiële sector.Fri, 30 Nov 2012 10:31:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20121129-autumn-legal-update-nl/basel-iiiDeze presentatie biedt een overzicht van de gevolgen van de Basel III/CRD IV kapitaaleisen, en een analyse van de impact van Europese regelgeving op hybride kapitaal en belastingen.Fri, 30 Nov 2012 10:31:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20121129-autumn-legal-update-nl/herstructureringen-in-europees-perspectiefDeze presentatie behandelt de verschillende benaderingen binnen Europa op het gebied van aansprakelijkheid van banken/financiers bij het verstrekken en met name beëindigen en opeisen van financieringen. Ook wordt ingegaan op de hoe "ongedaanmakingsacties" (pauliana) impact kunnen hebben op herstructureringen. Fri, 30 Nov 2012 10:24:00 GMThttp://www.elexica.com/en/resources/training-landing/20121030-asia-fi-cpd-day/7-technology-procurement-overview-insights-and-strategiesThe dynamic nature of the technology sector has a significant impact on procurement. This session provides an overview of concepts in relation to technology outsourcing and procurement looking at key issues and pitfalls; the procurement lifecycle; and the latest hot topics.Fri, 30 Nov 2012 09:29:00 GMThttp://www.elexica.com/en/resources/training-landing/20121030-asia-fi-cpd-day/3-market-misconduct-and-ipo-liability-who-is-to-blameMark Steward, the head of enforcement at the SFC, has gone on the record to say that potential issuers won't "get away with misconduct". In this session, our specialists review the SFC's recent focus on market misconduct in IPOs and predictions for the future direction of enforcement against sponsors and other market participants.Fri, 30 Nov 2012 09:17:00 GMThttp://www.elexica.com/en/resources/training-landing/20121030-asia-fi-cpd-day/2-structured-products-and-derivatives-five-things-you-need-to-know-right-nowIn this session, our structured finance panel cover a number of topical issues in the structured products and derivatives market, including clearing, reporting and other regulatory developments in relation to derivatives; current issues and trends in the repackaging market, particularly in Asia; and an overview of recent case law on derivatives.Fri, 30 Nov 2012 09:16:00 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/6-data-privacy-compliance-five-key-issuesFinancial institutions face particular challenges in relation to data privacy. In this session, our employment and ICT specialists discuss the top five compliance issues from a recommended ‘best practice’ perspective and in view of some of the recent changes to the PDPO.Fri, 30 Nov 2012 09:15:00 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/de-DE/resources/newsletter-listing/corporate-manda-newsletter-deutschland/29-corporate-germany-november-2012Der Newsletter behandelt aktuelle Entwicklungen in Rechtsprechung und Gesetzgebung, die für die Unternehmenspraxis von besonderer Bedeutung sind. Thu, 29 Nov 2012 10:37:00 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/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/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/nl-NL/legal-topics/asset-management/12-de-eurocrisis-10-handvatenHieronder gaan tien suggesties voor contractuele bepalingen om de juridische risico's in verband met het uittreden van een probleemland uit de Eurozone zo veel mogelijk te mitigeren.Mon, 12 Nov 2012 15:02:00 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/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/antitrust-and-merger-control/31-the-new-uk-financial-services-regulator-sets-out-its-competition-stallThe Journey to the FCA explains how the new UK financial regulator will tackle its competition remit.Thu, 01 Nov 2012 09:13:00 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/legal-topics/dispute-resolution-commercial/31-pollyanna-deane-insurance-columnThis month Pollyanna considers a number of issues relating to treating customers fairly (TCF).Wed, 31 Oct 2012 14:26:00 GMThttp://www.elexica.com/es-ES/legal-topics/capital-markets/31-propuesta-de-creacion-de-un-mercado-alternativo-de-renta-fijaEl Ministerio de Economía y Competitividad propone la creación del MARF que ha sido acogido con optimismo por el mercado, pendiente de su plasmación normativa.Wed, 31 Oct 2012 10:02:00 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/legal-topics/dispute-resolution-financial-markets/14-foreseeability-and-remoteness-of-lossThe Court of Appeal held that an investor's losses were recoverable because market changes were a foreseeable type of risk when recommending a financial product, even if the extent of the turmoil in the markets was unforeseeable. Rubenstein v HSBC - Court of Appeal [2012] EWCA Civ 1184.Mon, 29 Oct 2012 12:26:00 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/packaged-retail-investment-products-pripsThe PRIPS proposals requiring a Key Investor Document (KID) to be produced for certain packaged investment products sold to retail investors have now been published.Thu, 25 Oct 2012 08:57:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/review-of-the-september-2011-changes-to-the-takeover-codeA new edition of the Takeover Code was issued in September 2011. This session reviews the practical impact of those changes.Wed, 24 Oct 2012 16:10:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/shifting-sands-in-renewable-financingThis session discusses some of the different approaches to financing current renewable energy projects in various parts of the world.Wed, 24 Oct 2012 16:10:00 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/n-bonds-and-other-wunderful-stuffThis session looks at typical German financial instruments which have seen a recent revival throughout Europe.Wed, 24 Oct 2012 16:07:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/fsa-enforcement-current-priorities-and-the-future-from-the-fcaThe FCA will take over the FSA's enforcement remit in 2013. This session looks at the current enforcement focus of the FSA on financial institutions and approved persons and examine the possible changes as the new regulators take over. Wed, 24 Oct 2012 16:06:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/equity-capital-markets-updateRecent issues and trends in equity capital markets, including the latest changes to the Prospectus Rules and Listing Rules.Wed, 24 Oct 2012 16:05:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/lessons-learned-from-the-kribi-power-project-cameroonThis session covers integrating DFIs, commercial lenders and political risk guarantees and in particular DFI financings in the energy sector in Africa with political or sovereign risk guarantee support.Wed, 24 Oct 2012 16:05:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/developments-in-real-estate-finance-lendingHas the market accepted the new LMA REF facility documentation? Has security and ancillary documentation changed? What are lenders wanting to finance? Who are the new lenders?Wed, 24 Oct 2012 16:04:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/developing-business-and-doing-deals-in-emerging-marketsA panel discussion from leading practitioners which will review opportunities and areas of concern to lenders and foreign investors in emerging market jurisdictions. Members of the panel have expertise that covers Africa, Middle East, Turkey, Libya, China and Russia.Wed, 24 Oct 2012 16:03:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/contrasting-approaches-to-restructuring-across-europeOur multi-jurisdictional team will consider the contrasting approaches across Europe on: liability for lending during a restructuring and clawback actions and their impact on restructurings.Wed, 24 Oct 2012 16:02:00 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/financing-the-lng-supply-chainThis session will examine the dynamics of the LNG supply chain, and its implications for lenders supporting the development of LNG infrastructure projects or trading businesses.Wed, 24 Oct 2012 15:59:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/retail-finance-update-dealing-with-consumersThis session examines the recent developments in legal and regulatory requirements both nationally and under EU law that affect the way in which retail finance institutions deal with their clients and prospective clients. Wed, 24 Oct 2012 15:55:00 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/data-protection-update-on-the-revisions-to-the-eu-data-protection-directiveThis session reviews some of the key changes contained in the European Commission's proposal for a new Data Protection framework intended to replace the existing EU Data Protection Directive.Wed, 24 Oct 2012 14:52:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/ring-fence-or-secret-gardenAn update on proposals for the structural reform of the UK banking sector and their practical implications for banks and customers.Wed, 24 Oct 2012 14:51:00 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/the-impact-of-solvency-ii-on-insurers-investment-portfoliosThis session will look at the impact of Solvency II on insurers’ investment portfolios, considering the new investment principles, the new capital requirements and the new risk management and disclosure obligations.Wed, 24 Oct 2012 14:48:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/financial-crime-updateWe examine key developments of the last 12 months, focusing on changes at the SFO, international anti corruption enforcement, mutual legal assistance and the FSA's anti financial crime initiatives. We also take a look at anticipated developments in the next year, in particular the likely advent of deferred prosecution agreements.Wed, 24 Oct 2012 14:45:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/competition-law-including-information-exchange-themes-and-risksIn recent years, there has been an increasing level of enforcement action by competition authorities in Europe in the financial services sector.Wed, 24 Oct 2012 14:44:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/privilegeColin Passmore gives his annual update on developments in the law of privilege relevant to in house lawyers practising in the financial services sector.Wed, 24 Oct 2012 14:44:00 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/distressed-debt-trading-insolvency-claimsWe examine recent issues in the European claims trading market, with a particular focus on the LBIE, Lehman Bankhaus and MF Global insolvencies.Wed, 24 Oct 2012 14:28:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/eurozone-crisisThis session discusses the legal implications for structured securities, derivatives and ABS.Wed, 24 Oct 2012 14:27:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/otc-derivatives-and-client-clearing-the-practical-and-documentary-implicationsThis session explores some of the practical implications of EMIR and client clearing.Wed, 24 Oct 2012 10:24:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/market-abuse-latest-cases-and-trendsThe FSA has upped the ante in terms of its market abuse enforcement. This session reviews the most significant recent cases brought by the FSA, and the key trends, in both the civil and criminal arenas.Wed, 24 Oct 2012 10:20:00 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/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/financial-markets-litigationThis session considers judge led law in wholesale and retail finance environments, focussing on the UK and with Italian and Dutch litigation overviews. We look at the most important cases, and prevailing and future themes.Wed, 24 Oct 2012 10:16:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/uk-structured-products-regulationA practical session providing the key outcomes of the RDR review for both product providers and distributors. Wed, 24 Oct 2012 10:12:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2012/recent-trends-in-contractual-interpretationThis session will review recent trends in contractual interpretation case law and examine some common drafting pitfalls and how these might be avoided.Wed, 24 Oct 2012 10:11:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/2012-AIFMD-Breakfast-SeriesMaterials from our series of seminars on the proposed Alternative Investment Fund Managers Directive.Mon, 22 Oct 2012 16:28:00 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/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/investment-bank-regulatory/21-the-top-10-things-every-investment-banker-should-know-about-mifid-2Summary of the implications for investment banks of MiFID 2.Mon, 15 Oct 2012 14:40:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/15-the-top-10-things-every-commodities-trader-should-know-about-mifid-2Summary of the implications for commodities firms of MiFID 2.Mon, 15 Oct 2012 14:40:00 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/resources/newsletter-listing/oversight/issue-81-oversight-october-2012-consultation-on-the-otc-derivatives-regime-for-hong-kongThis issue of Oversight details the proposals published by the SFC and HKMA regarding the implementation of the proposed OTC Derivatives regime for Hong Kong. Mon, 15 Oct 2012 02:49:00 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/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/de-DE/legal-topics/corporate-governance-and-compliance/09-rechtsfigur-der-wirtschaftlichen-neugrundung-weiter-prazisiertIm Ergebnis ist das Haftungsrisiko der Gesellschafter bei einer wirtschaftlichen Neugründung nun etwas eingeschränkt.Wed, 10 Oct 2012 10:54:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/10-prozessfuhrung-durch-die-gesellschaft-burgerlichen-rechtsDas Einstimmigkeitsprinzip für die Geschäftsführung und Vertretung der GbR ist auch in gerichtlichen Verfahren zu beachten, soweit nichts anderes im Gesellschaftsvertrag vereinbart wurde.Wed, 10 Oct 2012 10:54:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/09-eugh-ermoglicht-grenzuberschreitenden-formwechselDer EuGH billigt nun auch die grenzüberschreitende, identitätswahrende und rechtsformwechselnde Umwandlung.Wed, 10 Oct 2012 10:53:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/09-entlastungen-fur-kleinstgesellschaftenDas MicroBilG soll Kleinstgesellschaften noch in diesem Jahr den Jahresabschluss erleichtern.Wed, 10 Oct 2012 10:48:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/09-zur-zulassigkeit-der-amtsniederlegung-des-einzigen-fremdgeschaftsfuhrersIm Gegensatz zur Amtsniederlegung eines geschäftsführenden Alleingesellschafters, ist die Amtsniederlegung des einzigen angestellten Fremdgeschäftsführers einer GmbH zulässig und muss ins Handelsregister eingetragen werden.Wed, 10 Oct 2012 10:44:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/09-trennung-von-satzungs-und-verwaltungssitz-bei-personengesellschaften-geht-doch-nichtDie inländische Geschäftsanschrift muss gleichzeitig Satzungssitz sein. Das KG Berlin distanziert sich somit von seinem Beschluss vom 7. Februar 2012.Wed, 10 Oct 2012 10:43:00 GMThttp://www.elexica.com/de-DE/legal-topics/mergers-and-acquisitions/09-die-unzulassige-kundigungsbeschrankung-bei-joint-venturesWie lange ist zu lange? Wie man das ordentliche Kündigungsrecht in Verträgen zur Beteiligung an Gemeinschaftsunternehmen anwendet.Wed, 10 Oct 2012 10:43:00 GMThttp://www.elexica.com/de-DE/legal-topics/mergers-and-acquisitions/09-business-combination-agreementsBei public M&A-Transaktionen sind sog. „Business Combination Agreements“ gängige Praxis.Wed, 10 Oct 2012 10:38:00 GMThttp://www.elexica.com/de-DE/resources/newsletter-listing/corporate-manda-newsletter-deutschland/10-corporate-germany-oktober-2012Der Newsletter behandelt aktuelle Entwicklungen in Rechtsprechung und Gesetzgebung, die für die Unternehmenspraxis von besonderer Bedeutung sind. Wed, 10 Oct 2012 09:36:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/09-changes-to-the-dutch-prospectus-rules-impact-for-equity-issuersThis briefing note considers the key changes for equity issuers in the Netherlands which came into effect on 01 July 2012.Tue, 09 Oct 2012 14:01:00 GMThttp://www.elexica.com/en/legal-topics/banking/09-withholding-taxes-on-interest-exemptions-to-stayThe Government has backed down from plans to remove (or restrict) the "short interest" and quoted Eurobond reliefs from UK withholding taxes.Tue, 09 Oct 2012 12:02:00 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/ja-JP/legal-topics/corporate-governance-and-compliance/08-the-msieu-final-notices-points-for-companies-to-consider-japanese5月8日、英国金融サービス庁（FSA）は、コーポレート・ガバナンスの機能不全によりFSAの認可業者に関する業務原則のうち第3原則に違反したとして、三井住友海上ヨーロッパ社（MSIEU社）に対して制裁金を課しました。第3原則は、「企業は、適切なリスク管理システムを用いて、自社に関する事柄を責任を持って効果的に、組織化してコントロールするよう、合理的な注意を払わなければならない」と定めています。MSIEU社は、3,345,000英国ポンド（4億1254万1725円に相当）を制裁金として課されました。また、同社会長にも制裁金が課されました。Mon, 08 Oct 2012 10:37:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/08-the-msieu-final-notices-points-for-companies-to-considerOn 08 May 2012, the UK Financial Services Authority (FSA) fined Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEU) for ineffective corporate governance breaching Principle 3 of the FSA’s Principles for Businesses. This article discusses the failings leading up to the fine.Mon, 08 Oct 2012 10:23:00 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/tax/04-belgian-notional-interest-deduction-comes-under-scrutinyAdvocate General opines that Belgian notional interest deduction restricts freedom of establishment.Thu, 04 Oct 2012 09:33:00 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/real-estate/03-new-edition-of-the-certificate-of-title-is-launchedThe City of London Law Society has published a revised edition of the Certificate of Title, the main change being an improved, user friendly format.Wed, 03 Oct 2012 09:10:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/18-esma-consults-on-amendments-to-recommendations-for-mineral-companiesEuropean Securities and Markets Authority (ESMA) is consulting on amendments to its recommendations on the consistent implementation of the Prospectus Regulation, in relation to mineral companies.Sun, 30 Sep 2012 23:00:00 GMThttp://www.elexica.com/de-DE/legal-topics/asset-management/28-mifid-2-synopse-deSynopse der aktuellen MiFID Vorschläge des Europäischen Rates und des Eurpäischen Parlaments sowie des Wertpapierhandelsgesetzes.Fri, 28 Sep 2012 15:57:00 GMThttp://www.elexica.com/de-DE/legal-topics/asset-management/28-german-aifmd-implementation-textSynopse des Diskussionsentwurfs des KAGB gegeüber der AIFMD.Fri, 28 Sep 2012 15:55:00 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/managing-risk-in-epc-contractsThis session covers how to manage risk in EPC contracts.Wed, 26 Sep 2012 16:23:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/Doha-CPD-Day-2012Video recordings and accompanying slides from our Doha CPD day, held on Monday 10 September 2012.Wed, 26 Sep 2012 16:19:00 GMThttp://www.elexica.com/en/resources/training-landing/doha-cpd-day-2012/banking-and-islamic-financePresentation on LIBOR including what went wrong and the Islamic Interbank Benchmark Rate.Wed, 26 Sep 2012 16:10:00 GMThttp://www.elexica.com/en/resources/training-landing/doha-cpd-day-2012/latest-developments-in-dispute-resolution-methods-in-qatarA discussion on developments and trends in dispute resolution in Qatar. Starting from first principles, this session provides an overview of the common DR methods used in Qatar.Wed, 26 Sep 2012 14:59:00 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/equity-capital-markets/25-new-route-to-uk-ipo-market-for-high-growth-companies-plannedOn 20 September 2012, BIS announced that it has developed proposals with the London Stock Exchange for a new route to the UK IPO market for high growth companies (such as internet and technology companies).Tue, 25 Sep 2012 15:13:00 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/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/dispute-resolution-financial-markets/17-consumer-credit-cases-update-august-2012A brief review of some of the more significant recent consumer credit judgments.Mon, 17 Sep 2012 08:46:00 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/resources/newsletter-listing/corporate-manda-newsletter-germany/13-corporate-germany-september-2012-english-versionThis newsletter outlines current developments in jurisdiction and legislation which are of special importance for the business practice.Thu, 13 Sep 2012 08:38:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/13-when-satisfaction-of-a-condition-goes-unnoticedParties are generally in agreement as to when a condition is met. But what happens if they fail to notice that the condition was met?Thu, 13 Sep 2012 08:32:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/13-early-appointment-of-management-board-membersThe BGH has now resolved the issue of whether it is possible to renew member’s appointments before the fifth year of their term of office.Thu, 13 Sep 2012 06:29:00 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/corporate-governance-and-compliance/29-pollyanna-deanes-insurance-column-august-2012This article considers a number of issues relating to data and its use in the insurance industry.Wed, 05 Sep 2012 13:42:00 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/legal-topics/capital-markets/29-post-july-2012-version-of-eu-prospectus-regulationUnofficial consolidated version of the EU Prospectus Regulation indicating the current requirements and the changes which the draft Regulation of 04 June 2012 will make.Wed, 29 Aug 2012 13:42:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/labour-leader/issue-35-labour-leader-august-2012-first-whistleblower-rewarded-under-controversial-doddfrankThe SEC has announced that it has paid its first bounty to a whistleblower under the controversial provisions of the Dodd-Frank Act.Mon, 27 Aug 2012 08:09:00 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/legal-topics/employment-and-benefits/14-confidential-conversations-and-settlement-agreementsAndrea Finn examines the government review of employment protection laws.Tue, 14 Aug 2012 08:46:00 GMThttp://www.elexica.com/de-DE/resources/newsletter-listing/corporate-manda-newsletter-deutschland/13-corporate-germany-juli-august-2012Der Newsletter behandelt aktuelle Entwicklungen in Rechtsprechung und Gesetzgebung, die für die Unternehmenspraxis von besonderer Bedeutung sind. Mon, 13 Aug 2012 09:52:00 GMThttp://www.elexica.com/de-DE/legal-topics/mergers-and-acquisitions/13-unbemerkter-bedingungseintrittParteien sind sich regelmäßig darüber einig, unter welchen Umständen eine Bedingung eintritt. Was passiert aber, wenn der Bedingungseintritt gar nicht oder nicht sofort bemerkt wird?Mon, 13 Aug 2012 09:33:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/13-vorzeitige-wiederbestellung-von-vorstandenDer BGH hat zur umstrittenen Frage, ob eine erneute Bestellung auch schon vor dem Beginn des fünften Jahres der Amtsperiode zulässig ist, entschieden.Mon, 13 Aug 2012 09:04:00 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/legal-topics/capital-markets/03-hkma-and-sfc-release-joint-consultation-conclusions-regulation-otc-derivatives-hkOn 17 October 2011, the Hong Kong Monetary Authority and the Securities and Futures Commission jointly published a consultation paper on a proposed regulatory regime for the over the counter (OTC) derivatives market in Hong Kong. On 11 July 2012, the HKMA and the SFC jointly published a conclusions paper in response to this consultation.Tue, 07 Aug 2012 04:09:00 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/resources/podcast/episode-0245-an-update-on-otc-derivatives-regulation-in-hong-kongSimmons & Simmons partner Joel Bentsur talks to fellow colleague Paul Browne about regulatory developments in the OTC derivatives market in Asia.Thu, 02 Aug 2012 10:52:00 GMThttp://www.elexica.com/en/legal-topics/tax/01-german-annual-tax-act-2013The Upper House of the German Parliament has put forward proposed amendments to the Annual Tax Bill 2013 which includes significant changes to the German tax regime.Wed, 01 Aug 2012 16:28:00 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/corporate-governance-and-compliance/27-fsa-restricts-no-names-guidanceOn 27 July 2012, the FSA published its Handbook Notice 122 with its responses to various aspects of its quarterly consultation paper CP12/5 (No.32). This includes the removal of the ability to ask the UKLA helpdesk for oral guidance on a "no names" basis other than in limited circumstances.Fri, 27 Jul 2012 13:57:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/24-how-does-a-parliamentary-inquiry-differ-from-a-judicial-inquiryThis article compares the proceedings and powers of the two types of inquiry.Tue, 24 Jul 2012 14:40:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/23-updated-esma-q-and-as-on-prospectuses-published-version-16On 23 July 2012, ESMA published the 16th version of its Questions and Answers on Prospectuses. The latest version adds a new question 81 (and deletion of question 56), which provides guidance on consent given in retail cascades.Mon, 23 Jul 2012 11:17:00 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/corporate-governance-and-compliance/19-fsa-publishes-primary-market-bulletin-no-2The FSA published its Primary Market Bulletin (Issue No. 2) on 13 July 2012. This includes a consultation on updates to the UKLA Technical and Procedural Notes.Thu, 19 Jul 2012 14:21:00 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/legal-topics/corporate-governance-and-compliance/18-sanctions-for-the-directors-of-failed-banksA summary of, and our comments on, the Government’s proposals to introduce a “rebuttable presumption” that the director of a failed bank is not suitable to be approved by the regulator to hold a position as a senior executive in a bank and to introduce criminal sanctions for serious misconduct in the management of a bank.Wed, 18 Jul 2012 10:14:00 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/mergers-and-acquisitions/12-uk-takeover-code-panel-consultation-on-pension-scheme-trustee-issuesA summary of the Takeover Panel’s public consultation paper on pension scheme trustee issues published on 05 July 2012. This includes proposals to extend the Takeover Code’s provisions which apply to employee representatives to the trustees of the offeree company’s pension scheme(s).Fri, 13 Jul 2012 14:27:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/12-uk-takeover-code-panel-consultation-on-companies-subject-to-the-takeover-codeA summary of the Takeover Panel’s public consultation paper on companies subject to the Takeover Code which was published on 05 July 2012. This includes proposals to amend the criteria for determining which companies are subject to the Code by removing the ‘residency test’ and amending the ‘10 year rule’.Fri, 13 Jul 2012 14:27:00 GMThttp://www.elexica.com/en/legal-topics/banking/12-chinas-qianhai-becomes-another-step-towards-a-fully-convertible-rmbThe State Council of the PRC recently confirmed the central government’s support towards fostering Qianhai, a zone within the port city of Shenzhen, as a testing ground for RMB internationalisation.Thu, 12 Jul 2012 08:11:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/11-amendments-to-prospectus-rules-listing-rules-and-marOn 28 June 2012, the FSA amended the Prospectus Rules to reflect the amendments to the Prospectus Regulation. The amendments to the Prospectus Rules copy out text from the amended Prospectus Regulation for convenience.Wed, 11 Jul 2012 11:05:00 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/training-landing/20120704-latest-on-pripsConference call on 04 July 2012 providing an overview of the EU Commission’s Packaged Retail Investment Products legislative proposal, published on 03 July 2012.Mon, 09 Jul 2012 10:44:00 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/mergers-and-acquisitions/06-uk-takeover-code-takeover-panel-issues-three-consultation-papersOn 05 July 2012, the Code Committee of the Takeover Panel issued three public consultation papers.Mon, 09 Jul 2012 07:30:00 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/equity-capital-markets/29-changes-to-the-uk-prospectus-reules-impact-for-equity-issuersA summary of, and our comments on, the key changes for equity issuers which take effect on 01 July 2012Fri, 29 Jun 2012 10:57:00 GMThttp://www.elexica.com/en/resources/training-landing/20120626-changes-to-the-uk-prospectus-rulesPartners Chris Horton, Colin Bole and Julian Perlmutter discuss the changes to the Prospectus Rules and FSMA which take effect on 01 July 2012.Fri, 29 Jun 2012 09:58:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/28-steps-afoot-to-increase-competition-in-the-banking-sectorThe UK Government’s July 2012 white paper on banking reform sets out proposals underway to enhance competition in the banking sector.Thu, 28 Jun 2012 14:18:00 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/it-IT/legal-topics/banking/27-nuove-disposizioniE’ entrato in vigore il 26 giugno 2012 il decreto legge 22 giugno 2012, n. 83 recante le "Misure urgenti per la crescita del Paese", cosiddetto decreto legge sviluppo, che, tra le altre cose, contiene novità rilevanti in materia di composizione delle crisi d’impresa.Wed, 27 Jun 2012 15:30:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/27-clarification-of-disclosure-rules-for-gdr-issuancesESMA has published updated guidance on the application of the Prospectus Directive to issuances of global depositary receipts in its frequently asked questions.Wed, 27 Jun 2012 13:30:00 GMThttp://www.elexica.com/en/resources/training-landing/20120620-corporate-governance-risk-and-the-fsaPartners Pollyanna Deane and Charles Mayo discuss the implications of the recent Final Notice issued to Mitsui Sumitomo Insurance (Europe) Limited.Tue, 26 Jun 2012 09:41:00 GMThttp://www.elexica.com/en/legal-topics/banking/26-right-clause-wrong-documentThe decision of the Court of Appeal in Cherry Tree Investments Limited v Landmain Limited is of interest for two reasons. First, it demonstrates the importance to secured lenders of including contractual extensions of their statutory powers in the security document rather than in the facility agreement. Secondly, it reveals a judicial disagreement over the scope of the court’s power to “correctively interpret” a contract, rather than to rectify it.Tue, 26 Jun 2012 09:35:00 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/asset-management/18-transfer-of-assets-by-way-of-securityThis article considers the legislation and validity of buy-back options in sale contracts in Qatar, Egypt, Libya and Syria.Mon, 18 Jun 2012 10:05:00 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/legal-topics/corporate-governance-and-compliance/15-pollyanna-deanes-insurance-column-june-2012This article considers the latest proposed delay to transposition of the Solvency II Directive, as well as several corporate governance developments.Fri, 15 Jun 2012 14:39:00 GMThttp://www.elexica.com/en/resources/training-landing/20120604-implications-of-international-anti-corruption-legislationThis video seminar examines the implications of the UK Bribery Act, the US Foreign Corrupt Practices Act, the PRC Criminal Law and Hong Kong’s Prevention of Bribery Ordinance.Fri, 15 Jun 2012 02:10:00 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/legal-topics/corporate-governance-and-compliance/12-federal-gazette-now-only-onlineSince 01 April 2012, the publications of the Federal Gazette have only been available online.Tue, 12 Jun 2012 12:43:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/12-deutsche-borse-closes-first-quotation-boardDeutsche Börse is tightening the rules on open market trading.Tue, 12 Jun 2012 11:40:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/12-derivatives-litigation-involving-italian-authoritiesThe latest decision by the Italian Supreme Court suggests that civil courts rather than administrative ones have jurisdication to rule on the validity of derivatives contracts. Tue, 12 Jun 2012 11:38:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/12-beyond-the-cash-pool-agreementsRisks associated with cash pooling can become a reality even if the agreement is perfectly drafted if it is not implemented effectively.Tue, 12 Jun 2012 11:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/12-managing-directors-liable-for-obscure-accountingManaging directors cannot sidestep liability for delaying insolvency by obscure bookkeeping.Tue, 12 Jun 2012 10:46:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/corporate-manda-newsletter-germany/12-corporate-germany-june-2012-english-versionThis newsletter outlines current developments in jurisdiction and legislation which are of special importance for the business practice.Tue, 12 Jun 2012 09:41:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/12-termination-of-profit-and-loss-transfer-agreementsIn practice, apart from cancellations of intercompany agreements, notices of termination can be significant, too.Tue, 12 Jun 2012 09:29:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/12-dual-functions-in-gmbh-groups-do-not-pose-a-problemThere is nothing wrong with managing directors having multiple functions. In practice however, situations may arise where conflicts are likely.Tue, 12 Jun 2012 09:15:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/11-successful-claim-for-judicial-review-against-decision-fsaThe availability of judicial review to challenge decisions of the FSA: is there an adequate alternative remedy?Mon, 11 Jun 2012 09:04:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/11-fsa-brings-first-successful-cross-border-insider-dealing-caseThe FSA has recently underlined its "willingness, and ability, to tackle serious, organised insider dealing" following three convictions in its first successful cross border insider dealing prosecution.Mon, 11 Jun 2012 09:04:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/08-fsa-consultation-on-further-changes-to-the-listing-rulesA summary of changes to the Listing Rules proposed by the FSA in its recent quarterly consultation paper (CP12/11).Fri, 08 Jun 2012 11:48:00 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/legal-topics/dispute-resolution-financial-markets/04-sfc-code-of-conduct-welcome-to-the-fdrc-and-a-whistleblowing-obligationHong Kong SFC Code of Conduct amended with introduction of Financial Dispute Resolution Centre and to introduce a whistleblowing obligation.Mon, 04 Jun 2012 07:46:00 GMThttp://www.elexica.com/en/resources/training-landing/20120416-insider-dealing-einhorn-and-greenlight-capitalJoin our financial services regulatory specialists as they explain why Hong Kong’s insider dealing regime is significantly more stringent.Mon, 04 Jun 2012 02:36:00 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/de-DE/resources/newsletter-listing/corporate-manda-newsletter-deutschland/30-corporate-germany-mai-juni-2012Der Newsletter behandelt aktuelle Entwicklungen in Rechtsprechung und Gesetzgebung, die für die Unternehmenspraxis von besonderer Bedeutung sind. Thu, 31 May 2012 14:19:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/31-bankers-bonuses-attrill-v-dresdner-kleinwort-ltdA summary of the High Court’s decision that certain of the bank’s employees were contractually entitled to a discretionary share of the €400m minimum bonus pool.Thu, 31 May 2012 13:30:00 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/de-DE/legal-topics/corporate-governance-and-compliance/31-die-aktienrechtsnovelle-2012Am 14. März 2012 wurde die Aktienrechtsnovelle 2012 zur Abstimmung in den Deutschen Bundestag eingebracht. Der finale Entwurf addressiert das umfangreiche Feedback aus der Wirtschaft.Thu, 31 May 2012 10:52:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/30-deutsche-borse-schliesst-first-quotation-boardDie Deutsche Börse verschärft die Regeln im Freiverkehr.Wed, 30 May 2012 13:18:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/30-fehler-bei-der-gmbhgrundung-eine-kleine-auswahlEin Beschluss des Kammergerichts Berlin zeigt, was bei der Gründung einer GmbH alles schief gehen kann.Wed, 30 May 2012 13:07:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/30-verstoss-gegen-offenlegungspflichtenKonzernabschlüsse müssen tatsächlich im elektronischen Bundesanzeiger veröffentlicht werden, um die Tochter von der Offenlegungspflicht zu befreien, auch wenn es sich um ein Mutterunternehmen im EU-Ausland handelt.Wed, 30 May 2012 10:58:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/30-die-geschaftsfuhrung-und-ihre-sprecherGrundsätzlich ist die Verwendung von Titeln wie „Sprecher der Geschäftsführung“ zulässig, allerdings können solche Zusätze nicht ins Handelsregister eingetragen werden. Wed, 30 May 2012 09:52:00 GMThttp://www.elexica.com/de-DE/legal-topics/mergers-and-acquisitions/30-gesellschafterlisteAm 20. September 2011 entschied der BGH, dass Änderungen im Gesellschafterkreis nicht in die Gesellschafterliste eingetragen werden können.Wed, 30 May 2012 09:45:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/30-satzungs-und-verwaltungssitzDas Kammergericht Berlin unterstützt die Ansicht, dass auch eine KG einen faktischen und einen gesellschaftsvertraglichen Sitz an unterschiedlichen Orten haben kann.Wed, 30 May 2012 09:26:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/30-interessenkonflikte-und-stimmverbotDie Linie des BGH ist klar: Liegt ein Interessenwiderstreit vor, der sich auf die Entscheidungsfindung auswirken könnte, ist die Mitwirkung an der Abstimmung nicht zulässig.Wed, 30 May 2012 09:14:00 GMThttp://www.elexica.com/en/legal-topics/banking/25-new-stock-transfers-forms-the-bankers-perspectiveA practical review of the impact that HMRC's new prescribed stock transfer form will have on a bank's security package.Mon, 28 May 2012 09:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20120329-simmons-and-simmons-insights/20120517-old-facility-new-deal-points-borrowers-are-raising-on-refinancingsAudio recording from a training session held on 17 May 2012, looking at some of the issues raised by borrowers on refinancings given recent changes in the market and loan documentation.Wed, 23 May 2012 11:04:00 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/legal-topics/crime-fraud-and-investigations/18-suspicious-minds-shah-v-hsbc-decidedBank that delayed transfers not liable for client losses, because money laundering reporting officer held a suspicion that the funds represented the proceeds of crime.Fri, 18 May 2012 08:49:00 GMThttp://www.elexica.com/en/legal-topics/real-estate/17-new-tax-measures-to-promote-investment-in-spanish-real-estateOn Friday 11 May 2012, the Spanish Government announced several tax measures aimed at promoting investment in Spanish real estate, as part of the raft of measures approved for reform of the Spanish financial sector.Thu, 17 May 2012 09:17:00 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/investment-bank-regulatory/16-chinas-ndrc-clarifies-stance-on-nonfinancial-institutions-issuing-offshore-rmb-bondsIn a move that provides Chinese domestic non-financial institutions with increased clarity, China's National Development and Reform Commission(NDRC) clarifies its stance on non-financial institutions issuing offshore RMB bonds.Wed, 16 May 2012 08:49:00 GMThttp://www.elexica.com/zh-CN/legal-topics/investment-bank-regulatory/16-chinas-ndrc-clarifies-stance-on-nonfinancial-institutions-issuing-offshore-rmb-bonds-chs国家发展和改革委员会(发改委)对非金融机构发行离岸人民币债券表明立场，以为境内非金融机构提供更为明确的指引。Wed, 16 May 2012 08:36:00 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/20120509-real-estate-debt-seminarThe dynamics and issues facing the senior debt market: Impending regulation reducing liquidity? Will new entrants increase liquidity? Or will it be the vice versa?”Tue, 15 May 2012 13:34:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/15-open-justice-catches-up-with-modern-litigationAccess by third parties to documents placed before a judge and referred to in court proceedings is now the default position.Tue, 15 May 2012 11:20:00 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/resources/training-landing/20120329-simmons-and-simmons-insights/20120503-consultation-on-uk-withholding-tax-changesAudio recording from a training session held on 03 May 2012. This session provides a run through of changes to the UK withholding tax rules proposed by HM Revenue & Customs in a recently published consultation and the types of transactions that may be affected if those changes are adopted. Mon, 14 May 2012 09:39:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/11-bulletin-on-chaodaThe Hong Kong Market Misconduct Tribunal has found a fund manager to be culpable of insider dealing after he traded in shares while in receipt of price sensitive information about an anticipated share placement.Fri, 11 May 2012 05:36:00 GMThttp://www.elexica.com/en/resources/training-landing/20120419-dealing-with-consumers-conference/how-to-win-on-social-media-consumer-protectionIncreased use of social media sites brings rise to new potential risks and liabilities relating to consumer protection. Sophie Lessar and Thomas Burgoo review these issues in this short video.Thu, 10 May 2012 13:17:00 GMThttp://www.elexica.com/en/resources/training-landing/20120419-dealing-with-consumers-conference/help-someones-stolen-my-m-wallet-legal-issues-mobile-internet-transactionsMobile transactions have great appeal to consumers and business alike. Sophie Lessar talks to Mark Dewar about the key legal issues for establishing and operating M-wallets. Thu, 10 May 2012 13:16:00 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/de-DE/resources/newsletter-listing/corporate-manda-newsletter-deutschland/10-corporate-germany-mai-2012Der Newsletter behandelt aktuelle Entwicklungen in Rechtsprechung und Gesetzgebung, die für die Unternehmenspraxis von besonderer Bedeutung sind. Thu, 10 May 2012 09:58:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/10-geschaftsfuhrerhaftung-bei-undurchsichtiger-buchfuhrungGeschäftsführer können ihrer eigenen Haftung wegen Insolvenzverschleppung nicht durch eine undurchsichtige Buchhaltung entgehen.Thu, 10 May 2012 09:33:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/10-doppelmandate-im-gmbh-konzern-kein-problemAus rechtlicher Sicht spricht nichts gegen Doppel- oder Mehrfachmandate eines Geschäftsführers. In der Praxis kann es aber durchaus zu Konstellationen kommen, die einen Interessenkonflikt hervorrufen.Thu, 10 May 2012 09:33:00 GMThttp://www.elexica.com/de-DE/legal-topics/mergers-and-acquisitions/10-beendigung-von-unternehmensvertragen-aufheben-oder-kundigenIn der Praxis ist die Kündigung eben so von Bedeutung wie die Aufhebung.Thu, 10 May 2012 09:31:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/10-jenseits-von-cash-pool-vertragenRisiken beim Cash Pooling können sich trotz perfekter Vertragsgestaltung auch dann realisieren, wenn der Vertrag nicht effektiv umgesetzt wird.Thu, 10 May 2012 09:20:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/10-bundesanzeiger-jetzt-nur-noch-onlineSeit dem 1. April 2012 sind die Veröffentlichungen des Bundesanzeigers nur noch online verfügbar.Thu, 10 May 2012 09:06:00 GMThttp://www.elexica.com/de-DE/legal-topics/banking/08-zinsverbot-der-sharia-ein-hindernis-fur-den-erwerb-von-nplDas Zinsverbot der Sharia steht dem Erwerb der Sicherheiten aus einem NPL-Portfolio nicht entgegen. Die Sicherheiten müssen jedoch zunächst „umgewandelt“ werden.Wed, 09 May 2012 15:00:00 GMThttp://www.elexica.com/de-DE/legal-topics/banking/08-wenn-der-insolvenzverwalter-den-darlehensnehmerAm 1. März 2012 sind wichtige Änderungen im Insolvenzrecht in Kraft getreten. Diese betreffen insbesondere den Prozess der Insolvenzverwalterauswahl.Wed, 09 May 2012 14:59:00 GMThttp://www.elexica.com/de-DE/legal-topics/banking/08-verkaufsvollmacht-kaufpreisabschlag-fur-npl-vermeidenKaufpreisabschläge können vermieden werden, wenn der Käufer eines NPL unmittelbar das Grundstück erwirbt. Das kann man über eine Verkaufsvollmacht erreichen.Wed, 09 May 2012 14:58:00 GMThttp://www.elexica.com/de-DE/legal-topics/banking/08-die-ubertragung-von-npl-notwendigkeit-einer-bankerlaubnisDer Erwerber von NPL bedarf grundsätzlich keiner Bankerlaubnis, sofern er sich nicht zur Vornahme von Auszahlungen verpflichtet oder die Darlehensbedingungen umgestaltet.Wed, 09 May 2012 14:57:00 GMThttp://www.elexica.com/de-DE/legal-topics/banking/08-npl-wie-sieht-sie-aus-die-dokumentationWer NPL kauft, kauft ein Bündel von Verträgen. Dazu zählen zumindest der Kreditvertrag und die Sicherheitenverträge. Diese Verträge enthalten nicht nur Rechte für den Kreditgeber.Wed, 09 May 2012 14:57:00 GMThttp://www.elexica.com/de-DE/legal-topics/banking/08-der-markt-fur-non-performing-loansFür das Jahr 2012 deutet sich eine signifikante Veränderung der Sachlage an: Die gute Konjunktur ermöglicht es Investoren, höhere Preise für den Erwerb zu zahlen.Wed, 09 May 2012 14:55:00 GMThttp://www.elexica.com/en/legal-topics/banking/08-when-the-insolvency-administrator-replaces-the-borrowerOn 01 March 2012 important amendments to German insolvency law came into effect. These amendments affect in particular the procedure for selecting the insolvency administrator.Wed, 09 May 2012 14:54:00 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/banking/08-power-of-sale-avoiding-deductions-from-the-purchase-price-of-nplsDeductions from the purchase price can be avoided if the seller of a non-performing loan acquires the real estate directly. This can be achieved by issuing a power of sale sell in written form.Wed, 09 May 2012 14:50:00 GMThttp://www.elexica.com/en/legal-topics/banking/08-npls-and-what-does-the-documentation-look-likeAnyone buying NPLs in effect buys a “bundle” of agreements. These include at least the loan agreement and the security agreements.Wed, 09 May 2012 14:50:00 GMThttp://www.elexica.com/en/legal-topics/banking/08-ban-on-interest-under-the-shariahThe ban on interest under the Shariah does not rule out an acquisition of the security from an NPL portfolio. However, the security first has to be “converted”.Wed, 09 May 2012 14:48:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/08-tax-structuringThe tax aspects of NPL transactions are complex, making it important to structure them with care.Wed, 09 May 2012 14:46:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/08-npl-transactions-finding-the-right-structureThe key to success is the right structure! Structuring the transaction is not an end in itself - its purpose is to put the parties’ objectives into practice.Wed, 09 May 2012 14:45:00 GMThttp://www.elexica.com/de-DE/legal-topics/restructuring-and-insolvency/08-steuerrechtliche-strukturierungVor dem Hintergrund der steuerrechtlichen Komplexität sind NPL-Transaktionen sorgfältig zu strukturieren.Wed, 09 May 2012 14:44:00 GMThttp://www.elexica.com/de-DE/legal-topics/restructuring-and-insolvency/08-npl-transaktion-die-richtige-strukturDie richtige Struktur führt zum Erfolg! Die Strukturierung der Transaktion ist nicht Selbstzweck, sondern soll die Ziele der Parteien umsetzen.Wed, 09 May 2012 14:41:00 GMThttp://www.elexica.com/de-DE/legal-topics/restructuring-and-insolvency/08-datenschutz-kein-hindernis-fur-die-ubertragung-von-nplDer Handel mit Forderungen aus NPL wirft die Frage der datenschutzrechtlichen Zulässigkeit auf.Wed, 09 May 2012 14:40:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/08-data-protection-an-obstacle-to-assignment-of-nplsTrading in NPL receivables gives rise to issues of admissibility under data protection law.Wed, 09 May 2012 14:38:00 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/legal-topics/corporate-governance-and-compliance/03-fsa-fine-for-breach-of-listing-rules-on-related-party-transactions-and-listing-principle-2An overview of the final notice imposing a fine on Exillon Energy plc which is the first fine levied by the FSA for a breach of the related party transaction rules and also the first fine imposed on a company for a failure to establish and maintain the systems and controls necessary to comply with the Listing Rules.Thu, 03 May 2012 09:20:00 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/resources/training-landing/20120426-rors-a-necessary-evil-or-more-trouble-than-they-are-worthThis session discusses what constitutes proper notification, in which circumstances rights should be reserved and, in particular, what actions (or inactions) could create problems for Insurers.Mon, 30 Apr 2012 14:04:00 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/resources/training-landing/20120329-simmons-and-simmons-insights/20120426-prospectus-directive-revisitedThis conference call will analyse the practical impact of the changes on issuers of debt, derivative and asset-backed securities when updating their base prospectus and listing future issuances of securities.Wed, 25 Apr 2012 14:36:00 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/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/corporate-governance-and-compliance/16-fsa-censure-and-fines-for-market-abuseAn overview of the FSA’s censure and fining of Cattles Limited and Welcome Financial Services Limited for market abuse and breaches of the Listing Rules and the FSA’s Principles for Businesses and its fining and ban of two former directors for publishing misleading information and for being knowingly concerned in the other breaches. Mon, 16 Apr 2012 09:33:00 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/legal-topics/crime-fraud-and-investigations/05-fsa-publishes-review-of-banks-anti-bribery-systems-and-controlsThe FSA has criticised investment banks for their approach to anti bribery and corruption measures and launched a consultation on proposed changes to its regulatory guide.Thu, 05 Apr 2012 13:11:00 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/dispute-resolution-financial-markets/04-recent-amendments-to-italian-class-action-lawIncreased risks exposure for banks and financial institutions.Wed, 04 Apr 2012 16:41:00 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/de-DE/legal-topics/mergers-and-acquisitions/27-worauf-mussen-ehemalige-gesellschafter-achtenWendet ein ausgeschiedener Gesellschafter der Gesellschaft einfach komplett den Rücken zu und verfolgt ihr Handeln nicht weiter, kann das zu teuren Überraschungen führen. Tue, 27 Mar 2012 09:49:00 GMThttp://www.elexica.com/de-DE/legal-topics/restructuring-and-insolvency/27-neuer-gesetzesentwurf-zur-regelung-von-lizenzen-in-der-insolvenzEs liegt ein neuer Gesetzesentwurf zur Behandlung von Lizenzverträgen in der Insolvenz vor. Damit sollen Lizenzen in der Insolvenz des Lizenzgebers stärker geschützt werden.Tue, 27 Mar 2012 08:08:00 GMThttp://www.elexica.com/de-DE/legal-topics/mergers-and-acquisitions/27-ausschluss-von-missliebigen-gmbh-gesellschafternEinziehung von GmbH-Geschäftsanteilen sofort wirksam.Tue, 27 Mar 2012 08:01:00 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/Microsite/Financial-Markets-Litigation-TimelineOur 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 network.Thu, 22 Mar 2012 16:24:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/21-prospectus-directive-review-esma-publishes-second-instalment-of-its-adviceAn overview of the conclusions of ESMA’s second instalment of its advice to the Commission as part of the Prospectus Directive. Wed, 21 Mar 2012 13:50:00 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/resources/newsletter-listing/corporate-manda-newsletter-germany/19-corporate-germany-march-2012This newsletter outlines current developments in jurisdiction and legislation which are of special importance for the business practice.Mon, 19 Mar 2012 13:48:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/19-manda-practice-how-do-you-split-a-contractThe German Reorganisation Act offers an excellent method of separating asset pools by way of the demerger of a legal entity.Mon, 19 Mar 2012 10:54:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/19-corporate-reorganisations-are-negative-declarations-needed-in-a-merger-agreementAccording to Frankfurt am Main Higher Regional Court, certain declarations do not need to be made. In practice, it is better to include everything!Mon, 19 Mar 2012 10:29:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/19-flexibility-for-manda-possibility-to-settle-price-using-gmbh-sharesThe new § 55a GmbHG opened up the possibility of a capital increase in the form of authorised capital for GmbHs as well.Mon, 19 Mar 2012 10:10:00 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/resources/podcast/episode-0219-fsa-proposes-significant-uk-rule-changesSimmons & Simmons partner Chris Horton talks to fellow partner Colin Bole about the UK Financial Services Authority’s proposed changes to the Listing, Prospectus, Disclosure and Transparency Rules.Tue, 13 Mar 2012 15:46:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/13-fsa-consultation-on-proposed-changes-to-the-listing-rules-and-dtrsA summary of changes to the Listing, Disclosure and Transparency Rules proposed by the FSA in its recent quarterly consultation paper (CP12/5).Tue, 13 Mar 2012 15:44:00 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/equity-capital-markets/12-fsa-proposes-changes-to-the-listing-rules-prospectus-rules-and-dtrsA summary of changes to the Listing Rules, Prospectus Rules, Disclosure Rules and Transparency Rules proposed by the UK Financial Services Authority in its recent consultation paper (CP12/02) and our comments on those proposals.Mon, 12 Mar 2012 10:28:00 GMThttp://www.elexica.com/en/legal-topics/consumer-products-and-retail-finance/09-consumer-credit-technically-defective-default-noticeA review of the Court of Appeal decision in Brandon v American Express Services Europe Limited. Fri, 09 Mar 2012 12:07:00 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/legal-topics/banking/28-financial-collateral-arrangements-the-banking-lawyers-approachWith the rise in corporate insolvencies, and the increase in margin lending as investors seek to raise cash on the security of their investment portfolios, the financial collateral regulations are increasingly relevant for corporate bankers and banking lawyers.Tue, 28 Feb 2012 16:22:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-sfc-enforcement-powers-sharper-clawsThis briefing discusses what lies ahead for the rest of the year in terms of the SFC's enforcement strategy in relation to market misconduct, in light of the recent Tiger Asia appeal.Mon, 27 Feb 2012 03:50:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/23-praktikerlosungen-im-umwandlungsrechtStreng genommen sind nach Ansicht des OLG Frankfurt bestimmte Angaben entbehrlich. Für die Praxis gilt: Besser doch alles aufnehmen!Thu, 23 Feb 2012 16:41:00 GMThttp://www.elexica.com/de-DE/legal-topics/corporate-governance-and-compliance/23-geschaftsfuhrer-kann-kaufpreis-bei-m-a-transaktionen-durch-gmbhgeschaftsanteile-zahlenDer neue § 55a GmbHG hat die Möglichkeit einer Kapitalerhöhung in Form des genehmigten Kapitals auch für die GmbH eröffnet.Thu, 23 Feb 2012 16:38:00 GMThttp://www.elexica.com/de-DE/legal-topics/asset-management/23-der-neue-umwandlungssteuererlass-wesentliche-neuerungenIm Januar 2012 wurde der neue Umwandlungssteuererlass veröffentlicht. Dieser führt zur Verschärfung einer Reihe von Vorschriften im Vergleich zur bisherigen Verwaltungsauffassung. Die Grundsätze des Erlasses werden für künftige Umwandlungsfälle von erheblicher praktischer Bedeutung sein.Thu, 23 Feb 2012 11:31:00 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/tax/21-german-parliamentary-groups-introduce-12-point-plan-reform-german-corporate-taxationThe parliamentary groups of the German Government parties have introduced a 12 point plan for a reform of corporate taxation in Germany.Tue, 21 Feb 2012 11:39:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/20-developments-in-dubai-international-financial-centre-data-protection-lawProposed amendments to the DIFC Data Protection Law were publicly circulated in January 2012. The amendments are intended to enable more effective enforcement of the law.Mon, 20 Feb 2012 10:33:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/20-data-breaches-by-asia-pacific-banksRecent high profile data security breaches by banks in the Asia Pacific region highlight the business and regulatory risks of falling foul of data protection rules.Mon, 20 Feb 2012 08:10:00 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/banking/16-rmb-going-globalThe Chinese renminbi is vying for mainstream status.Thu, 16 Feb 2012 03:22:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/10-emir-completion-of-the-trilogue-negotiations-and-agreement-of-final-textThe implementation of the European Market Infrastructure Regulation (EMIR) has taken another important step towards becoming law with the completion of the trilogue negotiations between the European Council of Ministers, the European Parliament and the European Commission on 09 February 2012.Fri, 10 Feb 2012 15:06:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/08-hk-dawn-raidsThis guide sets out some practical tips for Financial Institutions in managing a dawn raid in Hong Kong.Fri, 10 Feb 2012 07:09:00 GMThttp://www.elexica.com/en/legal-topics/banking/08-administrators-appointed-what-nowAn overview of the administration process which also considers some of the issues that commonly arise for those dealing with administrators.Wed, 08 Feb 2012 15:03:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/07-camerata-property-inc-v-credit-suisse-securities-part-2A short report on Camerata's second attempt to obtain damages from Credit Suisse.Wed, 08 Feb 2012 14:57:00 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/dispute-resolution-commercial/02-mitigation-costs-cover-standard-life-assurance-limited-v-ace-european-group-and-othersStandard Life has succeeded in a £100m claim under its professional indemnity insurance, for a payment made to mitigate the risk of greater claims.Thu, 02 Feb 2012 15:06:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0212-prospectus-directive--review--impact-on-debt-issuerSimmons & Simmons capital markets managing associate Penny Miller talks to colleague Rachel McGivern about the impact on debt issuers of ESMA’s advice to the Commission as part of the Prospectus Directive review.Thu, 02 Feb 2012 12:07:00 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/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentationIFE Fund SA v Goldman Sachs International, 31 July 2007 [2007] EWCA Civ 811Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-bankers-trustBankers Trust International Plc (Plaintiff) v P T Dharmala Sakti Sejahtera (Defendant) (By original action): P T Dharmala Sakti Sejahtera (Plaintiff) v (1) Bankers Trust International Plc (2) Bankers Trust Co (Defendants) (By Counterclaim) (1995)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-kwok-wai-hing-selinaKwok Wai Hing Selina v HSBC Private Bank (Suisse) SA (HCCL7/2010), July 2012 [Hong Kong]Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-sebastian-holdingsSebastian Holdings Inc v Deutsche Bank AG, Court of Appeal, 20 August 2010, [2010] EWCA Civ 998Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-bundesgerichtshof-judgmentsSwap ruling, March 2011 and Lehman Rulings, September 2011 (Bundesgerichtshof)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-raiffeisenRaiffeisen Zentralbank Osterreich AG v Royal Bank of Scotland Plc, Commercial Court, 11 June 2010, [2010] EWHC 1392 (Comm) Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-retail-harrisonHarrison & Anor v Black Horse Ltd, Court of Appeal, 12 October 2011, [2011] EWCA Civ 1128Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-peekayPeekay Intermark Ltd & Anor v Australia & New Zealand Banking Group Ltd, Court of Appeal, 06 April 2006 [2006] EWCA Civ 386Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-springwellSpringwell Navigation Corporation v JP Morgan Chase Bank and others, Court of Appeal, 01 November 2010, [2010] EWCA Civ 1221Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-titan-steel-wheelsTitan Steel Wheels Ltd v Royal Bank of Scotland Plc, Commercial Court, 11 February 2010, [2010] EWHC 211 (Comm)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-pisaPisa v Depfa, September 2011 (Consiglio di Stato), Dexia v Prato, December 2011 (Administrative Court of Tuscany) and JP Morgan v Milan, February 2012 (Italian Supreme Court) Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-marine-tradeMarine Trade SA v Pioneer Freight Futures Co Ltd BVI & Anor, Commercial Court, 29 October 2009, [2009] EWHC 2656 (Comm)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-hsh-nordbankUBS AG & UBS Securities LLC v HSH Nordbank AG, Court of Appeal, 18 June 2009, [2009] EWCA Civ 585Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-perpetual-trusteePerpetual Trustee Co Ltd & Ors v BNY Corporate Trustee Services Ltd & Lehman Brothers Special Financing Inc, Court of Appeal, 06 November 2009, [2009] EWCA Civ 1160Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-pioneerPioneer Freight Futures Co Ltd (In liquidation) v TMT Asia Ltd, Commercial Court, 01 April 2011, [2011] EWHC 778 (Comm)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-ubs-as-v-kwl(1) UBS AG (London branch) (2) UBS Global Asset Management (UK) Ltd v Kommunale Wasserwerke Leipzig GmbH, Commercial Court, 15 October 2010, [2010] EWHC 2566 (Comm) Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-misselling-misrepresentation-san-marinoCassa di Risparmio della Repubblica di San Marino SpA v Barclays Bank Ltd, Commercial Court, 09 March 2011, [2011] EWHC 484 (Comm)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-contract-interpretation-firth-rixsonLomas and others (together the Joint Administrators of Lehman Brothers International (Europe)) v JFB Firth Rixson Inc and others, Court of Appeal, 03 April 2012 [2012] EWCA Civ 419Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-client-money-lbieIn the matter of Lehman Brothers International (Europe) (In Administration) Supreme Court, 29 February 2012 [2012] UKSC 6Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-capacity-ceylonStandard Chartered Bank v Ceylon Petroleum Corp, Court of Appeal (Civil Division) [2012] EWCA Civ 1049Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-judicial-review-bbaR (on the application of British Bankers Association) (Claimant) v (1) Financial Services Authority (2) Financial Ombudsman Service (Defendants) & NEMO Personal Finance Ltd (Interested party), High Court (Administrative Court), 20 April 2011, [2011] EWHC 999 (Admin)Mon, 23 Jan 2012 12:16:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fml-timeline-jurisdiction-berlinerBerliner Verkehrsbetriebe (BVG) v JPMorgan Chase Bank NA, Frankfurt Branch (C-144/10) European Court of Justice (Third Chamber), 12 May 2011Mon, 23 Jan 2012 12:16:00 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-financial-markets/18-supreme-court-clarification-on-contractual-constructionUK Supreme Court decision on what extent the courts should use the concept of “business common sense” when parties argue for differing interpretations of a contract. Fri, 20 Jan 2012 18:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/18-10-things-you-need-to-know-about-merger-control-in-europeWed, 18 Jan 2012 10:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/10-things-you-need-to-know-about-dawn-raidsFri, 13 Jan 2012 10:31:00 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/legal-topics/equity-capital-markets/03-ftse-indices-change-to-minimum-free-float-requirementWith effect from 01 January 2012, the minimum free float for a company to be eligible for inclusion in the FTSE UK Index Series increased to 25%.Tue, 03 Jan 2012 13:20:00 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/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/legal-topics/investment-bank-regulatory/23-enhanced-dutch-consumer-protection-rules-for-financial-productsFrom 01 January 2012 the Dutch regime applicable to the offering of certain financial products will change. The changes impose further requirements on product providers in respect of the documentation used for the marketing of financial products on the Dutch market, such as the inclusion of certain mandatory, prescribed warnings.Fri, 23 Dec 2011 08:00:00 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/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/resources/podcast/episode-0205-hkma-sfc-otc-derivatives-consultation-paperSimmons & Simmons partners Paul Browne and Joel Bentsur talk about the Hong Kong SFC's latest consultation paper on OTC derivatives.Fri, 02 Dec 2011 08:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0204-hong-kong-regulatory-enforcement-environmentSimmons & Simmons partners Richard Sims and Abdulali Jiwaji discuss the current regulatory enforcement environment in Hong Kong, and the outlook for next year. Fri, 02 Dec 2011 07:30:00 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/equity-capital-markets/22-esma-update-to-recommendations-for-consistent-implementation-of-prospectus-regulationOn 23 March 2011, the European Securities and Markets Authority published an update to the CESR recommendations for the consistent implementation of the European Commission`s Regulation on Prospectuses (now known as the ESMA Recommendations) The changes to the guidelines specifically target mineral companies.Tue, 22 Nov 2011 00:00:00 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/it-IT/legal-topics/capital-markets/15-le-novit-in-materia-di-certificazione-dei-crediti-introdotte-dalla-legge-stabilitNella Gazzetta Ufficiale n. 265 del 14 novembre 2011 è stata pubblicata la legge 12 novembre 2011, n. 183 recante le Disposizioni per la formazione del bilancio annuale e pluriennale dello Stato (legge di stabilità 2012) che, tra le altre previsioni, contTue, 15 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/Resources/Training-Landing/20111103-Netherlands-FI-Sector-Autumn-Legal-Update-2011-English-versionSlides from the sessions comprising our Netherlands Financial Institutions Autumn Legal Update 2011, held in our Amsterdam office on 03 November 2011. Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20111103-netherlands-fi-sector-autumn-legal-update-2011-english-version/basel-iiiThis session looked at Basel III/CRD IV capital requirements and the implications for structured and hybrid bonds.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/en/Resources/Training-Landing/20111103-Nederland-FI-Sector-Autumn-Legal-Update-2011-Nederlandse-versieOp donderdag 3 november gaf Simmons & Simmons tijdens de Autumn legal update een overzicht van de laatste juridische ontwikkelingen die relevant zijn voor de financiële sector.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/ieder-zijn-aandeelIn deze presentatie worden recente ontwikkelingen en trends in de de equity capital markets praktijk onder de loep genomen. Tevens worden mogelijke toekomstige ontwikkelingen besproken.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/duurzaamheid-in-de-financiele-sectorWat staat ons te wachten op het terrein van anti-corruptie en anti-witwassen? De meest actuele onderwerpen op het gebied van economisch, financieel en fiscaal strafrecht worden belicht tijdens deze presentatie.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/white-collar-crimeWat staat ons te wachten op het terrein van anti-corruptie en anti-witwassen? De meest actuele onderwerpen op het gebied van economisch, financieel en fiscaal strafrecht worden belicht tijdens deze presentatie.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/class-actions-in-nederlandInternationale consequenties van Nederlandse rechtspraak in internationale collectieve schadeclaims worden behandeld tijdens deze presentatie.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/minderheidsparticipatiesTijdens deze presentatie wordt aandacht besteed aan minderheidsparticipaties, het te volgen proces, de verlangde documentatie, bescherming van de minderheids aandeelhouder en andere juridische en praktische aandachtspunten.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/insolventie-in-europaDeze presentatie is gewijd aan recente ontwikkelingen op het Europees continent, meer in het bijzonder de Nederlandse markt waar het insolventie en herstructureringen betreft.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/retrofitting-in-nederlandsDeze presentatie geeft een oplossingsgerichte visie op de leegstandproblematiek op de Nederlandse vastgoedmarkt.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20111103-nederland-fi-sector-autumn-legal-update-2011-nederlandse-versie/basel-iiiTijdens deze presentatie zal worden ingegaan op de juridische en fiscale impact van BASEL III en de toekomst van hybride financiering: Een overzicht van de nieuwe kapitaaleisen onder Basel III/CRD IV; De gevolgen voor gestructureerde en hybridisch samengestelde obligaties; Een analyse van de fiscale gevolgen in EU lidstaten.Thu, 03 Nov 2011 08:00:00 GMThttp://www.elexica.com/es-ES/legal-topics/capital-markets/3-nueva-reforma-a-la-ley-de-mercado-de-valoresSe inicia el proceso de reforma del sistema de compensación, liquidación y registro de operaciones sobre valores en España para su homologación al sistema europeo.Thu, 03 Nov 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/31-hong-kong-consults-on-regulation-of-otc-derivativesOur derivatives and regulatory specialists set out the key features of the proposed new OTC derivatives regime for Hong Kong.Mon, 31 Oct 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/28-money-never-sleeps-the-commission-raids-financial-institutions-over-euriborEuropean Commission officials have conducted dawn raids at the premises of a number of banks involved in the setting of the Euro Interbank Offered Rate (Euribor).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/banking/20-strange-fruit-the-rule-in-cherry-v-boultbeeThe Supreme Court has given its judgment in the important case of In the matter of Kaupthing Singer and Friedlander Limited (in administration) and In the matter of the Insolvency Act 1986 [2011] UKSC 48 (19 October 2011).Wed, 19 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/legal-topics/capital-markets/18-prospectus-directive-esma-final-report-key-concerns-for-mtn-issuanceKey conclusions of ESMA relevant to debt issuers contained in its Final Report dated 04 October 2011 on certain delegated acts under the Prospectus Directive.Mon, 17 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0192-eu-financial-transaction-taxSimmons & Simmons corporate tax partners Mark Sheiham and René van Eldonk discuss the potential impact of the EU Commission's proposed Financial Transaction Tax around Europe and beyond.Wed, 12 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/emir-and-derivatives-and-the-latest-on-otc-derivatives-regulatory-reformThis session rounds up the current state of play in relation to EMIR, explores the key issues for sell side and buy side, and looks at some of the regulatory developments in Asia in relation to derivatives.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/a-refresher-on-legal-professional-privilegeThis session covers why legal professional privilege is important, differences between advice and litigation privilege, an overview of without prejudice privilege, common mistakes, practical tips, how (not to) lose privilege and finally the position of the in house lawyer.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/opportunities-and-issues-on-african-dealsWe look at some of the key opportunities and issues in Francophone and Sub-Saharan Africa in the near future and consider a case study of the first IPP in Cameroon.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/legal-topics/crime-fraud-and-investigations/6-fsa-financial-crime-guideA report on the FSA draft regulatory guide for authorised firms entitled `Financial Crime: A guide for firms`.Wed, 05 Oct 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/uk-financial-institutions-autumn-legal-update-2011/jurisdiction-for-the-resolution-of-financial-markets-disputesChristopher Braithwaite and Cristina Pagni examine the use of jurisdiction arguments as a tactical weapon in recent financial markets disputes and, in particular, disputes involving European public entities.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/training-landing/uk-financial-institutions-autumn-legal-update-2011/basel-iii-and-crd-iv-capital-requirements-and-the-implications-for-structured-and-hybrid-bondsThis session covers a general overview of Basel III/CRD IV capital requirements, implications for structured and hybrid bonds, and analysis of the tax implication in EU Member States, including case studies on the Netherlands and Germany.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/resources/training-landing/financial-markets-conference-calls/conference-call-14-eu-financial-transaction-taxMark Sheiham and Martin Shah outline the key features and likely practical implications for banks and funds of the EU Financial Transaction Tax proposed by the European Commission in the draft Directive released on 28 September 2011.Thu, 29 Sep 2011 07:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/28-oversight-september-2011-investor-characterisation-derivative-products-and-fundsNew investor characterisation requirements under the Code of Conduct for Persons Licensed by or Registered with the SFC applicable to derivative products finally came into effect on 04 September 2011. This article considers the application of these requirements, in particular paragraph 5.1A and how it relates to funds.Tue, 27 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/28-the-european-commission-opens-a-formal-antitrust-investigation-into-e-paymentsThe European Commission continues its focus on the financial services sector and issues of standard setting.Tue, 27 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/28-the-icb-supports-a-greater-role-for-competition-in-the-uk-financial-sectorThe final report of the Independent Commission on Banking confirms its interim view that competition should play a central role in the reform of the UK financial sector.Tue, 27 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/legal-topics/banking/21-so-long-slavenburgThe Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011 will come into force on 01 October 2011.Tue, 20 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/20-investing-your-offshore-rmb-proceeds-another-step-forwardWith the proposed MOFCOM rules, reportedly set to go final in September 2011, the road map guiding the use of those offshore RMB proceeds is coming more into focus. This article outlines the current state of play, and points out where caution and upfront planning is still key.Mon, 19 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/16-new-gender-pay-gap-initiativeThe Government has launched a new initiative to encourage employers to undertake voluntary gender equality analysis and reporting on both pay and workforce participation measures.Thu, 15 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/13-vat-opportunity-for-pension-fundsThe ECJ has to determine whether pension schemes fall within the expression `special investment fund` and therefore may rely on a VAT-exemption for investment management services rendered to itMon, 12 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/13-final-judgment-of-the-consiglio-di-stato-italian-supreme-administrative-court-involving-derivative-transactionsA report on the latest development in the Italian courts in respect of litigation between Italian local authorities and international and domestic financial institutions involving derivative transactions in Provincia of Pisa v. Depfa Bank and Dexia.Mon, 12 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/independent-commission-on-banking-the-final-reportThe Independent Commission on Banking has produced its final report on the UK banking industry.Sun, 11 Sep 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/12-tribunal-disagrees-with-fsa-in-first-london-metal-exchange-trading-market-abuse-caseOn 02 September 2011 the FSA publicised the Tribunal’s decision in the first market abuse case to involve trading on the London Metal Exchange, that of Jason Geddis.Sun, 11 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/equity-capital-markets/1-sir-ken-morrison-fsa-fine-for-late-notifications-of-share-dealingsThe FSA has fined Sir Ken Morrison £210,000 for breach of the Disclosure Rules and Transparency Rules for failure to notify various changes in his shareholdings.Wed, 31 Aug 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/17-is-your-deal-structure-in-china-vie-ableIf you are a VIE investor in China, or are contemplating a variable interest entity (VIE) structure for your investment in China - staying on top of developments is key. This space is evolving, and assessing structural and regulatory risk is now of increasing importance.Tue, 16 Aug 2011 23:00:00 GMThttp://www.elexica.com/de-DE/legal-topics/investment-bank-regulatory/17-leerverkaufsverboteAktuelle Übersicht zu einzelnen Leerverkaufsverboten in Europa.Tue, 16 Aug 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/16-vat-and-swift-servicesThe ECJ has held that consideration paid by a bank for the operation of the SWIFT system for effecting financial payments and transactions in securities between financial institutions does not attract VAT exemption.Mon, 15 Aug 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/12-spectrum-is-greenThe case of In the Matter of Rayford Homes Limited (In Administrative Receivership) is an extension of the principles set out by the House of Lords in Re Spectrum Plus in the context of a charge over book debts to a charge over land but the case also contains a surprising finding in relation to the terms of the intercreditor agreement entered into between two secured lenders.Thu, 11 Aug 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/legal-topics/corporate-governance-and-compliance/9-esma-final-technical-advice-on-the-new-format-of-the-prospectus-summary-and-the-introduction-of-the-proportionate-disclosure-regimeESMA has published its final technical advice on possible delegated acts concerning the Prospectus Directive, including the new proportionate disclosure regime and the revised prospectus summary.Mon, 08 Aug 2011 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0185-bribery-fsa-and-the-willis-caseSimmons & Simmons partner Richard Sims talks to colleague Charles Mayo about the implications of the recent Willis fine by the FSA and the implications for both FSA regulated and non regulated businesses.Sun, 07 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/legal-topics/crime-fraud-and-investigations/29-willis-a-familiar-message-but-a-new-audienceThe FSA has imposed its largest fine yet for inadequate systems and controls to counter corruption: with the Bribery Act now in force, the lessons extend beyond the regulated sector.Thu, 28 Jul 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/oversight/12-oversight-july-2011-type-10-regulated-activityFollowing the global financial crisis credit rating agencies (CRAs) have been subject to greater regulatory scrutiny, and this has not escaped the watchful eye of Hong Kong`s regulators.Mon, 11 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/legal-topics/corporate-governance-and-compliance/6-on-e-board-new-rules-on-management-and-supervisionThe Dutch Upper House of Parliament has adopted the legislative proposal to “Amend Book 2 of the Dutch Civil Code in connection with the amendment of the rules on management and supervision in private and public limited liability companies”.Tue, 05 Jul 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/5-implementation-of-ucits-iv-directive-in-the-netherlandsOn 05 July 2011, the bill implementing UCITS IV (Directive 2009/65/EC) in the Netherlands will be put to a vote in Dutch Parliament.Mon, 04 Jul 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/1-competition-aspects-of-the-new-uk-financial-services-regulatory-regime-the-role-of-the-fcaThe UK Government proposals see a strengthened competition role for the new body charged with ensuring that business in financial services and financial markets is conducted in a way that advances the interests of all users and participants.Thu, 30 Jun 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/legal-topics/capital-markets/29-prospectus-directive-esma-consultation-paper-key-concerns-for-mtn-programme-issuanceThis briefing note provides an overview of the key proposals relevant to debt and structured finance issuers that ESMA has proposed in its Consultation Paper dated 15 June 2011 for the technical advice it will provide to the European Commission on certainTue, 28 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/dispute-resolution-financial-markets/23-the-fsa-s-use-of-the-high-court-in-market-abuse-casesThe Financial Services Authority`s latest civil market abuse action involved novel use of the FSA`s power to invoke the jurisdiction of the High Court in market abuse cases.Wed, 22 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/capital-markets/21-product-intervention-fsa-feedback-paper-june-2011A short Q&A document which highlights the key points raised in the FSA Feedback paper to aid market participants in understanding the impact of the paper.Mon, 20 Jun 2011 23:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/corporate-governance-and-compliance/21-on-e-board-nieuwe-regels-bestuur-en-toezichtOverzicht van de belangrijkste wijzigingen van het Wetsvoorstel `Wijziging van boek 2 BW in verband met aanpassing van regels over bestuur en toezicht in naamloze en besloten vennootschappen`.Mon, 20 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/legal-topics/banking/10-the-new-long-marchNavigating the multi facted world for the renminbi and examining China`s latest policy moves towards the renminbi`s future of on the world stage.Thu, 09 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/10-mortgages-of-land-due-execution-and-fsmaIn Helden v Strathmore Limited the UK Court of Appeal has clarified the law about whether a mortgagee needs to execute a mortgage of land. It has also given useful guidance on the circumstances in which a secured lender may enforce its security, notwithstanding its breach of an obligation to obtain authorisation under FSMA.Thu, 09 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2011-financial-markets-briefing-series-2011/basel-iiiIn this session our panel of speakers discuss: issues arising from the stricter capital requirements of the Basel committee; and suggestions for possible structures that may comply with the new regime. Thu, 09 Jun 2011 07:00:00 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/legal-topics/dispute-resolution-financial-markets/in-the-courtsA forward looking schedule of finance sector cases currently in the courts.Mon, 06 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/6-rights-issues-reform-where-are-weFollowing an unusually large number of rights issues in the UK, it was considered that the execution of those rights issues could be improved and would benefit from review. As a result, three inquiries were commissioned into the equity capital raising process.Sun, 05 Jun 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/2-first-public-censure-of-a-sponsor-for-breach-of-the-listing-rules-by-the-fsaThe FSA has censured BDO LLP for failing to act with due care and skill and for failing to deal with the FSA in an open and cooperative way. This is the first time that the FSA has censured a sponsor for breach of the Listing Rules.Wed, 01 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/legal-topics/antitrust-and-merger-control/1-financial-markets-in-the-eu-competition-commissioner-s-sightsDG Competition has its eye on the control of market data in financial markets.Tue, 31 May 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/27-fmlb-may-2011Financial Markets Litigation Bulletin - Issue 65Thu, 26 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/resources/podcast/episode-0170-international-implications-of-class-actions-in-the-netherlandsSimmons & Simmons partners Bernard Verbunt and Johan Polet speak with colleague Rogier van den Heuvel on international implications of Dutch class actions and class settlements both from a view point of financial institutions and from an antitrust litigation perspective.Tue, 24 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-landmark-decision-on-otc-derivatives-german-federal-court-redefines-standards-for-disclosure-in-relation-to-derivativesOn 22 March 2011, the German Federal Court of Justice (Bundesgerichtshof - BGH) delivered a judgment in which it further extended the scope of information that a bank is required to disclose to its customers when advising on the purchase of complex and rSun, 22 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/23-wiretap-evidence-the-fsa-and-insider-dealingMay 2011`s conviction in New York of Raj Rajaratnam for insider trading was a landmark for US law enforcement. One of the keys to the DoJ`s success was its use of wiretap evidence, ie the covert monitoring and recording of live telephone conversations. This article considers the position regarding the use of such evidence in the UK.Sun, 22 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/19-sharman-inquiry-into-going-concern-and-liquidity-risk-reportingOn 08 March 2011, the FRC announced the launch of an inquiry, led by Lord Sharman, to identify lessons that companies and auditors could learn in relation to addressing going concern and liquidity risks. On 03 November 2011, the Sharman Panel published a preliminary report setting out its conclusions and recommendations on improvements to the reporting of going concern and liquidity risks.Wed, 18 May 2011 23:00:00 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/legal-topics/dispute-resolution-financial-markets/12-jurisdiction-ecj-decision-in-berliner-v-jp-morgan-chaseOn 12 May 2011 the European Court of Justice (ECJ) handed down an important decision on jurisdiction which is likely to have a considerable impact on cases dealing with the sale of complex products to municipalities.Wed, 11 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/tax/5-anticipated-changes-to-dutch-taxationLegislative proposals to Dutch corporate income tax law are expected later in 2011. Anticipated changes include (re)introducing interest deduction rules, object exemption and a reduction of the income tax rate.Wed, 04 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/5-the-bribery-act-what-fund-managers-need-to-knowA summary of the risk areas for fund managers and answers to some of the most common questions fund managers ask about the Bribery Act.Wed, 04 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-new-draft-act-in-germany-will-have-significant-impact-on-issuers-and-distributors-of-capital-investments-verm-gensanlagenSummary of the main points to note for issuers and distributors of capital investments (Vermögensanlagen) arising from the draft act amending the law for investment intermediaries and capital investments (Regierungsentwurf für ein Gesetz zur Novellierung des Finanzanlagenvermittler- und Vermögensanlagenrechts), published on 06 April 2011.Wed, 04 May 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/5-european-commission-investigates-two-aspects-of-the-credit-default-swaps-marketOn 29 April 2011, the European Commission announced that it had opened proceedings in two cases relating to the Credit Default Swaps market. In each of the cases, the Commission will investigate aspects of behaviour which might infringe Article 101, or AWed, 04 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/legal-topics/dispute-resolution-financial-markets/18-court-rejects-derivative-misselling-claim-brought-by-san-marino-bank-against-barclaysA review of the Commercial Court's decision in Cassa di Risparmio della Repubblica di San Marino SpA v Barclays Bank PLC.Sat, 30 Apr 2011 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/28-fmlb-april-2011Financial Markets Litigation Bulletin - Issue 64Wed, 27 Apr 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/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/legal-topics/dispute-resolution-financial-markets/8-all-may-not-be-loss-ed-a-fifth-english-court-decision-on-section-2-a-iii-of-the-isda-master-agreementOn 01 April 2011, the English High Court handed down its third judgment in the space of a week on section 2(a)(iii) of the ISDA Master Agreement (Pioneer Freight Futures Company Limited (in liquidation) v TMT Asia Limited [2011] EWHC 778 (Comm)).Thu, 07 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/legal-topics/banking/6-taking-security-over-shares-no-bridge-too-far-stadThe Supreme Court in Farstad Supply A/S v Enviroco Limited [2011] UKSC 16 (06 April 2011) has upheld the previous decision of the Court of Appeal confirming that the grant of a legal mortgage caused the joint venture company whose shares formed the subject matter of the security to cease to be a `subsidiary` of the security provider.Tue, 05 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/legal-topics/capital-markets/1-nil-loss-nul-points-a-third-english-court-decision-on-section-2-a-iii-of-the-isda-master-agreementOn 25 March 2011, the English High Court handed down the third judgment on section 2(a)(iii) of the ISDA Master Agreement (Britannia Bulk plc (in liquidation) v Pioneer Navigation Limited, Atlas Shipping Limited and Bulk Trading S.A. [2011] EWHC 692 (Ch))Thu, 31 Mar 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/1-walking-away-from-market-understanding-a-fourth-english-court-decision-on-section-2-a-iii-of-the-isda-master-agreementOn 28 March 2011 the English High Court handed down yet another judgment on section 2(a)(iii) of the ISDA Master Agreement (Lehman Brothers Special Financing Inc. v Carlton Communications Limited [2011] EWHC 718 (Ch)).Thu, 31 Mar 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/legal-topics/antitrust-and-merger-control/30-retail-banking-market-in-italy-provincial-or-nationalThe Italian Competition Authority and the European Commission are at odds over the correct market definition for retail banking in Italy.Tue, 29 Mar 2011 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-reform-of-legislation-on-police-custodyWith more than 27,000 people detained on suspicion of committing economic or financial crimes in one year alone, France’s unique laws relating to custody are worthy of note.Fri, 25 Mar 2011 00:00:00 GMThttp://www.elexica.com/de-DE/legal-topics/investment-bank-regulatory/22-eine-grundsatzentscheidung-betreffend-den-vertrieb-von-finanzinstrumenten-in-deutschlandNach Jahren prozessualer Auseinandersetzungen und gegensätzlichen Gerichtsentscheidungen der Instanzgerichte, hat der BGH am 22. März 2011 eine Entscheidung verkündet, die Grundsatzcharakter hat (Az. XI ZR 33/10).Tue, 22 Mar 2011 00:00:00 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-markets-litigation-bulletin/11-fmlb-february-2011Financial Markets Litigation Bulletin - Issue 63Fri, 11 Mar 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/11-eurosail-two-points-for-corporate-trusteesThe Court of Appeal analyses the balance sheet test for insolvency and gives guidance on a trustee’s representation in court.Fri, 11 Mar 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/4-civil-vs-criminal-how-does-the-fsa-decide-in-market-abuse-casesThe first two months of 2011 have seen the criminal courts hand down the longest sentences yet in insider dealing cases brought by the FSA.Fri, 04 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/dispute-resolution-financial-markets/litigation-scheduleA schedule of finance sector cases currently at the pre-trial stage.Tue, 01 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/legal-topics/antitrust-and-merger-control/28-a-new-competition-remit-for-the-uk-financial-regulatorThe UK Government is consulting on a new approach to financial regulation which proposes the introduction of competition powers for the Financial Conduct Authority.Mon, 28 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/17-the-end-of-vat-exempt-outsourcingUK businesses may face increased costs on outsourcing arrangements as other EU Member States push for a narrower VAT exemption that would not cover the outsourcing of certain financial and insurance services. This could result in outsourcing costs rising by as much as 20 per cent.Thu, 17 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/14-corporate-recovery-and-insolvency-in-the-uaeThe purpose of this note is to provide a general overview of corporate recovery and insolvency issues in the United Arab Emirates.Mon, 14 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/10-qatar-central-bank-s-move-on-islamic-windowsQatar Central Bank’s move on Islamic windows and the implications for conventional banks.Thu, 10 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/10-enforceability-of-close-out-netting-provisions-in-the-united-arab-emiratesThe matters discussed in this note relate to the enforceability of close-out netting under the federal laws of the United Arab Emirates (the UAE).Thu, 10 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/7-fmlb-january-2011Financial Markets Litigation Bulletin - Issue 62Mon, 07 Feb 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/7-frc-recommendations-to-enhance-corporate-reporting-and-auditOn 07 January 2011, the Financial Reporting Council (FRC) published a discussion paper in which it seeks views on its recommendations to improve the dialogue between company boards and their shareholders. The paper is responding to lessons of the financial crisis and builds on changes already made in the UK Corporate Governance Code and the Stewardship Code.Mon, 07 Feb 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/legal-topics/dispute-resolution-financial-markets/27-market-abuse-and-insider-dealing-cases-in-20102010 saw more civil market abuse and criminal insider cases brought by the FSA than in any previous year. This represents a major upswing in activity by the regulator in terms of market conduct cases.Thu, 27 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/25-fmlb-december-2010Financial Markets Litigation Bulletin - Issue 61Tue, 25 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/18-nasdaq-dubai-releases-a-consultation-draft-of-its-proposed-new-listing-rulesThis note summarises some of the key changes in the draft which has been issued. Interested parties have two months to make submissions on the changes.Tue, 18 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/17-the-ties-that-bindThe decision of the Queen`s Bench Division of the High Court in Silver Queen Maritime Ltd v Persia Petroleum Services Plc [2010] EWHC 2867 (QB) (18 November 2010) emphasises the pitfalls that surround the execution of deeds and has potential implications for both banking lawyers and litigation lawyers concluding settlement negotiations between parties in dispute.Mon, 17 Jan 2011 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/17-intercreditor-agreements-a-question-of-interpretationThe decision of the Court of Appeal in HHY Luxembourg SARL & Another v Barclays Bank PLC & Others [2010] EWCA Civ 1248 (22 October 2010) is an important case on the interpretation of intercreditor agreements.Mon, 17 Jan 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/equity-capital-markets/5-mifid-review-corporate-finance-aspectsOn 08 December 2010, the European Commission published a consultation on its review of the Markets in Financial Instruments Directive (MiFID). This bulletin considers two areas of that MiFID review which may impact corporate finance transactions.Wed, 05 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/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/legal-topics/capital-markets/22-another-english-court-decision-on-section-2-a-iii-of-the-isda-master-agreementThe English High Court rules that section 2(a)(iii) operates to suspend (not extinguish) payment obligations, that there is no time limit on how long it can be relied upon and examines its efficacy in the context of the anti deprivation principle.Wed, 22 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/21-remuneration-regulation-key-datesAn outline of the key dates to be aware of in relation to changes to the regulation of remuneration in the financial services industry.Tue, 21 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/equity-capital-markets/17-bis-a-long-term-focus-for-corporate-britainIn October 2010, BIS published a call for evidence on the existence of short termism and market failures in UK equity markets. The paper comments that recent initiatives which have been implemented, such as the amended Corporate Governance Code and the new Stewardship Code, are all steps in the right direction, but questions whether there is more to be done to secure growth in the UK’s equity markets.Fri, 17 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/17-bis-consultation-on-narrative-reportingThe Department for Business, Innovation and Skills published (in August 2010) a consultation on narrative reporting (including narrative reporting on social and environmental issues) with a view to driving up the quality of narrative reporting to the level of the best, and thereby enable stronger and more effective shareholder engagement. The government will now seek views by the end of July 2011 on the best ways to simplify the reporting framework.Fri, 17 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/17-green-paper-on-corporate-governanceIn June 2010, the European Commission published a green paper seeking views on certain aspects of corporate governance in financial institutions and remuneration policies. It has subsequently published a feedback statement on the green paper (November 2010) and a Roadmap indicating required follow up work (December 2010).Fri, 17 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/17-european-commission-consultation-on-disclosure-of-non-financial-informationThe European Commission has published a public consultation paper seeking views on ways to improve the disclosure of non financial information (such as social and environmental information). The consultation, which takes the form of a questionnaire, closes on 24 January 2011.Fri, 17 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/tax/15-dutch-innovation-boxWith effect from 01 January 2010 the Dutch Government replaced the `Patent Box` with the `Innovation Box` (Innovatiebox) which provides for a lower effective rate of tax of five per cent on income from patents and other qualifying know how.Wed, 15 Dec 2010 00:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/tax/15-wijzigingen-in-de-heffing-van-overdrachtsbelasting-per-1-januari-2011In het belastingplan 2011 zijn diverse wijzigingen met betrekking tot de heffing van overdrachtsbelasting opgenomen. De belangrijkste daarvan voor de vastgoedpraktijk is een aanpassing van de regels omtrent de artikel 4 vennootschappen, ook wel onroerende zaak lichamen genoemd. Toon de Ruiter bespreekt de wijzigingen en de gevolgen daarvan.Wed, 15 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/13-new-accounting-interpretation-in-hong-kong-may-lead-to-reclassification-of-bank-loansA recent Interpretation issued by the HKICPA may lead to a reclassification of bank loans which contain a repayment on demand clause.Mon, 13 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/investment-bank-regulatory/6-financial-services-alerter-november-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for November 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, 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/dispute-resolution-financial-markets/6-derivatives-litigation-involving-italian-local-authorities-the-province-of-pisa-caseOn 04 November, 2010, the first instance administrative judge of Tuscany issued a judgment on an appeal by Dexia Crediop and Depfa Bank against the Province of Pisa`s decision to repeal ex officio resolutions authorising two derivative transactions entereMon, 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/investment-bank-regulatory/3-financial-services-alerter-november-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for November 2010. It covers relevant publications and announcements by HM Treasury and other UK Government bodies, as well as related items such as significant responses to consultations, etc.Fri, 03 Dec 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-november-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for November 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Fri, 03 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/resources/newsletter-listing/financial-markets-litigation-bulletin/22-fmlb-november-2010Financial Markets Litigation Bulletin - Issue 60Mon, 22 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/Resources/Training-Landing/20101118-Nederland-FI-Sector-Autumn-Legal-Update-2010Op donderdag 18 november gaf Simmons & Simmons tijdens de Autumn legal update een overzicht van de laatste juridische ontwikkelingen die relevant zijn voor de financiële sector.Thu, 18 Nov 2010 08:30:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20101118-nederland-fi-sector-autumn-legal-update-2010/session-2-str-1-trade-sale-versus-ipo-voor-en-nadelenIn deze presentatie worden de belangrijkste verschillen tussen de exit mogelijkheden Trade Sale en IPO besproken. Tevens wordt aandacht besteed aan exits waarbij Trade Sale en IPO processen worden gecombineerd.Thu, 18 Nov 2010 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20101118-nederland-fi-sector-autumn-legal-update-2010/session-1-str-1-herstructurering-door-executie-van-aandelen-en-lidmaatschapsrechtenTot vrij recent werd een pandrecht op aandelen slechts gezien als een instrument dat een 'plek aan de onderhandelingstafel gaf'. Steeds vaker blijkt echter dat herstructureringen worden doorgevoed door over te gaan tot een daadwerkelijke executie van de pandrechten op een aandeel (of op lidmaatschapsrechten in bijv. een coöperatie). In deze presentatie komt een aantal voor de praktijk relevante aspecten aan de orde.Thu, 18 Nov 2010 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20101118-nederland-fi-sector-autumn-legal-update-2010/session-1-str-2-compliance-en-risk-management-bij-beslagen-onder-banken-en-verzekeraarsIn deze presentatie wordt ingegaan op recente ontwikkelingen op het gebied van compliance bij beslag onder financiële instellingen. Onderwerpen die aan bod zullen komen zijn onder meer de risico's van banken en verzekeraar bij een beslag ten laste van een cliënt, de snelheid waarmee actie moet worden ondernomen en de verplichtingen die vallen onder het beslag.Thu, 18 Nov 2010 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20101118-nederland-fi-sector-autumn-legal-update-2010/session-3-str-2-nieuwe-kapitaaleisen-in-de-bankbalansTijdens deze presentatie zal worden ingegaan op de juridische en fiscale impact van BASEL III en de toekomst van hybride financiering.Thu, 18 Nov 2010 08:00:00 GMThttp://www.elexica.com/nl-NL/resources/training-landing/20101118-nederland-fi-sector-autumn-legal-update-2010/session-2-str-2-beleggingen-door-pensioenfondsen-beheersing-van-contractuele-en-andere-risicosTijdens deze presentatie zal worden ingegaan op diverse contractuele aspecten van Investment Management Agreements. Tevens zal worden ingegaan op de eventuele aansprakelijkheden die zich in verband met dergelijke overeenkomsten kunnen voordoen, waarbij ook aandacht is voor de positie van degenen die binnen het organisatorisch verband van het pensioenfonds zijn betrokken bij het beleggen onder een Investment Management Agreement.Thu, 18 Nov 2010 08:00:00 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/investment-bank-regulatory/5-financial-services-alerter-october-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for October 2010. It covers relevant publications and announcements by HM Treasury and other UK Government bodies, as well as related items such as significant responses to consultations, etc.Fri, 05 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-october-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for October 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Fri, 05 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-october-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for October 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Fri, 05 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/5-the-renminbi-bond-market-in-hong-kongThis article provides an overview of the development of the Renminbi (RMB) bond market in Hong Kong and examines the significance of recent transactions.Fri, 05 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/legal-topics/capital-markets/2-overview-of-european-central-bank-and-bank-of-england-liquidity-schemes-collateralised-by-asset-backed-securitiesThis briefing note provides a detailed analysis of the eligibility of ABS securities with respect to the ECB and Bank of England liquidity schemes.Tue, 02 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/1-the-court-of-appeal-has-confirmed-that-jp-morgan-was-not-responsible-for-an-investor-s-lossesThe court has confirmed that sophisticated investors trading in complex financial products cannot look easily and readily to banks to compensate them when their investments turn sour.Mon, 01 Nov 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/29-oversight-november-2010-consultation-conclusions-on-a-scripless-securities-market-in-hong-kongOn 21 September, the Securities and Futures Commission, the Federation of Share Registrars Limited and The Stock Exchange of Hong Kong Limited jointly published a set of consultation conclusions to introduce a a scripless securities market regime in Hong Kong.Thu, 28 Oct 2010 23:00:00 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/dispute-resolution-financial-markets/27-commercial-court-confirms-broker-s-right-to-liquidate-positionsThe Commercial Court has confirmed the right of commodities brokers to close out a client`s position where the client has failed to pay margin on demand and where the liquidation is desirable for the broker`s or client`s protection.Tue, 26 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/27-outsourcing-for-financial-institutions-in-hong-kong-a-regulatory-perspectiveAn overview of the regulatory obligations for financial institutions looking to initiate outsourcing projects.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/financial-markets-litigation-bulletin/25-fmlb-october-2010Financial Markets Litigation Bulletin - Issue 59Sun, 24 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-uk-market-abuse-outcomes-continue-apaceThe FSA has made clear that enforcement of the market abuse regime is one of its top priorities as part of “credible deterrence”. This requires a continuous throughput of cases resulting in outcomes, both civil and criminal. As part of this, on 20 OctobSun, 24 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/19-fmlb-september-2010Financial Markets Litigation Bulletin - Issue 58Mon, 18 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/legal-topics/corporate-governance-and-compliance/15-disclosure-and-transparency-rule-changes-effective-01-november-2010DTR changes which require an immediate announcement of total voting rights following a material change in voting rights and allow certain rights and shares not to be aggregated when calculating whether a major shareholding notificationis required.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/in-the-hot-seat-regulatory-trends-for-banks-and-investment-firms-across-europeAn interview with Simmons & Simmons partners Charlotte Stalin, Ian Rogers, Jochen Seitz and Romeo Battigaglia on current trends in financial services regulation in the UK, France, Germany and Italy.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/some-issues-on-eca-supported-financingsThis session reviews various issues relating to ECA backed financings including the transfer of the underlying loans and the impact of transfers on the ECA support and the use of securitisation guarantees in Germany. The session also looks at some of the issues associated with ECA supported aircraft deals.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/consumer-finance-and-regulatory-update-for-the-retail-banking-sectorThis session examines recent developments in legal and regulatory requirements both nationally and under EU law that affect the way in which retail finance institutions deal with their clients and prospective clients, including information gathering, cooling off periods, disclosure/transparency and documentation requirements.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/governance-for-financial-institutionsThe responses of the Government, regulators and investors to the credit crunch are leading to significant changes in the governance of financial institutions. This can be seen through the Walker Report, the new UK Corporate Governance Code and the new Stewardship Code. But, higher standards of conduct are bringing with them increasing risks of corporate and criminal liability and pressure for greater alignment of remuneration with long term success on a risk adjusted basis. Knowledge and perspective of these developments will help manage these risks.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/trade-receivables-slow-and-steady-wins-the-raceThis talk considers recent trends in trade receivables financing, some of the traditional legal structures and recent innovation in the trade receivables financing arena, including the rise of supply chain finance.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/doing-deals-in-africaThis session reviews the opportunities and areas of concern to lenders and foreign investors in various African jurisdictions (both North Africa and Sub-Saharan Africa).Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/update-on-otc-derivatives-regulation-and-litigationThe session includes an update and analysis of the proposed European legislation of OTC derivatives. It also includes a round-up of recent case law of interest to participants in the OTC derivatives and structured finance market including Metavante 2(a)(iii) issues, flip clauses - Perpetual, gross payment -Marine Trade 2 (a) (ii), close out - Wockhardt, jurisdiction and the current position in relation to litigation issues in Italy.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/doing-derivatives-in-the-middle-eastThis session covers the exponential trend in conventional and Islamic derivatives across the GCC, examining core legal and regulatory issues surrounding the permissibility of derivatives, enforceability issues (netting, close-out netting, bankruptcy) and accessing the Saudi equity markets by means of derivatives.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/current-trends-in-middle-east-structured-productsThis session examines current trends in structured products in the UAE, Qatar and Saudi Arabia, including the recent boom in foreign investment in conventional and Islamic structured deposits in Qatar and the UAE, the growing Islamic structured products market and legal and regulatory considerations for debt securities offerings in Saudi Arabia.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-fsa-and-finra-sign-cooperation-agreementNews of increased cooperation between regulators in the financial sector in the US and the UK.Wed, 06 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/20101007-uk-fi-sector-cpd-day-2010/finance-litigation-resolving-disputes-surrounding-the-sale-of-financial-productsThis session covers key litigation issues including jurisdiction/forum shopping, suitability issues, and the effectiveness of contractual limitations of responsibility, including recent court judgments and the implications for managing risk.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/taking-security-in-key-european-jurisdictionsThis session focuses on the issues involved in taking security in various European jurisdictions, focusing particularly on the practical issues involved, and conducting a comparative analysis of a variety of common and specific issues.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/oversight/6-oversight-october-2010-consultation-paper-concerning-the-regulatory-oversight-of-credit-rating-agenciesThis Oversight provides a summary of the proposed regulation and licensing requirements for Credit Rating Agencies as contained in the SFC`s Consultation Paper Concerning the Regulatory Oversight of Credit Rating Agencies.Tue, 05 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/investment-bank-regulatory/5-financial-services-alerter-september-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for September 2010. It covers relevant publications and announcements by HM Treasury and other UK Government bodies, as well as related items such as significant responses to consultations, etc.Mon, 04 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-september-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for September 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 04 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-september-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for September 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Mon, 04 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/it-IT/legal-topics/capital-markets/4-la-proposta-legislativa-della-commissione-europea-in-materia-di-derivati-otcIn data 15 settembre 2010, la Commissione Europea ha pubblicato una proposta di regolamento in materia di derivati OTC. La proposta in esame copre in maniera esaustiva il tema del clearing delle operazioni con controparti centrali, gli obblighi di informSun, 03 Oct 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/1-eleven-french-banks-fined-a-total-of-384-9m-for-charging-unjustified-interbank-feesThe French Competition Authority finds that the flat rate fee charged for digitalised cheque clearing between banks was unjustified.Thu, 30 Sep 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/antitrust-and-merger-control/30-two-pronged-review-into-stability-and-competition-in-the-uk-banking-sector-proves-challengingThe initial Issues Paper published by the Independent Commission on Banking demonstrates the complexity of its review of the structure of the UK banking sector.Wed, 29 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/29-financial-services-in-italy-a-changing-landscapeThis article summarises some of the most significant changes laid down under the Legislative Decree of 13 August 2010 n. 141, relevant to financial intermediaries.Tue, 28 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/29-ftse-benchmark-for-uae-exchangesSince September 2010 the three United Arab Emirates exchanges have been included in the FTSE`s benchmarks as `emerging markets`.Tue, 28 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/financial-markets-conference-calls/conference-call-10-derivatives-litigation-involving-italian-local-authoritiesItalian local authorities are in the press and in court over their involvement with derivatives and structured products. In this audio recording (held in English) Romeo Battigaglia, Alessandro Engst, Francesco Maruffi and Luca Basilio highlight the issues arising from these cases and explain how Italian law concerning the capacity of local authorities to enter into this type of transaction is likely to change going forward.Thu, 23 Sep 2010 07:00:00 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/legal-topics/corporate-governance-and-compliance/20-icsa-draft-guidance-on-improving-board-effectiveness-higgs-reviewOn 29 July 2010, the Institute of Chartered Secretaries and Administrators (ICSA) published its second consultation document `Improving board effectiveness`.Sun, 19 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/podcast/episode-0113-otc-derivatives-new-eu-proposalSimmons & Simmons partner Allan Yip talks to colleague Penny Miller about the EU Commission's legislative proposal on OTC derivatives. Sun, 19 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/17-flip-clauses-and-perpetual-developments-in-the-usVarious Lehman entities subject to insolvency process in New York have recently filed claims against trustees and others (including noteholders) claiming compensation for payments that they maintain were wrongly made on the basis that `flip` clauses wereThu, 16 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/17-eu-commission-issues-legislative-proposal-on-otc-derivativesOn 15 September 2010, the European Commission published a proposal for a Regulation on OTC derivatives broadly covering central counterparty clearing, reporting requirements and the related requirements relevant to authorisation and supervision, authorisaThu, 16 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/legal-topics/banking/10-guarantee-stripping-in-cva-possible-but-proposal-unfair-to-landlordsA company voluntary arrangement entered into by a company in administration unfairly prejudiced landlords by discharging guarantees granted by the company`s ultimate parent.Thu, 09 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/8-the-wind-hellas-caseConsideration of the High Court’s decision In the Matter of Hellas Telecommunications (Luxembourg) II SCA in which the change of a company’s centre of main interest prior to administration was approved.Tue, 07 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/investment-bank-regulatory/3-financial-services-alerter-august-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for August 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 02 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-august-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for August 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 02 Sep 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-august-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for August 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Thu, 02 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/newsletter-listing/financial-markets-litigation-bulletin/25-fmlb-august-2010Financial Markets Litigation Bulletin - Issue 57Tue, 24 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/25-the-impact-of-stock-exchange-mergers-in-the-united-arab-emiratesThis article discusses the legal and regulatory implications of the recent high profile merger between DFM and NASDAQ Dubai.Tue, 24 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/13-plain-sailing-or-stormy-weatherThe Eurosail case illustrates the exercise required when considering whether a company is unable to pay its debts as they fall due within the meaning of section 123 Insolvency Act 1986.Thu, 12 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/12-floating-charges-get-a-sinking-feeling-possession-and-control-under-the-financial-collateral-regulationsIn May 2010, the English High Court examined the extent to which floating charges fall within the scope of the Financial Collateral Regulations. The court took a conservative approach in interpreting the Regulations which highlights the narrow scope of their applicability to floating charges and a potential inconsistency between the inherent nature of a floating charge and the requirements of the Regulations.Wed, 11 Aug 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/podcast/episode-0098-uae-financial-services-regulatory-update-part-twoSimmons & Simmons partners Vanessa Abernethy and Isabella Roberts talk about some of the recent regulations which ESCA have been enacting in the UAE and the effect they will have on the financial services industry.Sun, 08 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/investment-bank-regulatory/6-financial-services-alerter-july-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for July 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 05 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-july-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for July 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 05 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-july-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for July 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/newsletter-listing/financial-markets-litigation-bulletin/5-fmlb-july-2010Financial Markets Litigation Bulletin - Issue 56Wed, 04 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0096-uae-financial-services-regulatory-update-part-oneSimmons & Simmons partners Vanessa Abernethy and Isabella Roberts talk about some of the recent regulations which ESCA and the DFSA have been enacting in the UAE and the effect they will have on the financial services industry.Wed, 04 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/4-european-commission-consultation-on-a-revision-of-the-market-abuse-directiveOn 28 June 2010, the European Commission published a consultation on proposed changes to the Market Abusive Directive. The consultation considers extending the scope of the Directive, enhancing regulator enforcement powers and creating a `single rule book` across Member States.Tue, 03 Aug 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/3-guarantees-adding-valueIn the recent case of Carey Value Added, S.L. v Grupo Urvasco, S.A. [2010] EWHC 1905 (Comm) (23 July 2010) the High Court has provided welcome clarification on the differences between a guarantee and a performance bond.Mon, 02 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/antitrust-and-merger-control/3-competition-and-choice-in-the-banking-sector-uk-parliamentary-inquiry-launchedA major inquiry focuses on the consequences of the financial crisis for competition in the banking sector.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/legal-topics/investment-bank-regulatory/26-the-future-of-uk-financial-services-regulation-banking-and-investment-servicesSeries of FAQs providing an overview of the implications for banking and investment services firms concerning the new structure of the UK financial services regulatory regimeSun, 25 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/23-all-change-for-chargesA consideration of the proposals contained in the consultation document issued by the Department of Business, Innovation and Skills on the regime for the registration of charges, created by companies and limited liability partnerships.Thu, 22 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/22-amendments-to-the-prospectus-directive-impact-for-equity-issuersOn 11 December 2010, Directive 2010/73/EU, which will amend the Prospectus Directive (the Amending Directive), was published in the Official Journal. The Amending Directive will came into effect on 31 December 2010 (20 days after its publication) and Member States now have until 01 July 2012 to transpose it into national law.Wed, 21 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/it-IT/legal-topics/equity-capital-markets/22-le-modifiche-alla-direttiva-prospetti-cosa-cambierIl 17 giugno 2010 il Parlamento Europeo ha adottato un testo di direttiva che modificherà la Direttiva Prospetti. Le principali modiche riguardano retail cascade, Nota di Sintesi, Supplemento al prospetto e diritto di recesso, Condizioni Definitive e esenzioni.Wed, 21 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/19-fmlb-june-2010Financial Markets Litigation Bulletin - Issue 55Sun, 18 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/19-amendments-to-the-prospectus-directive-impact-for-debt-and-structured-finance-issuersDirective 2010/73/EU, which amends the Prospectus Directive 2003/71/EC came into force on 31 December 2010 and must be transposed into the national law of Member States by 01 July 2012. It will have a significant impact on both debt and equity issuers. ThSun, 18 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/commercial/19-back-to-the-future-recent-changes-to-the-uae-agency-lawIn a move that reverses 2006 liberalisations and is likely to make a registered commercial agency even less attractive to foreign companies, the United Arab Emirates (UAE) has strengthened the rights of UAE registered commercial agents.Sun, 18 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/16-review-of-the-structure-of-the-listing-regime-final-amendmentsAn analysis of the key changes to the structure of the UK Listing Regime which came into force on 06 April 2010.Thu, 15 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/16-hm-treasury-consultation-on-uk-bank-levyOn 13 July 2010 HM Treasury released their consultation document on the new UK bank levy on the balance sheets of UK banks and banking groups, providing a clearer insight into the shape for the bank levy which the Government has in mind, but also some of the problems that the Treasury has not yet been able to progress.Thu, 15 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/retail-structured-products-rsp-update-on-recent-developmentsDespite the emergence of market led initiatives and a more principles based approach by some national regulators, there is now a shift towards further regulation. This briefing examines the current regulatory proposals at a EU (including PRIPS) and national level and the potential impact on participants in the RSP market.Thu, 15 Jul 2010 07:00:00 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/training-landing/2010-financial-markets-breakfast-briefing-series-2010/debt-issues-amendments-to-the-prospectus-directiveWhere are we five years on from the entry into force of the Prospectus Directive? Significant amendments to the Directive have been proposed including: the amendment to threshold requirements in relation to public offers; simplification of disclosure relating to government guarantees; clarification of the retail cascade, and changes to the summary requirements. This briefing analyses the key proposed changes and their impact on the debt market.Thu, 08 Jul 2010 07:00:00 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/investment-bank-regulatory/8-financial-services-alerter-june-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for June 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Wed, 07 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-june-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for June 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Wed, 07 Jul 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-june-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for June 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/resources/podcast/episode-0088-uk-bank-levySimmons & Simmons corporate tax partner Mark Sheiham talks to colleague Gary Barnett about the recently announced UK bank levy and its possible impact on the financial services industry.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/training-landing/2010-financial-markets-breakfast-briefing-series-2010/asset-finance-recent-developments-in-cross-border-leasingThis session explores some of the cross border leasing structures which are available in the asset finance market for energy saving and renewable assets. We look at tax leveraged structures which can effectively reduce the cost of financing equipment in contrast to traditional modes of financing, focusing in particular on the French "green" tax lease for energy saving and renewable assets situated in Germany, UK and the Netherlands.Thu, 01 Jul 2010 07:00:00 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/tax/28-uk-bank-levy-faqsFAQs prepared by Simmons & Simmons concerning the UK bank levy announced by the Chancellor in his Emergency Budget on 22 June 2010.Sun, 27 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/de-DE/legal-topics/employment-and-benefits/28-verg-tungssysteme-von-instituten-und-versicherungsunternehmenAm 17. Juni 2010 hat der Bundestag das Gesetz über die aufsichtsrechtlichen Anforderungen an die Vergütungssysteme von Instituten und Versicherungsunternehmen verabschiedet (das „Vergütungsgesetz“).Sun, 27 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/25-uk-bank-levyAs widely anticipated, the Government announced the introduction of a UK bank levy in the Emergency Budget on 22 June 2010. The bank levy will be based on the balance sheet liabilities of UK banks and will come into effect from 01 January 2011. At present, many issues concerning the scope of the levy remain uncertain and the Government will consult over the summer with a view to clarifying the detail later in 2010.Thu, 24 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/legal-topics/employment-and-benefits/23-financial-services-act-2010-the-impact-on-remunerationA summary of those provisions in the Financial Services Act 2010 which will affect remuneration in the finance sector including the way in which remuneration packages are structured and disclosure requirements.Tue, 22 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/23-the-fsa-s-remuneration-code-a-summaryA summary of the key principles contained in the Financial Services Authorities` Remuneration Code.Tue, 22 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/22-the-walker-review-a-summaryThis article offers guidance as to the Walker Review`s applicability and scope.Mon, 21 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/22-flawed-assets-or-flawed-thinkingOn 25 May 2010, the administrators of Lehman Brothers International (Europe) (LBIE) gave notice of their intended application to the Companies Court Judge for directions on the effect and application of section 2(a)(iii) of the ISDA Master Agreement. We pMon, 21 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/17-equity-underwriting-market-study-by-oftOn 10 June 2010 the Office of Fair Trading announced a new market study into equity underwriting and related services. This results from the perceived dissatisfaction of some UK companies with these services.Wed, 16 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/commercial/17-the-long-awaited-anti-fronting-law-finally-in-forceThis article reviews the proposed Law on the Combating of Commercial Concealment (17/2004) (commonly referred to as the `Anti Fronting Law`) in the UAE.Wed, 16 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-client-money-fsa-enforcement-of-the-client-money-rulesA review of the FSA`s first significant enforcement action in relation to its client money rules.Tue, 15 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/dispute-resolution-commercial/15-tid-v-blom-shariah-defence-withdrawnThe Investment Dar`s withdrawal of its Shariah related defences averts an appellate judgment on their merits. New best practice measures to mitigate Shariah risk are discussed as a consequence.Mon, 14 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/over-the-counter-otc-derivatives-regulationKey provisions of the proposals from Europe and the US for the regulation of OTC derivatives are slowly but steadily coming into sharper focus. This briefing provides an update on the current state of play of those proposals and discusses the implications for both buy and sell side participants.Thu, 10 Jun 2010 07:00:00 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/investment-bank-regulatory/7-financial-services-alerter-may-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for May 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Sun, 06 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-may-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for May 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Sun, 06 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-may-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for May 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/capital-markets/6-sfc-consultation-conclusions-on-proposals-to-enhance-protection-for-the-investing-public-impact-on-unlisted-structured-investment-productsThis article looks at the key proposals, adopted in the Consultation Conclusions on Proposals to Enhance Protection for the Investing Public, relating to unlisted structured investment products and the regulation of intermediaries.Sat, 05 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/4-fmlb-may-2010Financial Markets Litigation Bulletin - Issue 54Thu, 03 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/tax/3-new-treaty-passport-scheme-for-interest-paymentsHMRC has launched a new `passport scheme` for overseas corporate lenders in countries having a double tax treaty with the UK which lend monies to UK resident corporate borrowers. The scheme is designed to speed up the normal double tax treaty clearance process and enable borrowers to pay interest gross or at reduced withholding rates sooner than otherwise.Wed, 02 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/2-simon-eagle-a-landmark-case-in-fsa-market-abuse-enforcementOn 18 May 2010, the FSA published the latest outcome in its longest ever running market abuse enforcement case. This relates to the `share ramping` scheme involving Fundamental-E Investments plc which took place back in 2003-2004.Tue, 01 Jun 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/1-ecj-grants-taxpayer-dutch-transfer-tax-exemptionThe benefits of the EU Merger Directive must be granted even where a merger has as its objective the avoidance of a tax not covered by the Directive.Mon, 31 May 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/exchange-traded-funds-etfs-an-update-on-new-trendsThis session focuses on the recent listings of active ETFs on Deutsche Börse and US ETFs on Euronext.Thu, 27 May 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/27-thirteenth-vat-directive-reclaims-and-supplies-of-insurance-or-financeThe Advocate General has strongly backed the UK`s arguments that it is not required to provide a VAT refund for third country persons in relation to input VAT incurred on providing insurance or financial services to other third country persons.Wed, 26 May 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/27-barriers-to-entry-expansion-and-exit-the-oft-review-of-retail-bankingThe UK Office of Fair Trading has launched a review of retail banking services (including personal current accounts, mortgages and loans) to individual consumers and business banking services supplied to small and medium sized enterprises narrowly focusedWed, 26 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/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/working-with-trusteesAn exploration of the practical issues for arrangers to consider when working with trustees.Wed, 19 May 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/18-out-of-court-appointment-of-administrators-some-dangersConsideration of the recent decision of the High Court in Pillar Securitisation S.a.r.l. and Others v Spicer & Shinners [2010] EWHC 836 (Ch).Mon, 17 May 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/investing-in-the-middle-east-a-guide-for-international-investorsThis briefing focuses on recent developments and changes in the law designed to foster international investment and transparency, focusing on Qatar, Saudi Arabia and the United Arab Emirates.Wed, 12 May 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/11-miscellaneous-proposed-changes-to-the-dtrsOn 06 January 2010, the FSA published proposed changes to DTR 4 and DTR 5 of the Disclosure and Transparency Rules.Mon, 10 May 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/11-minor-amendments-to-dtrs-effective-06-may-2010Minor clarifying amendments to DTR 4.4.2 and 4.4.8 effective from 06 May 2010. Other changes, which were proposed in the FSA`s consultation, have been deferred for further consideration.Mon, 10 May 2010 23:00:00 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/investment-bank-regulatory/7-financial-services-alerter-april-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for April 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/legal-topics/investment-bank-regulatory/6-financial-services-alerter-april-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for April 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Wed, 05 May 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-april-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for April 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Wed, 05 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/28-scope-of-the-exemption-for-insurance-related-servicesIn a case concerning insurance comparison websites, the Court of Appeal has held that the services of an `introducer` of insurance services may qualify for exemption. The court rejected the contention that an insurance broker or agent must have a legal relationship with either the insured or insurer: HMRC v InsuranceWide.com Services Ltd and Trader Media Group Ltd.Tue, 27 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/27-sfc-consultation-conclusions-on-reforms-to-the-co-sfo-offering-regimesOn 22 April 2010, the Securities and Futures Commission published its Consultation Conclusions on Possible Reforms to the Prospectus Regime in the Companies Ordinance and the Offers of Investments Regime in the Securities and Futures Ordinance. This article provides a snapshot of the key observations from the Consultation Conclusions.Mon, 26 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/22-fsa-enforcement-priorities-the-northern-rock-executivesOn 13 April 2010 the Financial Services Authority fined and prohibited two former executives of Northern Rock plc, David Baker (formerly the deputy CEO) and Richard Barclay. They were found by the FSA to have provided inaccurate information as to NortherWed, 21 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/20-fmlb-april-2010Financial Markets Litigation Bulletin - Issue 53Mon, 19 Apr 2010 23:00:00 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/legal-topics/employment-and-benefits/19-draft-german-act-on-the-regulatory-requirements-for-compensation-systems-of-institutions-and-insurance-companiesThe German Government issued a bill in the form of a draft Act on the regulatory requirements for compensation systems of institutions and insurance companies.Sun, 18 Apr 2010 23:00:00 GMThttp://www.elexica.com/de-DE/legal-topics/employment-and-benefits/19-referentenentwurf-f-r-ein-gesetz-ber-die-aufsichtsrechtlichen-anforderungen-an-verg-tungssystemeDie Bundesregierung hat einen Entwurf für ein `Gesetz über die aufsichtsrechtlichen Anforderungen an die Vergütungssysteme von Instituten und Versicherungsunternehmen` auf den Weg gebracht (der „Gesetzentwurf“).Sun, 18 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/banking/15-dawn-of-the-living-willThis article considers the international momentum surrounding `living wills`, also known as recovery and resolution plans, and considers the UK`s legislative framework and proposals which will affect deposit taking banks and, possibly, other types of financial institutions as well.Wed, 14 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/9-new-us-sec-proposals-for-asset-backed-securities-transactionsOn 07 April 2010 the US Securities and Exchange Commission issued a set of rule proposals for asset backed securities. If adopted in the form proposed, these would have a significant impact not just on SEC registered offerings for securitisations but also on other structured finance private offerings made pursuant to Rule 144A and Regulation D.Thu, 08 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/financial-markets-conference-calls/conference-call-06-landmark-euronext-listings-of-3x-leverage-us-etfsAudio recording of a conference call held on 08 April 2010 in which Ian Rogers and Bastiaan Siemers address some of the key practical and legal issues contemplated in the first Euronext listing of a range of bull and bear ETFs seeking daily 3x leveraged investment results of which Simmons & Simmons has advised. Thu, 08 Apr 2010 07:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/8-a-new-approach-for-the-amfThe Autorité des Marchés Financiers (AMF) is considering significant changes to its investigative procedures. On 18 March 2010 we held a telephone conference call (in English) on this subject and this article comprises our follow up note along with accesWed, 07 Apr 2010 23:00:00 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/legal-topics/corporate-governance-and-compliance/7-dutch-supreme-court-rules-on-world-online-ipoThis judgment on the controversial initial public offering of internet service provider World Online in 2000 shows to all market participants the importance of going beyond a `box ticking` exercise when drafting a prospectus.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/investment-bank-regulatory/6-financial-services-alerter-march-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for March 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 05 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-march-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for March 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 05 Apr 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-march-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for March 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/equity-capital-markets/31-extension-of-the-statutory-regime-for-issuer-liability-final-regulationsOn 09 March 2010, HM Treasury confirmed the UK Government`s intention to proceed with the extension of the statutory issuer liability regime. The new regime will apply to information first published on or after 01 October 2010.Tue, 30 Mar 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/30-china-introduces-short-selling-margin-trading-and-index-futuresThis article describes China`s plans to allow short selling, margin trading and stock index futures trading to take place.Mon, 29 Mar 2010 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/30-overview-of-the-isda-iifm-tahawwut-master-agreementISDA and the International Islamic Financial Market announced the launch of the ISDA/IIFM Tahawwut Master Agreement in March 2010. The agreement is in a form familiar to parties active in the derivatives markets which conforms with Shariah principles. ThMon, 29 Mar 2010 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0071-financial-markets-regulation-china-and-hong-kong-updateIn the second of two episodes, Simmons & Simmons partner Philip Abbott talks to fellow partner Paul Li about current issues in financial markets regulation in China and Hong Kong. Part of the financial markets breakfast briefing series 2010 - the new dawn? Thu, 25 Mar 2010 17:16:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/living-wills-the-practical-impact-on-banksThis session considers the international and domestic impetus for resolution and recovery plans (or "living wills"). It also examines some of the practical consequences for banks which are required to implement them.Thu, 25 Mar 2010 08:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0070-financial-markets-regulation-middle-east-updateIn the first of two episodes, Simmons & Simmons partner Paul Li talks to fellow partner Philip Abbott about current issues in financial markets regulation in the Middle East. Part of the financial markets breakfast briefing series 2010 - the new dawn? Tue, 23 Mar 2010 15:47:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/23-investment-banks-fees-to-come-under-the-office-of-fair-trading-s-spotlight-in-the-ukThe Office of Fair Trading (OFT) has indicated that it is soon to launch an investigation into the fees of investment banks. This article examines the likely next steps of the OFT, what this will involve for investment banks, and potential outcomes.Tue, 23 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/22-fmlb-march-2010Financial Markets Litigation Bulletin - Issue 52Mon, 22 Mar 2010 00:00:00 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/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/asset-repackaging-current-trendsAn exploration of the current trends in asset repackaging including counterparty risk mitigation.Thu, 18 Mar 2010 08:00:00 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/legal-topics/dispute-resolution-financial-markets/15-how-to-avoid-prison-for-insider-dealing-the-fsa-and-cooperating-witnesses-in-the-ukOn 10 March 2010 the Financial Services Authority (FSA) secured its third conviction for insider dealing. After four days of deliberations the jury convicted Malcolm Calvert, a former partner of Cazenove, on five counts of insider dealing. He was originMon, 15 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/resources/newsletter-listing/financial-markets-litigation-bulletin/10-fmlb-february-2010Financial Markets Litigation Bulletin - Issue 51Wed, 10 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/10-electronic-disclosureGoodale v Ministry of Justice - recent UK case encourages early and ongoing active management of electronic disclosure in contemplation of dedicated electronic disclosure practice direction due in 2010.Wed, 10 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/9-oversight-march-2010-hong-kong-short-position-reporting-conclusionsOn 02 March 2010, the Securities and Futures Commission of Hong Kong issued its Consultation Conclusions on Increasing Short Position Transparency with regard to its consultation paper of 31 July 2009 concerning proposals to introduce short position reporting requirements under the Securities and Futures Ordinance.Tue, 09 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/9-new-bafin-circular-concerning-marketing-materialOn 11 February 2010, the German Federal Financial Supervisory Authority (BaFin) issued a long awaited circular concerning the interpretation of provisions of the German Securities Trading Act relating to information, including marketing material, providedTue, 09 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/9-esca-corporate-governance-code-share-dealingThe United Arab Emirates ESCA Code on Corporate Governance sets rules for when employees and directors can buy and sell shares in the company. This article covers these requirements and details how to comply.Tue, 09 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/8-esca-corporate-governance-code-internal-controls-and-implementationThe UAE ESCA Code on Corporate Governance sets out the requirement for strict controls in relation to monitoring corporate governance. This article covers those controls and other requirements for implementation of the Code.Mon, 08 Mar 2010 00:00:00 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/legal-topics/restructuring-and-insolvency/5-corporate-rescue-procedure-consultation-paperOn 29 October 2009, Hong Kong`s Financial Services and Treasury Bureau published a consultation paper `Review of Corporate Rescue Procedure Legislative Proposals`. This article looks at the proposals under the consultation paper.Fri, 05 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/the-impact-of-the-bribery-bill-on-financial-institutionsThis session addresses the following questions: what are the key provisions of the Bill, how will the corporate offence of failing to prevent corruption apply to financial institutions, and how might the Bill interface with regulatory risk?Thu, 04 Mar 2010 08:00:00 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/investment-bank-regulatory/4-financial-services-alerter-february-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for February 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 04 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/4-financial-services-alerter-february-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for February 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 04 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/4-financial-services-alerter-february-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for February 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Thu, 04 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/4-new-fsa-enforcement-penalty-rulesIn July 2009 the Financial Services Authority (FSA) published a Consultation Paper in which it set out a proposed formula for calculating the financial penalty to be paid to the FSA in enforcement cases. The consultation has now finished and the amended rThu, 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/legal-topics/capital-markets/3-isda-and-iifm-publish-tahawwut-master-agreementThe International Swaps and Derivatives Association and the International Islamic Financial Market publish the much anticipated Tahawwut Master Agreement, five years after the launch of their joint initiative to develop an industry standard for Shariah cWed, 03 Mar 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/1-the-three-oil-company-executives-leniency-in-fsa-market-abuse-casesThe market abuse fines levied on three oil company executives for civil insider dealing on 16 February 2010 came in the same week as the FSA began its third prosecution for criminal insider dealing. That prompts the question why the FSA prosecutes some caMon, 01 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/resources/training-landing/2010-financial-markets-breakfast-briefing-series-2010/current-restructuring-issuesThis briefing covers: administration expenses: recent decisions in the Nortel and LBIE administrations have potentially widened the scope of administration expenses. Peter Manning examines the impact this will have for lenders on both the funding of administrations and also ultimate recoveries; pity the Mezz: an exploration of the status of junior creditors in recent restructurings (such as Wind Hellas and IMO Carwash). Alan Gar examines the legal and practical difficulties faced by junior creditors in a depressed (and highly leveraged) market; distressed debt trading: Alyson Lockett discusses issues for purchasers of distressed debt and insolvency claims.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/equity-capital-markets/18-aim-rule-changes-take-effectUK AIM Rules changes now require disclosure of additional details relating to directors` remuneration in an AIM company`s annual accounts and allow all AIM companies to communicate with their shareholders electronically.Thu, 18 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/investment-bank-regulatory/8-financial-services-alerter-january-2010-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for January 2010. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 08 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-january-2010-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for January 2010. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 08 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-january-2010-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for January 2010. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Mon, 08 Feb 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/private-equity/8-beyond-the-39-steps-the-final-recommendations-of-the-walker-reviewThe Walker Review on corporate governance in UK banks and other financial institutions (known as BOFIs) was published in July 2009. This contained initial recommendations for consultation. The final recommendations were published in November 2009.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/crime-fraud-and-investigations/5-shah-v-hsbc-no-poca-safety-netThe Court of Appeal`s ruling in Shah v HSBC has blown open the question of protection afforded to financial institutions when dealing with suspicion and the decision to file a Suspicious Activity Report.Fri, 05 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/29-whistleblowing-claims-disclosure-to-regulatorsA summary of the new powers for employment tribunals to disclose whistleblowing claims to relevant regulators.Fri, 29 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/26-perpetual-case-alert-us-bankruptcy-court-decisionThe conditional priority provisions, which apply to many structured finance transactions, have been held to constitute unenforceable ipso facto clauses that violate the US Bankruptcy Code.Tue, 26 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/25-oversight-january-2010-consultation-on-a-scripless-securities-market-in-hong-kongOn 30 December 2009, the Securities and Futures Commission, the Federation of Share Registrars Limited and The Stock Exchange of Hong Kong Limited issued a joint consultation paper to introduce a regime for gradual implementation of a scripless securities market in Hong Kong.Mon, 25 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/resources/newsletter-listing/financial-markets-litigation-bulletin/22-fmlb-january-2010Financial Markets Litigation Bulletin - Issue 50Fri, 22 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/20-when-shariah-compliance-affects-enforceabilityThis article examines how the enforcement of Islamic finance contracts can vary considerably from jurisdiction to jurisdiction and how a `back to basics` approach in Shariah may perhaps be one of the best means to mitigate the risk of non enforceability.Wed, 20 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/legal-topics/dispute-resolution-financial-markets/18-fsa-market-misconduct-casesA review of 2009 and look ahead to 2010.Mon, 18 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/18-jurisdiction-disputes-in-capital-markets-transactions-judgments-from-the-english-courts-in-20092009 saw the English courts hand down a number of judgments in cases involving jurisdiction issues that had arisen in the context of disputes over capital markets transactions. The cases reflect in part the willingness of parties to assert their positionsMon, 18 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/13-taking-security-over-shares-a-step-too-far-stadIn Enviroco Ltd v Farstad Supply A/S [2009] EWCA Civ 1399 the Court of Appeal considered whether the granting of a legal mortgage caused the joint venture company whose shares formed the subject matter of the security to cease to be a subsidiary of the security provider.Wed, 13 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-december-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for December 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Fri, 08 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-december-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for December 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Fri, 08 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/8-financial-services-alerter-december-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for December 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Fri, 08 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/equity-capital-markets/7-listing-regime-review-proposed-changes-to-the-listing-categoriesThe Financial Services Authority has issued a further consultation paper in connection with its review of the structure of the listing regime.Thu, 07 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/7-rusal-ruseA look at the Securities and Futures Commission`s decision and what the Rusal listing might mean for other companies considering listing in Hong Kong.Thu, 07 Jan 2010 00:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/30-takeover-code-opec-disclosure-confirmedOn 16 December 2009 the Code Committee issued its Response Statement (RS 2009/1) extending the disclosure regime of the UK Takeover Code. The Code`s key objectives include the provision of transparency (in relation to positions and dealings by the parties to an offer and where voting control of relevant securities lies), identifying concert parties and providing market transparency (re prices and dealings). The changes are designed to reinforce these objectives.Wed, 30 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/23-he-who-hesitates-is-lost-the-late-registration-of-charges-under-the-companies-actsWe consider a recent decision of the Scottish Court of Session in Re Salveson [2009] ScotCS CSIH_161 (08 December 2009) which, despite being a decision of a Scottish court, is important for English banking lawyers.Wed, 23 Dec 2009 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/de-DE/legal-topics/employment-and-benefits/22-strengere-anforderungen-an-die-verg-tungssysteme-von-kredit-und-finanzdienstleistungsinstitutenBaFin veröffentlicht Rundschreiben zu Vergütungssystemen von Kredit- und Finanzdienstleistungsinstituten, mit dem diese verpflichtet werden, Vergütungen zukünftig nachhaltig am Unternehmenserfolg auszurichten.Tue, 22 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/corporate-governance-and-compliance/18-new-developments-on-foreign-invested-partnerships-in-chinaA discussion of the Administrative Measures for the Establishment of Partnership Enterprises by Foreign Enterprises or Individuals in China.Fri, 18 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/16-fmlb-december-2009Financial Markets Litigation Bulletin - Issue 49Wed, 16 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/dispute-resolution-financial-markets/15-english-court-upholds-the-validity-of-the-close-out-provisions-in-the-isda-master-agreementWelcome news for financial markets participants as English court upholds the validity of the close out provisions in the ISDA Master Agreement.Tue, 15 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/15-you-say-metavante-i-say-marine-trade-an-english-court-judgment-on-section-2-a-iii-of-the-isda-master-agreementAn English court upholds the validity of section 2(a)(iii) and rules that a Non Defaulting Party may legitimately rely upon it to require `gross` payment by a Defaulting Party as an alternative to terminating the ISDA and effecting a close out netting purTue, 15 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/14-dubai-world-new-tribunal-awarded-all-dispute-resolution-powersThe Dubai Government announced that Nakheel Development Limited will meet its repayment obligations, following receipt of financial support from the Abu Dhabi Government. Dubai also announced fundamental changes to the law affecting the bankruptcy and restructuring regime applicable to Dubai World.Mon, 14 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-financial-markets-litigation-december-2009Recent developments for those interested in litigation, regulatory enforcement and other dispute resolution issues in the financial markets.Mon, 14 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0058-the-walker-review-final-recommendationsIn October, we provided a commentary on Sir David Walker's initial Review on the governance of banks and other financial institutions (so called BOFIs). With the release of the Review's final recommendations on 26 November, Simmons & Simmons partners Charles Mayo and Jo Weston examine what changes, if any, have been made to its five key themes and discuss how and when the recommendations will be implemented. Wed, 09 Dec 2009 08:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/9-a-new-era-new-investment-advice-reporting-requirement-changes-risk-of-liability-for-regulated-institutions-and-branches-in-germanyA new act requires a detailed protocol of the investment advice given to customers to be produced, combined with an obligation to hand over this protocol before entering into a business deal concerning a financial instrument with the customer.Wed, 09 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/podcast/episode-0057-rainy-skies-and-bank-guaranteesSimmons & Simmons banking partner Richard Hughes talks to his colleague Simon Fraser about the recent Rainy Sky and Enka Insaat cases and a practical lesson for banks to draw from them. Tue, 08 Dec 2009 08:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-november-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for November 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 07 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-november-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for November 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Mon, 07 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-november-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for November 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 07 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/7-rainy-skies-and-bank-guaranteesAnalysis of Rainy Sky SA and others v Kookmin Bank [2009] EWHC 2624 (Comm) and Enka Insaat Ve Sanayi AS v Banca Popolare Dell`Alto Adige SPA and Cassa di Risparmio di Bolzano SPA [2009] EWHC 2410 (Comm)Mon, 07 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/restructuring-and-insolvency/2-dubai-world-what-s-next-for-creditorsThe Dubai Government has announced its proposal to restructure Dubai World and creditors have been asked to agree to a standstill and extend maturities.Wed, 02 Dec 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/private-equity/1-acquiring-distressed-assets-dos-and-don-ts-for-private-equity-financiersPrivate Equity firms haven`t previously looked at distressed assets to invest in, but in the current market they are becoming a viable option.Tue, 01 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/es-ES/legal-topics/capital-markets/26-nuevo-procedimiento-para-comunicar-informaci-n-ante-la-cnmvEl artículo analiza la Circular 4/2009 de la CNMV, sobre Comunicación de Información Relevante.Thu, 26 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/25-bank-charges-and-the-utccr-the-supreme-court-s-decisionThe Supreme Court have issued a landmark judgment in which it allowed the banking community`s appeal in relation to the long running overdraft charges litigation.Wed, 25 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/podcast/episode-0054-morgan-stanley-v-china-haishengSimmons & Simmons financial litigation partner Gareth Hughes and derivatives partner Paul Browne discuss the recent Morgan Stanley v China Haisheng case, which gives rise to a number of key issues for financial institutions in the context of derivatives, China and jurisdiction battles. Wed, 18 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/banking/11-in-the-matter-of-sigma-finance-corporation-in-administration-uk-supreme-court-29-october-2009The Supreme Court has given its judgment concerning the contractual construction of a provision of a security trust deed relating to the distribution of assets of a structured investment vehicle (SIV).Wed, 11 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/10-fsa-wins-its-second-prosecution-for-insider-dealing-the-uberoi-caseOn 04 November 2009 the FSA secured its second victory in an insider dealing prosecution. Father and son, Neel and Matthew Uberoi, were both convicted on 12 counts of insider dealing. They will be sentenced on 10 December 2009.Tue, 10 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/9-fmlb-november-2009Financial Markets Litigation Bulletin - Issue 48Mon, 09 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/6-conditional-priority-provisions-upheld-by-the-court-of-appealThe validity and enforceability of conditional priority provisions, which apply to many structured finance transactions, has been upheld by the Court of Appeal on 06 November 2009. The judgment is highly relevant to most rated synthetic CDOs, repackagingsFri, 06 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/legal-topics/investment-bank-regulatory/5-financial-services-alerter-october-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for October 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 05 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-october-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for October 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 05 Nov 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-october-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for October 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Thu, 05 Nov 2009 00:00:00 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/es-ES/legal-topics/capital-markets/30-las-sociedades-an-nimas-cotizadas-de-inversi-n-en-el-mercado-inmobiliarioNueva Ley 11/2009, de 26 de octubre, por la que se regulan las Sociedades Anónimas Cotizadas de Inversión en el mercado inmobiliario.Fri, 30 Oct 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-equitable-life-the-continuing-battle-for-compensationEquitable Life has returned to the courts. A policyholder group has challenged a Government decision not to accept recommendations of the Parliamentary Commissioner for Administration.Thu, 29 Oct 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-jurisdiction-disputes-in-capital-markets-transactions-further-judgment-from-the-english-courtsCourt refuses to grant an anti suit injunction to prevent parallel proceedings.Thu, 29 Oct 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/resources/newsletter-listing/financial-markets-litigation-bulletin/22-fmlb-october-2009Financial Markets Litigation Bulletin - Issue 47Wed, 21 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/tax/20-proposed-changes-to-the-dutch-participation-exemptionThis articles examines the Dutch parliament`s consideration of proposed changes to the Dutch participation exemption.Mon, 19 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/19-retail-structured-products-restrictions-in-the-uaeOn 02 August 2009, the Central Bank of the United Arab Emirates restricted the sale of retail structured products.Sun, 18 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/19-eibor-emirates-interbank-offer-rateThis artilce examines changes to the interest rate used in floating rate loans denominated in United Arab Emirates Dirhams.Sun, 18 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-the-dresdner-traders-case-market-abuse-in-the-context-of-a-debt-issueOn 07 October 2009 the FSA published Final Notices censuring two traders at Dresdner Kleinwort for market abuse in relation to a debt issue (there was no criticism of Dresdner Kleinwort itself). This was a rare foray away from the equity markets for theTue, 13 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/13-fsa-consults-on-alternative-finance-investment-bondsOn 06 October 2009 the Financial Services Authority published consultation paper 09/25 inviting comments on proposed amendments to the FSA Handbook.Mon, 12 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/13-dfsa-consults-on-islamic-finance-rules-in-the-difcThe Dubai Financial Services Authority have issued a consultation paper setting out proposals to enhance clarity and accessibility of the Islamic finance rules of the Dubai International Financial Centre.Mon, 12 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/13-perpetual-appeal-heard-13-october-2009The judgment is likely to be highly relevant to most rated synthetic CDOs, repackagings and other similar structured finance transactions.Mon, 12 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/13-banking-financial-arbitrationOn 18 June 2009, the Bank of Italy issued new regulations relating to Banking Financial Arbitration, in accordance with Law 262 of 28 December 2005.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/legal-topics/investment-bank-regulatory/7-financial-services-alerter-september-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for September 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 06 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-september-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for September 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 06 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-financial-services-alerter-september-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for September 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 06 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/capital-markets/2-consultation-paper-on-local-authorities-derivatives-regulation-a-new-startThe Ministry of Economy and Finance issued a consultation paper containing the draft regulation that shall govern derivative transactions to be executed by Italian local authorities.Thu, 01 Oct 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0044-the-walker-reviewSimmons & Simmons partners Charles Mayo and Alan Karter provide 'Our Views' on the Walker Review of the governance of banks and financial institutions (so called BOFIs), discuss whether the Review takes the right approach and the extent to which its initial recommendations should be applied to other listed companies, the non BOFIs, and explain why it is important to engage now in responding to the Review and the Financial Reporting Council's related review of the Combined Code. Thu, 01 Oct 2009 09:14:00 GMThttp://www.elexica.com/en/legal-topics/tax/1-uk-clearing-system-stamp-duty-ruled-illegalThe ECJ has ruled that the UK`s 1.5 per cent charge to stamp duty reserve tax when certain shares or securities are issued into a clearance system infringes the EU Capital Duty Directive: HSBC and Vidacos Nominees v HMRCWed, 30 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-jurisdiction-disputes-in-capital-markets-transactions-five-judgments-from-the-english-courtsThe Summer of 2009 saw the English courts hand down five judgments in cases involving jurisdiction issues that had arisen in the context of disputes over capital markets transactions. The cases reflect in part the willingness of parties to assert their poThu, 24 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0041-the-ehrc-report-on-discrimination-in-financial-servicesSimmons & Simmons partner Simon Watson talks to fellow partner Philip Bartlett about the first report issued by the Equality and Human Rights Commission as part of its Inquiry into sex discrimination and the gender pay gap in the financial services sector. Philip will summarise the key findings and recommendations made in the report and consider the practical impact that these may have. Mon, 21 Sep 2009 16:11:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/18-panel-clarifies-position-on-collective-shareholder-activismPractice Statement No. 26, published on 09 September 2009, is the Takeover Panel’s response to concerns that the Takeover Code might constrain collective shareholder action. The main theme of the Practice Statement is reassurance by the Panel to investors that normal shareholder activism is not restricted by the provisions of the Code. Set out below are our comments.Thu, 17 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/16-the-walker-review-39-steps-and-still-no-happy-ending-our-views-and-analysisSir David Walker`s 39 recommendations - if implemented fully in their current form - are likely to change the landscape of corporate governance, particularly in the areas of managing risk, rewarding senior employees and the interaction with institutional investors in banks and other financial institutions.Tue, 15 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/10-consob-and-illiquid-products-approval-of-a-benchmark-prospectusFollowing measures recently adopted in respect of “illiquid” retail products, CONSOB have approved the first prospectus incorporating the regulator`s position as to presentation and contents of risk performance profile and cost regime disclosure, set fortWed, 09 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/9-fmlb-september-2009Financial Markets Litigation Bulletin - Issue 46Tue, 08 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/legal-topics/corporate-governance-and-compliance/4-proposed-changes-to-dutch-share-disclosure-regimeOverview of consultation paper issued by Dutch Ministry of Finance on 02 September 2009 containing proposed changes to the Dutch regime governing the disclosure of major holdings in listed companies.Thu, 03 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/3-pccw-searching-for-the-redial-buttonPCCW Limited (PCCW) scheme of arrangement saga continues - PCCW denied leave to appeal by Court of Appeal.Wed, 02 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/3-new-world-old-trickA judicial review is challenging the power of Legco select committees to summon witnesses. Should the challenge succeed, Legco`s committee system is effectively destroyed.Wed, 02 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/3-sfc-powers-it-s-getting-cold-out-thereThis article looks at recent Securities and Futures Commission (SFC) applications (and a Court of Appeal case) involving SFC injunctions to freeze assets of individuals/companies suspected of market misconduct.Wed, 02 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/3-knowing-receipt-beware-the-known-unknownsThe Hong Kong Court of Appeal has issued an important decision concerning banks and other financial institutions who receive funds or other assets.Wed, 02 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/3-keeping-the-lights-on-during-a-blackoutThis article looks at the potential consequences for listed companies/directors following implementation of the revised blackout periods.Wed, 02 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-august-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for August 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 01 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-august-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for August 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 01 Sep 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-august-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for August 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 01 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/newsletter-listing/financial-markets-litigation-bulletin/27-fmlb-august-2009Financial Markets Litigation Bulletin - Issue 45Wed, 26 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0035-isda-master-no-waiver-clauseA recent UK Court of Appeal case calls into question the effectiveness of the "no waiver of rights" clause commonly found in financial markets documentation, including ISDA masters. Simmons & Simmons partners Paul Li and Paul Browne take us through the case and explain the reliance which may be put on these clauses in the future as a result of this decision. Tue, 25 Aug 2009 14:35:00 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/corporate-governance-and-compliance/13-consolidation-in-the-financial-services-sectorFurther growth of consolidation in the financial services sector is predicted as a response to the effects of the global financial crisis. This article considers the trends and examines some of the legal issues that may arise during consolidation in the United Arab Emirates (UAE).Wed, 12 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0031-current-regulatory-initiatives-in-the-derivatives-worldSimmons & Simmons partner Paul Browne talks to fellow partner Paul Li about current regulatory initiatives in the derivatives world in response to the Lehman Brothers collapse and the effect on Asia's derivatives markets. Wed, 12 Aug 2009 13:37:00 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/legal-topics/investment-bank-regulatory/5-financial-services-alerter-july-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for July 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 04 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-july-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for July 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 04 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-july-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for July 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 04 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/legal-topics/corporate-governance-and-compliance/3-new-corporate-governance-guidelines-for-uae-bank-directorsIn line with overall policy to bring corporate governance in the United Arab Emirates into line with global best practice, the UAE Central Bank issued a revised 84 page set of guidelines for UAE financial institutions.Sun, 02 Aug 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/30-conditional-priority-provisions-upheldThe validity and enforceability of conditional priority provisions, which apply to many structured finance transactions, has been upheld by a High Court judgment given on 28 July 2009. The judgment is highly relevant to most rated synthetic CDOs, repackagWed, 29 Jul 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/resources/newsletter-listing/financial-markets-litigation-bulletin/27-fmlb-july-2009Financial Markets Litigation Bulletin - Issue 44Sun, 26 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/restructuring-and-insolvency/23-uae-restructuring-regimeThis article provides an insight into increasing attention being turned turning to the United Arab Emirates’ restructuring and insolvency regime as a result of current market conditions.Wed, 22 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/23-forward-start-facilities-in-the-uaeThis article examines the key features and advantages of the forward start facility as they are being used increasingly in the Middle East.Wed, 22 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-fsa-fining-policy-a-new-approachA review of the FSA`s latest consultation on its enforcement function which examines financial penalties.Wed, 22 Jul 2009 23:00:00 GMThttp://www.elexica.com/de-DE/legal-topics/asset-management/23-eu-vorsto-gegen-alternative-investmentfonds-trifft-private-equity„Verzerrung des Wettbewerbs“ - Auch offene Immobilienfonds „gefährdet“Wed, 22 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/22-son-of-slavenburgThe Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009 No 1917 were made on 16 July 2009 and laid before Parliament on 17 July 2009. The Regulations (amongst other things) establish a regime for the registration of charges created by overseas companies over property in the UK and make essential reading for banks and other secured lenders.Tue, 21 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/22-nanning-sugar-v-martin-currie-on-the-application-of-short-swing-ruleNanning Sugar v Martin Currie casts doubt on the interpretation and application of Article 47 of the PRC Securities Law, commonly known as the “Short Swing” rule.Tue, 21 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/capital-markets/13-a-new-era-for-renminbi-retail-bonds-and-retail-investment-productsThis article provides an overview of the development of the Renminbi bond market in Hong Kong and examines the significance of the recent Renminbi retail bond offer by The Bank of East Asia (China) Limited.Sun, 12 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/resources/training-landing/financial-markets-conference-calls/conference-call-01-european-commission-report-on-otc-derivativesThe European Commission published a report on over the counter (OTC) derivatives on 03 July 2009 calling for the use of clearing houses for some OTC trades, the creation of a data warehouse to increase transparency and promoting standardisation of contracts. This conference call addressed the key issues presented in the paper.Fri, 10 Jul 2009 07:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/9-code-of-practice-on-taxation-for-banksThe UK Government has introduced a controversial Code of Practice on taxation for banks requiring banks to `comply with the spirit, as well as the letter of tax law`. The Code is voluntary, and whilst there is no formal legal consequences to failing to sign up, banks which do not can, effectively, expect greater scrutiny from HMRC.Wed, 08 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/nl-NL/legal-topics/corporate-governance-and-compliance/9-het-verdiende-loonOp 27 mei 2009 organiseerde Simons & Simmons haar jaarlijke corporate seminar. Onder de titel `Het verdiende loon` was het thema dit jaar de beloning van bestuurders. Deze publicatie geeft een samenvatting van de voordrachten van de verschillende sprekers.Wed, 08 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/8-recent-dutch-corporate-governance-and-related-developmentsAfter extensive discussions, a proposal to amend Dutch legislation pursuant to certain suggestions made by the Dutch Monitoring Committee Corporate Governance further to the amended Dutch Corporate Goverance Code, has recently been sent to the Dutch Parliament for review.Tue, 07 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0026-financial-markets-the-regulatory-revolutionSimmons & Simmons financial services partner Charlotte Stalin talks to fellow partner Philip Bartlett (employment), and colleagues Richard Sims (financial markets litigation) and Penny Miller (capital markets) about the future of banking regulation in Europe. Tue, 07 Jul 2009 13:52:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/7-new-reporting-obligations-concerning-investment-advice-financial-crisis-in-focusThe German Parliament voted on 03 July 2009 to introduce a new act to improve the enforceability of claims by investors due to misleading or incomplete investment advice. The Act will change significantly the information obligations for regulated institutions when providing investment advice to retail clients.Mon, 06 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/7-a-summary-of-dutch-insolvency-lawA summary of Insolvency Law in the Netherlands.Mon, 06 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/7-germany-bad-bank-schemeThe Act will allow banks and other financial institutions to offload `toxic` assets, including business units, and thus to relieve future pressures on their equity.Mon, 06 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-june-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for June 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Sun, 05 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-june-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for June 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Sun, 05 Jul 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-june-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for June 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Sun, 05 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/banking/2-the-second-german-stimulus-packageThis articles discusses the key provisions of two forms of subsidised loan guarantees available under the second German stimulus package.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/de-DE/legal-topics/asset-management/23-regulierung-des-asset-managements-der-richtlinienentwurf-ber-die-verwalter-alternativer-investmentfondsMit dem Richtlinienentwurf über die Verwalter alternativer Investmentfonds werden nicht harmonisierte Fonds (z.B. Hedgefonds, Private Equity Fonds, Immobilienfonds, geschlossene Fonds) einer umfassenden Aufsicht unterstellt. Der nachfolgende Bericht fassMon, 22 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/17-bank-assistance-working-hard-for-the-moneyOn 08 June 2009, the Bank of England published a consultation paper setting out proposals for possible extensions to its Asset Purchase Facility.Tue, 16 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/17-financial-markets-litigation-june-2009Recent developments for those interested in litigation, regulatory enforcement and other dispute resolution issues in the financial markets.Tue, 16 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/17-insurance-reinsurance-june-2009Recent developments of interest to those concerned with the regulation of the insurance market and the resolution of insurance and reinsurance disputes.Tue, 16 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/legal-topics/dispute-resolution-financial-markets/12-civil-litigation-costs-overhaul-publication-of-lord-justice-jackson-s-preliminary-reportA comprehensive review of civil litigation costs could pave the way for an increase in US style class actions in the UK.Thu, 11 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/11-fmlb-june-2009Financial Markets Litigation Bulletin - Issue 43Wed, 10 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/capital-markets/8-investing-in-saudi-arabia-understanding-the-rules-and-limitations-on-public-and-private-securities-offeringsThe Saudi regulator’s recent announcement that it has authorised the creation of a conventional and Islamic debt securities market can only serve to boost further international institutional interest in Saudi Arabia’s rapidly expanding financial markets.Sun, 07 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/8-french-depositaries-and-prime-brokersThe recent decision by the French Court of Appeal has sparked a great deal of comment in the financial press. In summary, the decision effectively imposed an obligation on a French depositary to return assets sub custodied by a prime broker - even thoughSun, 07 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/5-comparative-table-of-secondary-offeringsA table detailing the various differences between placings for cash, vendor placings, placings and open offers and rights issues.Thu, 04 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/4-financial-services-alerter-may-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for May 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Wed, 03 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/4-financial-services-alerter-may-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for May 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Wed, 03 Jun 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/4-financial-services-alerter-may-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for May 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Wed, 03 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/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/resources/newsletter-listing/financial-markets-litigation-bulletin/27-fmlb-may-2009Financial Markets Litigation Bulletin - Issue 42Tue, 26 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/fr-FR/legal-topics/asset-management/27-cfd-et-op-rations-de-change-avec-effet-de-levier-le-cecei-et-l-amf-appelle-la-plus-grande-vigilance-du-publicL’AMF met en garde le public contre des actes de démarchage portant sur les CFDs et les opérations de change au comptant à fort effet de levier.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-0016-missellingSimmons & Simmons partner Marc Thorley talks to colleague Richard Sims about misselling claims, which will be a prominent part of the 2009 litigation and regulatory landscapes. Already there are substantial actions in the UK, Hong Kong and the US. Where are the pressure points, what are the areas of risk for UK institutions, and what are the regulatory implications? Thu, 21 May 2009 11:10:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/21-snap-shot-panel-and-codeFollowing an informal consultation exercise the Code Committee has issued its Consultation Paper (PCP 2009/1) proposing to extend the disclosure regime of the UK Takeover Code.Wed, 20 May 2009 23:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/corporate-governance-and-compliance/19-nieuwsbrief-beloningenIn de afgelopen weken hebben verschillende instanties aanbevelingen gedaan met betrekking tot beloningen binnen de financiële sector. Deze nieuwsbrief geeft een overzicht van de belangrijkste aanbevelingen.Mon, 18 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/18-cma-swap-circular-and-tadawul-initiative-opens-up-saudi-capital-market-to-foreign-investorsDuring recent years the Saudi Government has taken significant steps to facilitate foreign investment into oil rich Saudi Arabia, a jurisdiction that has until recently been closed to foreign investment by non Saudi nationals, with the exception of certaiSun, 17 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/consumer-products-and-retail-finance/14-the-future-of-the-deposit-guarantee-scheme-in-the-netherlandsDue to the ongoing economic downturn, the possibility cannot be ruled out that the deposit guarantee scheme will have to be put into action again. This article addresses the nature and operation of the scheme in light of the applicable regulations, the impact of the factors involved and its funding.Wed, 13 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/legal-topics/investment-bank-regulatory/12-financial-services-alerter-april-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for April 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/12-financial-services-alerter-april-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for April 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/12-financial-services-alerter-april-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for April 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Mon, 11 May 2009 23:00:00 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/nl-NL/legal-topics/consumer-products-and-retail-finance/12-de-toekomst-van-het-depositogarantiestelselDit artikel bespreekt de aard en werking van het depositogarantiestelsel in het licht van toepasselijke regelgeving, de rol van betrokken factoren daarbij en de financiering.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/consumer-products-and-retail-finance/12-nieuwe-claimcultuur-in-de-hollandse-polderBelangengroepen voor gedupeerde consumenten schieten als paddenstoelen uit de grond. Toezicht is daarom dringend gewenst.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/dispute-resolution-financial-markets/12-kredietcrisis-een-advocatenwalhallaEen korte analyse over de procedurele ontwikkelingen rondom de kredietcrisis in de belangrijkste jurisdicties.Mon, 11 May 2009 23:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0013-the-future-of-tax-havensSimmons & Simmons partner Martin Shah speaks to colleague Gary Barnett about the OECD's work on countering tax evasion and whether it has implications for mainstream tax structures utilising offshore financial centres. Tue, 05 May 2009 15:59:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/1-italian-class-actions-a-summaryThe Italian yearly financial Act of December 2007 added Article 140-bis to the Italian legislative decree 06 September 2005, no. 206, thus bringing the `collective action for damages` into the Italian legal system with effect from 01 July 2009.Thu, 30 Apr 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/resources/podcast/episode-0012-counterparty-risk-managementSimmons & Simmons partner Allan Yip talks to fellow partner Andre Allee about how the ISDA, GMRA and GMSLA have fared during the current credit crisis, how the prime brokerage model is evolving and some key contractual provisions that are being revisited in the aftermath of the Lehman collapse.Thu, 30 Apr 2009 15:51:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-new-rules-of-conduct-in-italy-for-financial-intermediariesOn 29 October 2007, Consob issued regulation No. 16190 on financial intermediaries which completely supersedes regulation No. 11522 of 1998. The new provisions are aimed at bringing into practice the general principles on financial intermediaries` conductWed, 29 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/resources/podcast/episode-0011-the-uk-bank-assistance-regimeSimmons & Simmons partner Richard Hughes talks to colleagues Simon Fraser and John Sayers about the legal framework intended to support banks and facilitate bank lending - the framework continues to change rapidly and is becoming increasingly complex. Tue, 28 Apr 2009 14:30:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/28-fmlb-april-2009Financial Markets Litigation Bulletin - Issue 41Mon, 27 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/resources/podcast/episode-0010-retail-structured-products-in-hong-kongSimmons & Simmons' Hong Kong based partner Paul Browne talks to colleague Penny Miller about the fallout in the Hong Kong retail structured products market arising as a result of the Lehman collapse, and the regulatory response. Wed, 22 Apr 2009 14:18:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/21-first-fsa-convictions-for-insider-dealer-the-ttp-caseThe FSA`s first criminal prosecution for insider dealing resulted in two convictions on 27 March 2009. This is of real significance to the regulator. The FSA`s criminal prosecutions work is at the heart of its strategy of credible deterrence.Mon, 20 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/corporate-governance-and-compliance/20-german-share-disclosure-rules-latest-developmentsUpdate of recent developments regarding the coming into force of the Risk Limitation Act (Risikobegrenzungsgesetz) which makes changes to the German regime for disclosure of substantial shareholdings in companies whose home country is the Federal Republic of Germany.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/legal-topics/investment-bank-regulatory/15-financial-services-alerter-march-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for March 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 14 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/15-financial-services-alerter-march-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for March 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 14 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/15-financial-services-alerter-march-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for March 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 14 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/banking/2-forward-start-facilitiesKey features of forward start facilities.Wed, 01 Apr 2009 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/31-when-is-an-equity-fundraising-a-rescueAn article reviewing what rescue fundraisings are and the disclosure requirements associated with clean and qualified working capital statements as well as `rescue` situations.Mon, 30 Mar 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/legal-topics/mergers-and-acquisitions/26-china-clarifies-the-outbound-investment-approval-regime-for-non-financial-institutionsA brief discussion about the recent new rules of China`s Ministry of Commerce, which clarifies the outbound investment approval regime for non financial institutions.Thu, 26 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/25-bank-assistance-the-bonds-that-uniteThe Bank of England announced that the Corporate Bond Secondary Market Scheme would become operative on 25 March 2009.Wed, 25 Mar 2009 00:00:00 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/corporate-governance-and-compliance/20-pccw-a-majority-in-numberHong Kong shareholder voting needs urgent reform.Fri, 20 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/resources/newsletter-listing/financial-markets-litigation-bulletin/19-fmlb-march-2009Financial Markets Litigation Bulletin - Issue 40Thu, 19 Mar 2009 00:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/tax/18-wetsvoorstel-engelen-c-s-inzake-renteaftrek-in-het-belang-van-het-vestigingsklimaatDoor de staatssecretaris wordt een onderzoek ingesteld naar de renteaftrek. Reden hiervoor is onderzoek waaruit blijkt dat multinationals door gebruik te maken van concernfinancieringsmaatschappijen minder belasting betalen. Eén van de alternatieven is een wetsvoorstel dat door drie professoren is opgesteld. Dit voorstel lijkt de voorkeur van de politiek te hebben.Wed, 18 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/dispute-resolution-financial-markets/16-fsa-ratchets-up-supervision-and-enforcementHector Sants` speech of 12 March 2009 outlined the FSA`s intention to extend its supervisory and enforcement roles considerably beyond previous limits in response to public demand.Mon, 16 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/legal-topics/banking/12-rescue-takeover-act-allows-expropriations-in-financial-sectorAlongside the measures in its second economic stimulus package, Konjunkturpaket II, the German Federal Cabinet recently approved an amendment to the Financial Market Stabilisation Act (Finanzmarktstabilisierungsgesetz).Thu, 12 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/11-credit-provisions-trading-documentation-scrutinisedThis article explores some of the credit related provisions in trading documentation that have come under pressure in the light of the failure of Lehman Brothers and adverse market conditions.Wed, 11 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-february-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for February 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Fri, 06 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-february-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for February 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Fri, 06 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-february-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for February 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Fri, 06 Mar 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/6-asset-protection-scheme-a-closer-lookOn 26 February 2009 HM Treasury issued a statement announcing further details of the Asset Protection Scheme.Fri, 06 Mar 2009 00:00:00 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/resources/newsletter-listing/oversight/26-oversight-february-2009-a-summary-of-the-sfc-s-report-on-the-issues-raised-by-lehman-minibondsIn December 2008, the Hong Kong Securities and Futures Commission submitted its report entitled `Issues raised by the Lehman minibonds crisis` to the Financial Secretary. This article provides a brief summary of the Report with regard to the issues which may be relevant to intermediaries, including fund managers and distributors of funds and other investment products.Thu, 26 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/26-mandatory-quarterly-reporting-in-hong-kong-an-updateThis update describes the latest position of the Hong Kong Stock Exchange (HKEx) in relation to mandatory quarterly reporting in Hong Kong, and gives our view as to the eventual outcome.Thu, 26 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/25-point-of-sale-ban-confirmed-by-competition-commission-in-ppi-final-remedies-packageThe Competition Commission has published its report on the final remedies to be imposed following its market investigation into the provision of payment protection insurance.Wed, 25 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/23-fmlb-february-2009Financial Markets Litigation Bulletin - Issue 39Mon, 23 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/23-client-confidentiality-for-banks-operating-in-the-difc-dfsa-regulatory-returnsFirms authorised by the DFSA are required to prepare and submit returns on a periodic basis. This article provides an overview of the DFSA requirements to submit returns.Mon, 23 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-pre-action-disclosure-application-in-derivatives-disputeThe High Court has dismissed an application for pre action disclosure of documents relating to a derivatives transaction.Fri, 20 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/resources/podcast/episode-0001-credit-crisis-litigationIn the first elexica video podcast, Simmons & Simmons partner Richard Bunce talks to fellow partner Jonathan Kelly about financial markets litigation in the credit crisis environment, how this has developed and what we might expect to see in the future. Thu, 19 Feb 2009 10:57:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/17-tax-evasion-and-money-launderingIn the Netherlands, companies and their advisers should be aware of a recent judgment extending their liability and money laundering reporting obligations in respect of undeclared income.Tue, 17 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/11-proposed-legislation-seeks-to-change-exemptions-from-the-investment-company-actProposed legislation entitled `The Hedge Fund Transparency Act of 2009` was recently introduced by US senators Charles Grassley and Carl Levin, and was designed to bring private investment companies within the SEC`s regulatory reach by redefining the termWed, 11 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/capital-markets/10-all-eyes-on-minibondsIn recent weeks, there has been extensive coverage on disgruntled retail investors` complaints about `minibonds` and Lehman Brothers related investment products. On 12 November 2008, the Legislative Council passed a resolution to invoke the Legislative CoTue, 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/legal-topics/corporate-governance-and-compliance/10-considerations-for-2009-agmsMain Market and AIM listed companies need to consider whether to amend their section 80 authorities or pass a resolution dealing with the notice period for meetings when preparing for their 2009 AGMs following recent BERR and ABI guidance. Consideration should also be given to recent ABI guidance on articles of association and other general meeting related matters.Tue, 10 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/9-the-ballyrock-caseIt is common in structured deals and securitisations to provide for the swap counterparty`s priority to be suddenly subordinated on a swap counterparty default. A case has commenced in New York which raises questions as to whether such a sudden subordination provision is a penalty. The issues are of relevance to trustees enforcing security where there is a default under the swap.Mon, 09 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/9-financing-of-mergers-and-acquisitions-by-commercial-banks-in-chinaQualified Chinese commercial banks are now expressly permitted to provide loans to finance both onshore and offshore M&A transactions subject to meeting certain requirements.Mon, 09 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/6-financial-services-broking-platform-not-exemptThe VAT tribunal has decided that the supplies made by the provider of a software platform enabling brokers to buy and sell potential customer leads for credit and insurance contracts did not qualify for VAT exemption: Leadx v HMRCFri, 06 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/nl-NL/legal-topics/tax/6-renteaftrek-defiscaliseren-of-nietMomenteel vindt in Nederland een onderzoek plaats door het Ministerie van Financien naar de mogelijkheden tot beperking van de rente aftrek. Een alternative methode voor rente aftrekbeperking is de invoering van een interst barrier bepaling zoals in Duitsland ingevoerd. In het artikel worden in het kort de voor en nadelen van beide systemen beschreven.Fri, 06 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-january-2009-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for January 2009. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 05 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-january-2009-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for January 2009. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 05 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-january-2009-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for January 2009. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Thu, 05 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/dispute-resolution-financial-markets/1-recent-developments-in-captive-insurance-in-the-dubai-international-financial-centreAn overview of captive insurance, what it is and how it operates in the DIFC.Sun, 01 Feb 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/29-pre-pack-administrations-to-face-stricter-regulationRecent press reports have shone the spot light on so called `pre pack administration sales`. What are pre packs and what are the implications of the regulator`s recent anouncements that they are to be subject to closer scrutiny? This article provides a brief introduction to pre packs and assesses the latest industry developments.Thu, 29 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/28-wolfson-and-entertainment-rights-new-disclosure-precedentsOn 20 January and 23 January 2009, the FSA announced fines for two issuers for failure to disclose price sensitive information in accordance with the Disclosure and Transparency Rules. The FSA imposed a £140,000 fine on Wolfson Microelectronics plc and a fine of £245,000 on Entertainment Rights plc.Wed, 28 Jan 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/crime-fraud-and-investigations/27-the-importance-of-anti-corruption-systems-and-controls-fsa-imposes-record-fineThe FSA imposes a record fine as part of its drive to create credible deterrence through substantial sanctions.Tue, 27 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/27-regulatory-enforcement-and-fraud-prosecutions-in-2008What the regulators did last year.Tue, 27 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/27-fsa-releases-report-on-perceptions-of-financial-crimeFSA report finds financial crime is perceived to be increasing.Tue, 27 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/27-immunity-from-prosecution-fsa-to-have-the-power-to-grant-statutory-immunityThe FSA may get a substantial new weapon in their fight against white collar crime.Tue, 27 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/22-bank-assistance-the-secondary-phaseThis article considers the announcements made on 14 and 19 January 2009 by the UK Government.Thu, 22 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/resources/newsletter-listing/financial-markets-litigation-bulletin/15-fmlb-january-2009Financial Markets Litigation Bulletin - Issue 38Thu, 15 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/legal-topics/investment-bank-regulatory/12-financial-services-alerter-december-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for December 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 12 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/12-financial-services-alerter-december-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for December 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 12 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/12-financial-services-alerter-december-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for December 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Mon, 12 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/banking/10-sustainable-sukuks-the-nexus-between-islamic-finance-and-emissions-tradingAn in depth look at the relationships between Islamic finance and how this could be used to fund a new approach to emissions trading.Sat, 10 Jan 2009 00:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/10-islamic-corporate-governance-the-need-for-better-governanceA review of the existing framework for Islamic corporate governance.Sat, 10 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-markets-litigation-bulletin/18-flib-december-2008Finance Litigation & Insurance Bulletin - Issue 37Thu, 18 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/18-german-court-decision-on-transparency-requirements-in-the-documentation-of-structured-productsThis article is a summary of a decision by the Frankfurt Regional Court concerning the Presentation of Conditions of OTC Derivative Transactions.Thu, 18 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/18-a-new-solutionDespite a traditional anathema towards arbitration among financial institutions, its growing popularity is reflected in its increasing use in sovereign international lending, structured financing, and project financing documentation.Thu, 18 Dec 2008 00:00:00 GMThttp://www.elexica.com/it-IT/legal-topics/capital-markets/9-approvato-in-commissione-bilancio-del-senato-l-emendamento-al-blocco-dei-contratti-derivati-prime-considerazioni62 della Legge 133/2008, riguardante l`indebitamento di regioni ed enti locali e il blocco delle operazioni in derivati.Tue, 09 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/3-italian-government-support-for-banks-the-third-decreeThis article summarises additional supporting measures for banks, approved by the Italian Government on 28 November 2008, which will be implemented under Decree No. 155/08.Wed, 03 Dec 2008 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/investment-bank-regulatory/2-financial-services-alerter-november-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for November 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 02 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-november-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for November 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 02 Dec 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-november-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for November 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 02 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/legal-topics/antitrust-and-merger-control/25-ppi-providers-escape-price-caps-cc-issues-provisional-remedies-decisionsThe Competition Commission has issued for consultation provisional decisions on remedies in relation to PPI and retail PPI.Tue, 25 Nov 2008 00:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/corporate-governance-and-compliance/25-wetsvoorstel-bestuur-en-toezicht-in-naamloze-en-besloten-vennootschappenHet concept wetsvoorstel is begin van dit jaar in consultatie geweest en na het Advies van de Raad van State is het onlangs naar de Tweede Kamer gezonden voor verdere behandeling.Tue, 25 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/21-lehman-brothers-international-europe-creditors-meeting-14-november-2008The joint administrators of LBIE held their first meeting of creditors at 11:00am on 14 November 2008.Fri, 21 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/capital-markets/14-proposed-revisions-to-rule-15a-6-exemption-of-certain-foreign-brokers-or-dealersThe US Securities and Exchange SEC published a release on 27 June 2008, containing proposals to revise Rule 15a-6, promulgated under the Securities Exchange Act of 1934, as amended.Fri, 14 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-fsa-s-largest-market-abuse-fine-since-2006On 13 November 2008 the FSA fined the former Executive Chairman of an AIM company (Richard Ralph) and a friend for market abuse by trading on the basis of, and disclosing, inside information.Fri, 14 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/12-anti-suit-injunction-in-favour-of-bond-trustee-confirmedCourt of Appeal upholds `no action` clause in bond issue and confirms administrative nature of bond trustees` duties.Wed, 12 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/11-financial-services-alerter-october-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for October 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 11 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/11-financial-services-alerter-october-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for October 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 11 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/11-financial-services-alerter-october-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for October 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 11 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/banking/6-ukfi-the-bank-support-vehicleThe announcement on 03 November 2008 by HM Treasury of the incorporation, and role, of UK Financial Investments Limited and other recent bank support developments.Thu, 06 Nov 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-first-fsa-enforcement-fine-of-a-money-laundering-reporting-officerRegulated firms have previously been fined by the FSA for anti money laundering systems and controls failings. This is the first time the FSA has exercised its disciplinary powers to fine the MLRO of a regulated firm.Fri, 31 Oct 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/30-the-new-uk-bank-special-resolution-regimeWhat is clear from events surrounding Northern Rock, Bradford & Bingley and Kaupthing Singer & Friedlander is the need for a permanent legislative framework to enable the tripartite authorities of the FSA, the Bank of England and the UK Treasury (the Authorities) to take swift and decisive action in relation to UK banks in financial difficulties.Thu, 30 Oct 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/legal-topics/banking/23-liquidity-through-new-lenses-a-cure-for-astigmatismConsideration of the Bank of England`s consultative paper `The Development of the Bank of England`s Market Operations` dated 16 October 2008 and recent announcements of the European Central Bank in relation to its credit operations.Wed, 22 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/22-sec-revises-short-sale-disclosure-rulesOn 18 October 2008 the SEC adopted an interim final temporary rule regarding disclosure of short sales and short positions by institutional investment managers, amidst continuing concerns that sudden and excessive fluctuations of securities prices will threaten fair and orderly markets.Tue, 21 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/21-german-financial-market-stabilisation-act-ordinanceFollowing entry into force of the Financial Markets Stabilisation Act on 18 October 2008, on 20 October 2008, the German Government has passed the ordinance specifying the terms of the stabilisation measures of the Financial Markets Stabilisation Fund.Mon, 20 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/16-amendments-to-cross-border-tender-offer-exchange-offer-rights-offerings-and-business-combination-rulesIn September 2008, the US Securities and Exchange Commission adopted a number of changes to the cross border tender offer, exchange offer, rights offerings and business combination rules in an attempt to expand and enhance the benefits of these rules and facilitate the inclusion of US investors in cross border transactions. The new rules will become effective at the end of 2008 or the beginning of 2009.Wed, 15 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/16-german-government-launches-financial-market-stabilisation-actFollowing the joint approach of European Governments to tackle the financial crisis, on Monday 13 October 2008 the German Government published the Financial Markets Stabilisation Act which is intended to resolve the liquidity crisis amongst banks in order to stabilise the German financial market and to restore the confidence of market participants in each other.Wed, 15 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/16-further-italian-government-support-for-banksFollowing measures adopted on 09 October 2008 under Decree No. 155/08, the Italian Government approved a second decree providing additional financial support to the Italian banking industry. The Second Decree was published in the Italian Official Gazette on 13 October 2008 and took effect the same day. This alerter summarises these additional measures and considers some of the legal implications for the banking and wider financial markets in Italy.Wed, 15 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/15-uk-bank-support-package-painting-in-the-detailFurther analysis of the evolving structure of the UK Government`s support package for the banking industry.Tue, 14 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/14-landsbanki-freezing-orderOn 09 October 2008 the government made an order to freeze funds owned, held or controlled by Landsbanki bank in the UK.Mon, 13 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/13-different-market-same-problems-competition-commission-findings-on-retail-ppiThe provisional remedies package proposed could prove costly for insurance providers.Sun, 12 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/10-italian-government-support-for-banksOn 08 October 2008, the Italian Government announced that it will provide financial support to the Italian banking industry. The decree containing the relevant provisions was approved and published in the Italian Official Gazette on 09 October 2008 and took effect the same day. This article summarises the way in which that support will be given and considers some of the legal implications for the banking and wider financial markets in Italy.Thu, 09 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/8-uk-government-support-for-banksA review of the proposals for financial support to the UK banking industry announced by HM Treasury on 08 October 2008.Tue, 07 Oct 2008 23:00:00 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/investment-bank-regulatory/3-financial-services-alerter-september-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for September 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 02 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-september-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for September 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 02 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-september-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for September 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/banking/2-a-question-of-interestA review of the LIBOR benchmark, market disruption clauses in facility agreements and the ongoing LIBOR debate.Wed, 01 Oct 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/1-lloyds-tsb-hbos-will-financial-stability-trump-competitionA new public interest consideration: the Secretary of State has issued an intervention notice in support of the stability of the UK financial system.Tue, 30 Sep 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/banking/25-real-estate-finance-what-to-do-if-a-real-estate-finance-deal-is-going-wrongGiven current valuations of real estate, and issues affecting the financial markets and the economy generally, many lenders are keeping a close eye on their real estate loans. This article is intended to be an overview of options for lenders in current market conditions. It is written on the assumption that the loans are fully secured and that the borrower (which is also the property owner) will be a special purpose vehicle.Wed, 24 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/24-european-commission-issues-first-report-on-implementation-of-savings-taxation-directiveThe European Commission has issued its first report on the implementation of the Savings Taxation Directive. The report reviews the first two years of implementation of the directive, provides an economic evaluation and outlines proposed changes to the directive.Tue, 23 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/dispute-resolution-financial-markets/22-what-steps-should-a-bank-take-if-notified-that-a-fraud-has-been-perpetrated-on-a-customer-accountThis article looks at the issues faced by a bank when confronted with news that money has been fraudulently remitted out of a customer account. The focus is specifically on the steps to take if the money has been remitted to the customer account of a banSun, 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/investment-bank-regulatory/3-financial-services-alerter-august-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for August 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Tue, 02 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-august-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for August 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Tue, 02 Sep 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-august-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for August 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Tue, 02 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/legal-topics/banking/1-guarantees-and-emerging-marketsOn 11 August 2008 the High Court gave its judgment in the case of Sea Emerald SA v Prominvestbank. The case emphasises the importance of legal opinions in cross border financings. It also highlights particular issues of importance in an emerging market transaction.Sun, 31 Aug 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/12-mutual-societies-the-winds-of-changeOn 23 July 2008, HM Treasury published proposals for the reform of legislation governing credit unions and industrial and provident societies. The Economic Secretary to HM Treasury estimates that cooperatives, credit unions and other mutual societies now hold assets in excess of £400bn. Accordingly, the proposed reforms are likely to present both challenges and opportunities in the future for banks and other financial institutions.Mon, 11 Aug 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/investment-bank-regulatory/5-financial-services-alerter-july-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for July 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 04 Aug 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-july-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for July 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 04 Aug 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/5-financial-services-alerter-july-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for July 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Mon, 04 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/nl-NL/legal-topics/corporate-governance-and-compliance/31-het-conceptwetsvoorstel-corporate-governance-nader-bekekenOp 30 mei 2007 is door de Monitoring Commissie Corporate Governance advies uitgebracht over de verhouding tussen de vennootschap en aandeelhouders en het bereik van de Nederlandse Corporate Governance Code.Wed, 30 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/30-familiar-themes-but-a-more-tentative-approach-the-oft-publishes-its-market-study-on-uk-personal-current-accountsThe OFT has taken the unusual step of issuing a consultation along with its market study into UK personal current accounts.Tue, 29 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/29-extradition-round-two-the-ian-norris-sagaIan Norris is again facing the prospect of extradition to the US after District Judge Nicholas Evans ruled that he should be extradited on obstruction charges. The Home Secretary has 60 days in which to take the final decision on extradition.Mon, 28 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/24-ubs-v-hsh-nordbankJurisdiction and forum issues in complex financial transactions: how will the English courts approach disputes involving multiple jurisdiction clauses in inter related agreements?Wed, 23 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/18-slavenburg-s-ghostThe Overseas Companies Regulations 2008 are due to come into force on 01 October 2009. On 14 July 2008, BERR issued a revised draft of the Regulations and a further draft is due in late summer 2008 to take account of transitional provisions. The Regulations provide a clearer regime for the registration of charges by overseas companies with a place of business in the UK, but some issues still remain.Thu, 17 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/legal-topics/capital-markets/11-proposed-revisions-to-cross-border-transaction-exemptions-and-beneficial-ownership-reporting-rules-for-certain-financial-institutionsThe US Securities and Exchange Commission published a release on 06 May 2008, containing proposals to amend the exemptions for the Cross Border Tender Offer, Exchange Offer and Business Combination Rules (which apply to offers for the securities of targetThu, 10 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/capital-markets/7-transparency-directive-equivalence-of-third-country-accountsThe Prospectus Regulation (809/2004) and Transparency Directive (2004/109/EC) require issuers to produce IFRS or equivalent accounts in certain circumstances. This note examines when accounts will be deemed to be equivalent to IFRS in the context of the PSun, 06 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/crime-fraud-and-investigations/4-the-financial-ombudsman-service-is-not-required-to-apply-english-lawIn determining complaints referred to it under its compulsory jurisdiction under FSMA 2000, the Financial Ombudsman Service (FOS) is not required to apply the common law of England & Wales. Instead, a complaint referred to FOS is to be determined by reference to what is, in the opinion of the ombudsman, fair and reasonable in the circumstances of the case.Thu, 03 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/4-investment-funds-the-netherlands-as-your-choice-of-jurisdictionThe Netherlands has further improved its competitive fund climate. The current fund regime has been modernised, capital tax duty has been abolished and the dividend withholding tax rate has been reduced. As a result of these improvements, the Netherlands will be better positioned for international investment funds.Thu, 03 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-june-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for June 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Wed, 02 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-june-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for June 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Wed, 02 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-june-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for June 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Wed, 02 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/3-transparency-directive-debt-and-abs-issuers-periodic-financial-reportingThis detailed article outlines the Transparency Directive (2004/109/EC) (TD) which aims to improve the efficient operation of the EU as a single, effective capital market by improving investor protection and increasing comparability of information betweenWed, 02 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/mergers-and-acquisitions/2-leveraged-acquisitions-important-changes-to-the-financial-assistance-regimeThis article considers the practical implications of a change in the financial assistance regime, particularly in relation to a typical leveraged share acquisition.Tue, 01 Jul 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/27-flib-june-2008Finance Litigation & Insurance Bulletin - Issue 36Thu, 26 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-financial-markets-litigation-june-2008Recent developments for those interested in litigation, regulatory enforcement and other dispute resolution issues in the financial markets.Thu, 26 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-insurance-reinsurance-june-2008Recent developments of interest to those concerned with the regulation of the insurance market and the resolution of insurance and reinsurance disputes.Thu, 26 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/26-postcard-from-london-an-introduction-to-islamic-financeThis presentation gives an overview of the religious background, principal transaction structures and key issues involved in Islamic finance.Wed, 25 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/25-a-uk-class-action-hfc-bank-targeted-over-insurance-missellingA discussion of the planned UK `class action` by consumers against HFC Bank, an HSBC subsidiary, for alleged misselling of payment protection insurance (PPI), in particular, the means by which UK law can support `class actions`.Tue, 24 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/23-meaning-of-appropriation-in-financial-collateral-regulationsThe Court of Appeal for the British Virgin Islands has provided a ruling to interpret the Financial Collateral Arrangements (No. 2) Regulations 2003.Sun, 22 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/18-still-going-strong-the-netherlands-remains-the-jurisdiction-of-choice-for-structured-finance-transactionsThe Netherlands has a mature regulatory regime, a popular tax regime and has proved to be a jurisdiction of choice for SPVs. In 2008, we predict that it will become a major contender as a jurisdiction for structuring cross border securitisation and structTue, 17 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/18-uk-securitisation-and-structured-finance-review-of-2007This article provides an overview of developments in the securitisation, CDO and structured credit products segments of the market, focusing on particularly significant structural developments, and reviews the major tax and regulatory developments that arTue, 17 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-commercial/18-professional-liability-breakfast-briefing-june-2008-credit-crunch-the-ripple-effect-spotlight-on-insurers-and-professionalsA summary of the key points arising out of the breakfast briefing on 03 June 2008, presented by James Pollock, Caroline Hunter-Yeats, and Emma Kendrick-Jones. The breakfast briefing looked at the issues that insurers and professionals (in particular accountants, actuaries, solicitors and surveyors) may face from litigation arising out of the sub prime market collapse.Tue, 17 Jun 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/legal-topics/corporate-governance-and-compliance/16-mandatory-quarterly-reporting-from-hong-kong-hung-drawn-and-quarteredThis bulletin explains the HKEx`s original proposals for mandatory quarterly reporting for Main Board listed companies, looks at the rationale behind them and the possible implications of what lies ahead.Sun, 15 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/legal-topics/dispute-resolution-financial-markets/13-jp-morgan-chase-bank-v-springwell-navigation-corporation-a-shot-in-the-arm-for-defendant-banks-a-shot-across-the-bows-for-claimant-investorsThe High Court has circulated a final approved judgment which is of significance to all participants in the financial markets, particularly in the current climate where investors are scrutinising potential litigation claims against banks very closely.Thu, 12 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/11-postcard-from-germany-securing-international-finance-deals-on-german-assets-pitfalls-in-taking-security-in-germanyThis presentation gives an introduction to: the most common forms of security over movable and immovable assets; financial assistance rules; corporate benefit rules; perfection; and priority of creditors. … EnforcementTue, 10 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/6-price-caps-price-comparisons-and-a-ban-on-selling-at-point-of-sale-what-does-the-future-hold-for-ppiProvisional conclusions and proposed remedies in the payment protection insurance services market investigation published by the UK Competition Commission.Thu, 05 Jun 2008 23:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/private-equity/6-legal-insights-in-private-equity-amsterdam-04-juni-2008Onlangs is een wetsvoorstel ingediend over de invoering van het one tier bestuursmodel. Het one tier model kent niet langer een aparte raad van commissarissen maar één orgaan waarin bestuur en toezicht vertegenwoordigd zijn. Verbetert dit model inderdaad het toezicht op het bestuur of vergroot het slechts het aansprakelijkheidsrisico voor de huidige participatiecommissaris? Simmons & Simmons organiseerde op 04 juni een bijeenkomst over dit onderwerp.Thu, 05 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/5-securitisation-in-the-people-s-republic-of-china-moving-forward-but-challenges-still-remainSince 2005, there have been a number of significant developments in the PRCs securitisation market, although the market has not evolved as quickly as many industry participants would have likedWed, 04 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/investment-bank-regulatory/3-financial-services-alerter-may-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for May 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Mon, 02 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-may-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for May 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Mon, 02 Jun 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-may-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for May 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.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/dispute-resolution-financial-markets/30-fsa-enforcement-insiderFSA`s review of its enforcement procedures coincides with a push for increased transparency of enforcement activity.Thu, 29 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-court-of-appeal-decision-in-whistlejacket-siv-creditor-priority-caseThe Court of Appeal has overturned important parts of the recent High Court judgment in relation to the priority of creditors of Whistlejacket, the SIV now in receivership.Mon, 26 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/mergers-and-acquisitions/22-eu-cross-border-merger-directive-the-opportunities-for-expanding-businesses-in-europeOn 26 November 2005 the European Parliamentary Council launched Directive 2005/56/EC on cross border mergers of limited liability companies. Its aim was to break down one of the legal obstacles to freedom of enterprise within the EU. EU Member States were required to implement the Directive before 15 December 2007. The Netherlands has not yet implemented the Directive but it does still have an impact there.Wed, 21 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/16-postcard-from-moscow-opportunities-in-russiaThis presentation gives an overview of the bank lending market in Russia, reviewing deal flow, enforcement issues and other issues which cropped up in 2007. It also looks at trends and risks in the bank lending market for 2008.Thu, 15 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/legal-topics/corporate-governance-and-compliance/16-hkex-release-gem-consultation-conclusions-may-2008The Exchange has recently published its Consultation Conclusions on proposals to reposition The Growth Enterprise Market (GEM) as a second board.Thu, 15 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/9-postcard-from-london-an-analysis-of-some-of-the-issues-in-restructuring-and-enforcing-securityThis presentation addressed such issues as: Priority, Subordination, Fixed v floating; Perfecting fixed charges on book debts; Lending new monies and protecting your rights; COMI; Where in the structure should you enforce?; Customer deposits – who owns them?; and Direct debit schemes.Thu, 08 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/9-insurance-reinsurance-april-2008Recent developments of interest to those concerned with the regulation of the insurance market and the resolution of insurance and reinsurance disputes.Thu, 08 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/6-proposed-changes-to-rule-12g3-2-b-of-the-us-securities-exchange-actThe US Securities and Exchange Commission has published proposals to amend the principal provision used by foreign private issuers to claim exemption from US registration and reporting requirements.Mon, 05 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/6-hkex-parallel-trading-to-be-abolished-and-new-online-ccass-shareholding-disclosure-serviceHKEx announced on 22 and 23 April 2008 respectively that parallel trading will be removed on 03 November 2008; and a new online CCASS Shareholding Disclosure Service will be available via HKEx`s designated issuer website (HKExnews website) from 28 April 2008.Mon, 05 May 2008 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/financial-markets-litigation-bulletin/2-flib-april-2008Finance Litigation & Insurance Bulletin - Issue 35Thu, 01 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/investment-bank-regulatory/2-financial-services-alerter-april-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for April 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 01 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-april-2008-financial-regulation-other-uk-developmentsThis is the `Financial Regulation - other UK developments` section of Financial Services Alerter for April 2008. It covers relevant UK developments which are not covered in other sections of the service.Thu, 01 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-april-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for April 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Thu, 01 May 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/2-financial-services-alerter-april-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for April 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.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/capital-markets/1-european-loan-only-credit-default-swapsLoan only credit default swaps (LCDS) are credit default swap contracts designed to reference particular loans and to allow market participants to buy and sell credit protection against a borrower defaulting on a particular reference obligation. This artiWed, 30 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/1-market-abuse-the-criminal-edge-of-financial-regulationMarket Watch 26, published on 29 April 2008 by the FSA, announces disappointing statistics for the FSA and the market in terms of market cleanliness.Wed, 30 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/1-postcard-from-london-the-growing-shrinking-marketA review of the drivers bringing about change in the insurance industry from market consolidation, securitisation and risk transfer techniques to the capital markets` assimilation of the illusive longevity and other `rogue` risks.Wed, 30 Apr 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/legal-topics/dispute-resolution-financial-markets/9-bermuda-form-arbitration-clauses-c-v-dNew York courts have no right of review of a London arbitration award where the Bermuda Form arbitration clause is used.Tue, 08 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/investment-bank-regulatory/3-financial-services-alerter-march-2008-financial-regulation-hm-treasury-and-other-government-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for March 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Wed, 02 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-march-2008-financial-regulation-other-uk-developmentsThis is the `Financial Regulation - other UK developments` section of Financial Services Alerter for March 2008. It covers relevant UK developments which are not covered in other sections of the service.Wed, 02 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-march-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for March 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Wed, 02 Apr 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/3-financial-services-alerter-march-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for March 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.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/fr-FR/legal-topics/asset-management/1-investissements-par-les-fonds-de-fonds-fran-aisSuite au rapport Adhémar, l`AMF a procédé à la diffusion de nouveaux critères d`investissement simplifiés permettant de déterminer si un hedge fund particulier est éligible à l`investissement par un fonds de fonds français. Cet article expose les quatre cMon, 31 Mar 2008 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-budget-2008-capital-marketsLast week`s Budget contained little major news for capital markets and structured finance transactions. However, there were a few points of detail of interest tucked away in the 107 Budget Day press releases.Wed, 19 Mar 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/12-equity-capital-markets-updateA review of the equity capital markets activity in London in 2007, a discussion of the London Stock Exchange`s role in supervising Nominated Advisers and an outline of the FSA`s review of the structure of the market for listed securities in London.Wed, 12 Mar 2008 00:00:00 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/investment-bank-regulatory/6-financial-services-alerter-february-2008-financial-regulation-hm-treasury-and-other-goverment-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for February 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Thu, 06 Mar 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-february-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for February 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Thu, 06 Mar 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/6-financial-services-alerter-february-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for February 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Thu, 06 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/legal-topics/dispute-resolution-financial-markets/28-postcard-from-london-an-age-of-litigation-the-credit-crisisA new age of litigation appears inevitable given the vast credit crisis losses and the way in which these losses are spread across the financial sector. This presentation examines where litigation is most likely and why.Thu, 28 Feb 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/21-socgen-rogue-trader-aftershocks-and-falloutAn article which considers some of the consequences of SocGen`s rogue trader from culpability, probably the least important issue to the most important - prevention and damage limitation for the future.Thu, 21 Feb 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/20-the-plc-finance-handbook-secured-lendingA brief Q&A session about secured lending in Hong Kong, answered by Richard McKeown from Simmons & Simmons.Wed, 20 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/legal-topics/dispute-resolution-financial-markets/5-failure-to-counter-financial-crime-norwich-union-lifeIn December 2007, the Financial Services Authority (FSA) imposed a fine of £1.26m on Norwich Union Life (part of the Aviva Group), one of the largest life insurance businesses in the UK with around seven million customers. The fine related to failures toTue, 05 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/investment-bank-regulatory/26-financial-services-alerter-january-2008-financial-regulation-other-uk-developmentsThis is the `Financial Regulation - other UK developments` section of Financial Services Alerter for January 2008. It covers relevant UK developments which are not covered in other sections of the service.Sat, 26 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/26-financial-services-alerter-january-2008-financial-regulation-hm-treasury-and-other-goverment-bodiesThis is the `Financial Regulation - HM Treasury and other goverment bodies` section of Financial Services Alerter for January 2008. It covers relevant publications and announcements by HM Treasury and other UK government bodies, as well as related items such as significant responses to consultations, etc.Sat, 26 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/26-financial-services-alerter-january-2008-financial-regulation-eu-and-other-international-developmentsThis is the `Financial Regulation - EU and other international developments` section of Financial Services Alerter for January 2008. It covers significant publications and announcements by EU and international regulatory bodies of relevance to the UK, as well as related items such as significant responses to consultations, etc.Sat, 26 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/26-financial-services-alerter-january-2008-financial-regulation-financial-services-authorityThis is the `Financial Regulation - Financial Services Authority` section of Financial Services Alerter for January 2008. It covers relevant publications and announcements by the FSA, as well as related items such as significant responses to consultations, etc.Sat, 26 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/banking/18-notarisation-legalisation-apostilles-and-consularisation-what-on-earth-are-theyFor many of us involved in cross border and international transactions the issue of the notarisation and legalisation of documents comes up fairly frequently and we know that some confusion can arise when the various terms are bandied about. This article provides a brief guide to the terminology, with some practical tips for assisting you in planning your transactions.Fri, 18 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/corporate-governance-and-compliance/10-draft-legislation-amending-dutch-disclosure-and-corporate-goverance-regimesOn 08 January 2008 draft legislation was published aiming to amend the Dutch disclosure and corporate goverance regimes.Thu, 10 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/investment-bank-regulatory/9-10-things-every-investment-banker-needs-to-know-about-mifidThe Markets in Financial Instruments Directive replaced the Investment Services Directive and, in the process, had a significant impact on day to day business for EEA based investment firms. This note identifies some of the most important issues for investment bankers.Wed, 09 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/3-price-controls-to-be-lifted-following-sme-banking-remedies-reviewOn 21 December 2007, the Competition Commission confirmed its provisional view that the price control element of the remedies package it recommended in 2002 should be removed, but that all behavioural elements should be retained. However, these measureThu, 03 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/3-all-change-for-interchange-the-european-commission-prohibits-mastercard-s-intra-eea-multilateral-interchange-feeOn 19 December 2007, the European Commission announced its final decision that MasterCard`s cross border Multilateral Interchange Fee (MIF) violates the EU competition rules on the basis that it inflates the cost of card acceptance by retailers.Thu, 03 Jan 2008 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/2-tax-efficient-structuring-of-eu-operations-and-the-customs-and-trade-aspect-of-import-into-the-euIn November 2007 Simmons & Simmons sponsored and spoke at the Netherlands Foreign Investment Agency conference on EU Market Access for Chinese Hi Tech Companies. This presentation considers the corporate income tax structuring of business operations of Chinese companies in the EU. The presentation is available in English and Chinese.Wed, 02 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/corporate-governance-and-compliance/14-hong-kong-sfc-consultation-paper-on-electronic-submission-of-disclosure-of-interests-noticesOn 30 November 2007, the Securities and Futures Commission issued a Consultation Paper proposing mandatory electronic filing for Disclosure of Interests notices in order to improve the timeliness of disclosure to the market.Fri, 14 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/13-financial-markets-litigation-december-2007Recent developments for those interested in litigation, regulatory enforcement and other dispute resolution issues in the financial markets.Thu, 13 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/10-insurance-reinsurance-december-2007Recent developments of interest to those concerned with the regulation of the insurance market and the resolution of insurance and reinsurance disputes.Mon, 10 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-damages-transfield-shipping-inc-v-mercator-shipping-incThe Court of Appeal has reviewed the rules relating to remoteness of damage.Fri, 07 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-claims-cooperation-clauses-aig-europe-ireland-limited-v-faraday-capital-limitedA sharp fall in a company`s share price following an adverse announcement was a `loss which may give rise to a claim` within the meaning of the claims cooperation clause in this case.Fri, 07 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-freezing-injunctions-r-on-the-application-of-revenue-and-customs-prosecution-office-v-lloyd-s-tsbWhere a bank had moved funds subject to a restraining order from the account specified in the order to an interest bearing account without notice, it was guilty of contempt.Fri, 07 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-misrepresentation-renault-uk-limited-v-fleetpro-technical-services-limitedA fraudulent misrepresentation could be made to a machine acting on behalf of a person.Fri, 07 Dec 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/7-guarantees-van-der-merwe-v-iig-capital-llcIn the case of a guarantee entered into outside a banking context, there was a strong presumption against giving the words `on demand` the effect of creating an independent primary obligation.Fri, 07 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/legal-topics/crime-fraud-and-investigations/5-natwest-3-the-end-gameDoes the three year sentence accepted by the `NatWest 3` negate the arguments made during the campaign against the imbalance in the UK/US extradition regime?Wed, 05 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/9-collateral-directive-an-introductionA briefing note looking at the purpose and scope of the Collateral DirectiveFri, 09 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/9-insurance-contract-law-the-law-commission-s-consultation-paperThe English and Scottish Law Commissions have published their joint consultation paper examining the first three areas of insurance contract law which they have ear marked for review.Fri, 09 Nov 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/9-gater-assets-limited-v-nak-naftogaz-ukrainiyAn award debtor under a New York Convention arbitration award was declined security for costs in relation to the application by the award creditor to enforce the award in the English courts; the issue of whether the court would ever have jurisdiction to oFri, 09 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/15-english-court-grants-bond-trustee-anti-suit-injunction-against-vexatious-proceedings-in-us-brought-by-bondholderIn a judgment handed down by the High Court on 12 October 2007, the court granted Law Debenture Trust an anti suit injunction against Vivendi Holding 1 Corp (VH1) in respect of proceedings brought by VH1 in Miami Florida against Law Debenture. The injuncSun, 14 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/information-communication-and-technology/6-data-protection-and-privacy-in-the-financial-industryThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. Privacy is a key concern for financial institutions. The recent large fine handed to Nationwide for data security breaches and the public undertakings required toFri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/6-hot-topics-in-european-distressed-debtThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. Partners specialsing in Italian, German and UK distressed debt considered hot topics in their jurisdictions with particular focus on the decision in Bear Stearns v Forums.Fri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/6-prospectus-liabilityThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The talk included a review of recent legal and regulatory developments in the relationships between issuers, arrangers and investors, together with way of mitigaFri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/6-recent-trends-in-the-offering-of-retail-structured-productsThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The session focused on the impact of the Prospectus Directive and other European directives on retail distribution of notes.Fri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/6-sukuk-an-introductionThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The talk covered: an introduction to the Shariah principles underpinning Sukuk; a discussion about certain common Sukuk structures; predictions for future developments in the area of Sukuk.Fri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/6-lending-into-russia-and-eastern-europeThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The talk looked at particular issues relating to the provision of funding to borrowers in Russia and Eastern Europe, including the structuring of transactions, security and other credit protection issues and the cultural climate in which transactions are completed.Fri, 05 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/banking/6-international-real-estate-finance-issues-germany-italy-and-beyondThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The briefing provided an overview of key issues relating to international real estate finance including market overview, typical deal structures, loan agreement specifics, security issues and key jurisdictional issues.Fri, 05 Oct 2007 23:00:00 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/dispute-resolution-financial-markets/6-fsa-regulatory-enforcementThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The briefing focused on the practical impact of the most recent changes the FSA has made to its approach to enforcement.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/5-synthetic-clos-and-loan-cdsThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. This talk considered the structural, regulatory and legal aspects of credit default swaps referenced to loans.Thu, 04 Oct 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/5-an-overview-of-the-sec-s-recent-proposals-on-private-offering-reformThis presentation formed part of our Financial Institutions Sector Autumn Legal Update 2007. The talk focused on some of the key legal issues currently engaging US securities lawyers in London in both the debt and equity capital markets. London`s positionThu, 04 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/antitrust-and-merger-control/28-commission-publishes-final-report-into-business-insurance-sector-inquiryOn 26 September 2007 the European Commission published its final report in the business insurance sector inquiry. By way of contrast to the energy and retail banking sector inquiries, where the Commission set out its clear intention to use competition poThu, 27 Sep 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/20-quoted-eurobond-exemption-and-the-irish-alternative-securities-marketHM Revenue & Customs has confirmed that the quoted Eurobond exemption to withholding tax on interest payments applies to securities officially listed on the Irish Alternative Securities Market.Wed, 19 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/legal-topics/tax/3-group-contribution-rules-do-not-contravene-eu-lawThe ECJ held that Finnish group contribution rules (in effect the reverse of group relief rules) do not contravene the fundamental freedoms of the EC Treaty.Thu, 02 Aug 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-the-netherlands-good-news-for-structured-finance-transactionsAlthough the Netherlands already had a mature regulatory regime and a popular tax regime, it has proved to be friendly as the jurisdiction of choice for SPVs. In 2007 it will be a major contender for jurisdiction for structuring cross border securitisation and structured finance transactions.Wed, 18 Jul 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/19-securitisation-in-the-people-s-republic-of-china-continuing-to-move-in-the-right-directionThis article puts into context the pilot measures and the recent developments in the securitisation market and the legal environment in the PRC prior to their introductionWed, 18 Jul 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/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/legal-topics/tax/5-new-dutch-patent-income-regimeWith effect from 01 January 2007, the Netherlands has introduced an optional regime for the taxation of patent income with an effective rate of 10 per cent.Mon, 04 Jun 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/5-one-size-fits-all-plans-for-a-consolidated-eu-corporate-tax-base-progressLászló Kovács has stated that his top priority is to create a common consolidated corporate tax base for EU companies, but his proposals face fierce opposition from some Member States.Mon, 04 Jun 2007 23:00:00 GMThttp://www.elexica.com/nl-NL/legal-topics/employment-and-benefits/31-de-territoriale-werking-van-de-pensioenwet-confectie-of-maatwerkDe globalisering slaat toe, ook in pensioenland. Ondernemers beperken zich niet meer tot activiteiten binnen één land en werknemers werken steeds vaker over de grens. Hierdoor wordt een complex onderwerp als pensioen nog complexer. Is het de wetgever nu gWed, 30 May 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/30-shades-of-grey-a-look-at-ipo-grey-market-trades-in-hong-kongThe recent High Court decision in Woo Hing Keung Lawrence v CEF Brokerage Limited has, for the first time in Hong Kong, provided judicial guidance on the validity as between client and broker of what are fairly common arrangements before an IPO, namely `grey market` trades.Tue, 29 May 2007 23:00:00 GMThttp://www.elexica.com/en/resources/newsletter-listing/oversight/22-oversight-may-2007-proposed-amendments-to-the-securities-and-futures-stock-market-listing-rulesConsultation conclusions on proposed amendments to the Securities and Futures (Stock Market Listing) Rules.Mon, 21 May 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/18-bank-charges-contradictory-signals-the-competition-commission-s-final-report-on-personal-banking-in-northern-ireland-and-a-county-court-win-for-lloyds-tsbThe publication of the Competition Commission`s final report on the retail banking sector in Northern Ireland, in line with its provisional findings, coincided with a judgment in the Birmingham County Court that contradicts and challenges much of the OFT`Thu, 17 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-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/tax/30-belgium-s-minimum-tax-base-for-non-residents-is-discriminatory-says-ecjA Belgian tax provision establishing a minimum tax base solely for non resident taxpayers cannot be justified by the need for effective fiscal supervision.Thu, 29 Mar 2007 23:00:00 GMThttp://www.elexica.com/en/legal-topics/equity-capital-markets/15-implementation-of-the-prospectus-directive-in-italyThe Italian Government has approved a legislative decree implementing the Prospectus Directive in Italy. This article discusses the provisions of the decree that may have an effect on the offering of financial instruments in Italy.Thu, 15 Mar 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/8-inter-company-financing-of-external-acquisitions-under-dutch-anti-base-erosion-rulesOverview of changes to Dutch anti base erosion rules and practical consequences.Thu, 08 Mar 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/8-time-limits-on-eu-tax-claimsThe prospect of the European Court of Justice imposing financial limitations on its decisions now appears more remote than ever.Thu, 08 Mar 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/23-cross-border-corporate-restructurings-and-tax-abuseThe ECJ decision in Kofoed provides important guidance on the implementation of Directives and the ability of national courts to interpret national legislation in accordance with Community law in the absence of express implementation. Whilst ultimately leaving the issue to the domestic courts, the ECJ has approved, in principle, the ability of national courts to apply anti avoidance rules on the basis of national `general legal context` in appropriate cases.Fri, 23 Feb 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/23-european-commission-interim-report-on-its-business-insurance-inquiryA summary of the key findings set out in the European Commission`s interim report on the business insurance sector.Fri, 23 Feb 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/6-danish-pensions-legislation-discriminatory-says-ecjECJ rules against national tax measures providing tax advantages for domestic but not foreign pension funds.Tue, 06 Feb 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/31-new-dutch-hybrid-loan-regimeFar reaching changes are being made to the Dutch Corporate Income and Dividend Withholding Tax Acts, including an overhaul of Dutch hybrid loan legislation.Wed, 31 Jan 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/31-ecj-spotlight-on-cross-border-dividendsThe ECJ`s spotlight has recently fallen on the tax treatment of cross border dividends as it examines the scope of the EC Treaty fundamental freedoms in this contentious area.Wed, 31 Jan 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/tax/11-taxation-of-securitisation-companiesThe recently enacted Securitisation Companies regulations can provide a simpler cashflow based tax treatment of UK securitisation companies for accounting periods beginning on or after 01 January 2007.Thu, 11 Jan 2007 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/11-the-netherlands-act-on-financial-supervision-applicable-as-of-01-january-2007Highlights of the changes to various aspects of capital markets practices resulting from the enactment of the new Act on Financial Supervision in the Netherlands.Thu, 11 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/tax/21-taxation-of-foreign-dividends-in-the-european-unionA Member State may tax dividends from domestic companies and from companies established in another EU Member State at the same uniform rate.Tue, 21 Nov 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/30-uk-investment-manager-exemption-important-developments-for-capital-markets-and-cdo-transactionsHighlights some of the key changes relevant to capital markets and CDO transactions resulting from Her Majesty`s Revenue & Customs` draft of its revised statement of practice on the application of the investment manager exemption.Mon, 30 Oct 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/30-ambac-prevails-over-deutsche-bank-in-solutia-bond-settlement-caseConsiders a US case brought by Deutsche Bank in connection with a synthetic CDO that it issued to Ambac.Mon, 30 Oct 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/20-northern-ireland-personal-banking-the-competition-commission-finds-that-competition-is-not-working-for-customersSummary of the provisional conclusions in the UK Competition Commission`s investigation into the market for personal current account (PCA) banking services in Northern Ireland. The investigation was triggered following a supercomplaint to the OFT, which iThu, 19 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/capital-markets/18-asia-cdos-no-longer-in-the-backseatA review of Asian collateralised debt obligations.Tue, 17 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/tax/2-vat-and-credit-card-receivables-securitisationsThe High Court held that the transfer of credit card receivables by an originator bank to a Jersey trustee SPV does not involve a supply for VAT purposes, such that input VAT cannot be recovered as attributable to that transaction.Sun, 01 Oct 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/25-home-credit-revised-remedies-noticeOn 18 August, the Competition Commission published a Notice modifying its proposals in relation to remedies to address the adverse effects on competition identified in its statement of provisional findings in April.Sun, 24 Sep 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/23-isda-intervenes-in-us-court-caseOn 08 May 2006, the International Swaps and Derivatives Association (ISDA) submitted an amicus curiae brief to an appellate court in the US over a disputed credit default swap (CDS) contract, in which it argued that the first-instance court’s ruling did nTue, 22 Aug 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/14-keeping-special-purpose-vehicles-spvs-out-of-the-uk-tax-net-some-lessons-learned-from-wood-v-holdenThis article discusses Her Majesty`s Revenue & Customs` challenge to the tax residence of an offshore SPV.Thu, 13 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/tax/1-eu-withholding-taxes-in-the-spotlight-againThe ECJ has ruled that a Finnish non resident withholding tax provision breached Article 18 of the EC Treaty on the right of EU citizens to move and reside freely within the EU.Wed, 31 May 2006 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/15-the-use-of-credit-derivatives-by-pension-fundsCredit derivatives practitioners and trustees of pension funds should be aware of a proposal not to recognise credit derivatives as a risk mitigation tool for pension funds who have to calculate the new `risk-based levy` payable to the Pension ProtectionSun, 14 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/tax/2-taxation-of-profits-from-substantial-shareholdings-on-emigrationThe ECJ has clarified the circumstances in which an exit tax might be contrary to the freedom of establishment. In a case reminiscent of De Lasteyrie du Saillant, the court has confirmed that guarantee requirements and the failure to allow for changes in value post exit will be contrary to Community law, whilst approving, in principle, the ability of Member States to impose exit taxes.Mon, 01 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/6-cross-border-use-of-rental-lossesGerman income tax rules which only allow rental losses from property in Germany, and not other Member States, to be taken into account in determining a taxpayer`s income tax rate are in breach of EC law.Mon, 06 Mar 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/6-dutch-deemed-residence-rule-compatible-with-the-ec-treatyDeemed residence rule in Dutch inheritance tax law according to which a Dutch national who moves abroad and dies within ten years of leaving the Netherlands is deemed resident in the Netherlands for inheritance tax purposes is compatible with the free movement of capital (Heirs of MEA van Hilten-van der Heijden v Inspecteur van de Belastingdienst).Mon, 06 Mar 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/9-disclosure-by-financial-institutions-of-customer-information-on-offshore-accountsCase note on the Special Commissioners decision which authorised an HMRC request for disclosure under section 20 Taxes Management Act 1970 about offshore account holders from a financial institution.Thu, 09 Feb 2006 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/14-prospectus-directive-implementation-initial-experience-in-germanyThe German Financial Supervisory Authority has reported on its experience with the Prospectus Directive (2003/71/EC), which was implemented in Germany with effect from 01 July 2005 by the PD implementation act, the main part of which is the German SecuritWed, 14 Dec 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/11-dutch-tax-obstacle-to-financial-restructurings-removedArticle 12 of the Dutch Corporation Tax Act has been repealed removing an obstacle to tax efficient debt restructurings of Dutch companies.Sun, 11 Dec 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/14-ecj-rejects-attack-on-dutch-tax-credit-rulesThe ECJ has held that Dutch tax rules that differentiate between residents and non residents in relation to credit for national insurance contributions can be justified by objective differences between the two classes of person.Thu, 13 Oct 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/14-legislation-could-change-the-way-foreign-companies-operate-in-japanOn 29 June 2005, the Japanese Diet approved controversial new legislation which could require foreign companies, including certain banks and SPVs, currently incorporated outside Japan but which conduct most of their business in Japan and/or have a branch in Japan, to reincorporate in Japan.Thu, 13 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/capital-markets/14-prospectus-directive-implemented-in-the-netherlandsOn 01 July 2005 the Dutch Act on the Supervision of Securities Trade 1995 was amended in order to implement the Prospectus Directive in the Netherlands.Sat, 13 Aug 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/corporate-governance-and-compliance/22-management-compensation-disclosure-act-germanyA summary of the disclosure requirements under the German Management Compensation Disclosure Act.Thu, 21 Jul 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/14-luxembourg-rules-and-prospectus-directive-exempt-issuersIssuers with their securities irrevocably and unconditionally guaranteed by an EU Member State are outside the scope of the Prospectus Directive. However, the Luxembourg interpretation of the Prospectus Directive is that exempt issuers remain subject to tWed, 13 Jul 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/25-abs-transactions-in-germanyOn 30 June 2005, the German Parliament (Bundestag) resolved some important amendments to the German Banking Act (Kreditwesengesetz) and the German Insolvency Act (Insolvenzverordnung) in relation to the asset backed securitisation (ABS) market in Germany.Fri, 24 Jun 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/14-regulations-in-relation-to-the-german-pfandbriefe-marketOn 19 July 2005 the law on the German Pfandbriefe came into force. The new law widens the number of issuers in Germany which are allowed to issue Pfandbriefe, but imposes new requirements designed to preserve the credit quality of Pfandbriefe.Mon, 13 Jun 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/14-implementation-of-the-prospectus-directive-in-germanyThe German act implementing the EU Prospectus Directive, including the new Securities Prospectus Act, harmonises the previously distinct sets of rules for selling prospectuses. Prospectuses for public offers of securities in Germany or their admission toMon, 13 Jun 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/14-reform-of-the-french-collateral-and-close-out-netting-regimesFrench legislation regarding financial collateral arrangements, which implements EU Directive 2002/47/EC, has substantially revised the French financial collateral and close-out netting regimes.Wed, 13 Apr 2005 23:00:00 GMThttp://www.elexica.com/en/legal-topics/antitrust-and-merger-control/12-financing-infrastructure-services-and-new-routes-at-regional-airportsThe European Commission has issued for consultation a draft set of guidelines to help businesses and institutions understand how public sector support can be given (1) for airport infrastructure and services and (2) in respect of new routes operating fromMon, 11 Apr 2005 23:00:00 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/tax/18-ecj-restricts-vat-exemption-for-insurance-outsourcingThe European Court of Justice held that the mere fact that an insurance agent has power to bind the insurer in a policy of insurance does not necessarily bring that agent`s activities within the scope of the VAT exemption for insurance and related activities.Fri, 18 Feb 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/capital-markets/30-opportunities-for-french-securitisation-following-the-reform-of-the-securitisation-vehicleThe regulatory framework applicable to the fonds commun de créances has recently been subject to reform, bringing increased flexibility, security and liquidity to the French securitisation market.Sun, 30 Jan 2005 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/25-withholding-tax-on-dividend-payments-to-non-residents-contrary-to-eu-law-the-fokus-bank-caseA recent decision of the European Free Trade Association Court suggests that the denial of exemption from or refund of Dutch dividend withholding taxes to non residents by the Netherlands may be in breach of EU law.Tue, 25 Jan 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/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/tax/28-tax-residence-and-structured-finance-spvsTwo recent cases illustrate the importance of ensuring that in structured finance transactions, the SPV remains tax resident in the jurisdiction in which it is incorporated rather than in the jurisdiction of the bank arranging the transaction.Sun, 28 Nov 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/31-us-court-rules-on-credit-derivatives-disputeCase summary of Eternity Global Master Fund Ltd v Morgan Guaranty Trust Co of New York.Sat, 30 Oct 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-getting-the-best-out-of-the-settlement-of-fsa-enforcement-actionsOpportunities for resolving enforcement actions with the financial regulator have never been greater. This article examines how to get the best out of the new approach.Sat, 30 Oct 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/30-commercial-paper-in-franceDecree no. 2004-865 introduces a more flexible approach in respect of the rules and regulations applicable to the issuance of CP in France.Fri, 29 Oct 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/27-german-true-sale-securitisation-banking-secrecy-back-on-the-agendaAn article examining developments in the German true sale market.Thu, 26 Aug 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/28-german-true-sale-securitisation-recent-clarifications-in-relation-to-vatIn a move highly welcomed by market participants, the German Federal Ministry of Finance recently gave clarification in relation to issues concerning VAT which had previously hindered true sale securitisation in Germany.Tue, 27 Jul 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-the-plumber-to-visit-no-45Important issues relating to market abuse are at stake as the plumber faces the Financial Services and Markets Tribunal.Sat, 19 Jun 2004 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-ceo-held-to-account-for-company-s-breach-of-listing-rulesThe FSA`s decision in respect of Sportsworld Media Group plc.Mon, 19 Apr 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/dispute-resolution-financial-markets/27-market-abuse-first-signs-of-fsa-enforcement-actionSome of the uncertainties surrounding the scope of market abuse are being stripped away whilst others remain.Fri, 27 Feb 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/20-important-changes-to-fsa-investigations-and-enforcementThe implications of the changes the FSA is making to investigations and enforcement procedures.Fri, 20 Feb 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-letters-of-request-privilegeCase summary of United States of America v Philip Morris Inc.Fri, 16 Jan 2004 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-deeds-execution-by-corporationsCase summary of Bolton Metropolitan Borough Council v TorkingtonWed, 31 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-damagesCase summary of Lagden v O’ConnorWed, 31 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-procedure-costsCase summary of Leigh v Michelin Tyre Plc.Wed, 31 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-negligence-duty-of-careCase summary of Great North Eastern Railway Limited v HartWed, 31 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-limitation-use-of-hansardCase summary of McDonnell v Congregation of Christian Brothers TrusteesWed, 31 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-disclosure-data-protectionCase summary of Durant v Financial Services Authority.Wed, 31 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/19-vat-exemption-for-insurance-and-related-activitiesThe VAT exemption for activities related to an insurance transaction has been construed narrowly by the European Court of Justice in Taksatorringen v SkatteministerietFri, 19 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/17-contracts-rights-of-third-parties-act-1999Case summary of Nisshin Shipping Company Limited v Cleaves & Co Limited.Wed, 17 Dec 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-experts-waiver-of-privilegeCase summary of Lucas v Barking, Havering & Redbridge Hospitals NHS TrustFri, 31 Oct 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/31-auditors-negligenceCase summary of Man Nutzfahrzeuge Aktiengesellschaft and others v Freightliner Ltd.Fri, 31 Oct 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/21-failure-to-comply-with-fsa-investigationsCase summary of Financial Services Authority v Westcott.Mon, 20 Oct 2003 23:00:00 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/25-negligence-duty-of-careCase summary of Mann and Others v Coutts & Co.Wed, 24 Sep 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-communications-and-document-creation-managing-the-risksIn this article the legal risks arising out of communications and document creation are highlighted and the strategies that companies can use to manage these risks are considered.Fri, 19 Sep 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-professional-negligence-insurance-brokersCase summary of European International Reinsurance Company Limited v Curzon Insurance Limited.Tue, 26 Aug 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-without-prejudiceCase summary of Prudential Assurance Co. Limited v Prudential Insurance Co of America.Tue, 19 Aug 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-financial-services-authority-prohibition-ordersCase summary of R v Financial Services Authority (ex parte Davies).Tue, 19 Aug 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/11-the-house-of-lords-rules-on-insurance-aggregation-issuesThe Lords have overturned the Court of Appeal decision in the Lloyds TSB pension mis-selling case, holding that the bank could not aggregate mis-selling claims.Sun, 10 Aug 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-valuers-negligenceCase summary of Goldstein v Levy Gee.Tue, 29 Jul 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-solicitors-negligenceCase summary of Chappell v Somers & Blake.Tue, 29 Jul 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-human-rights-declaration-of-incompatibilityCase summary of Wilson v Secretary of State for Trade and Industry.Tue, 29 Jul 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/28-insurance-call-centre-servicesSupplies by call centres seeking to sell insurance on behalf of an insurer may qualify for VAT exemption: TeleTech v C&E Comrs.Sun, 27 Jul 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/23-part-36-offersCase summary of Ali Reza-Delta Transport Company Limited v United Arab Shipping Company.Sun, 22 Jun 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/19-third-party-debt-orders-foreign-debtCase summary of Société Eram Shipping Co Ltd v Compagnie Internationale de Navigation and Others.Wed, 18 Jun 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-reinsurance-non-disclosure-evidenceCase summary of Brotherton v Aseguradora Colseguros SA.Wed, 04 Jun 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-performance-bondsCase summary of TTI Team Telecom v Hutchinson 3G UK Limited.Thu, 29 May 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/28-non-party-disclosure-interviews-under-cautionCase summary of Rowe v Fryers.Tue, 27 May 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/20-security-for-costs-foreign-governmentCase summary of Government of Sierra Leone v Davenport.Mon, 19 May 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-privilegeCase summary of Three Rivers District Council v Governor and Company of the Bank of England (No. 7).Sun, 13 Apr 2003 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/14-limitationCase summary of McCarroll v Statham Gill Davies.Sun, 13 Apr 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-disqualification-of-directorsCase summary of Walker, Pennifold & Walker v Secretary of State.Tue, 25 Mar 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-solicitors-duty-of-careCase summary of Harwood v Taylor Vinters.Tue, 25 Mar 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-defamation-qualified-privilegeCase summary of Kearns v General Council of the Bar.Tue, 25 Mar 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-reinsurance-non-disclosureCase summary of Brotherton v Aseguradora Colseguros SA.Tue, 25 Mar 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-judicial-review-pensionsCase summary of R (on the application of Green trading as Green Denman & Co) v Financial Ombudsman Service Limited.Wed, 05 Mar 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/25-privilegeCase summary of Istil Group Inc v Zahoor.Tue, 25 Feb 2003 00:00:00 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/24-house-of-lords-rules-on-preliminary-issues-in-film-financing-litigationThe implications of the Lords judgment in HIH v Chase Manhattan Bank.Mon, 24 Feb 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/restructuring-and-insolvency/11-insolvency-freezing-ordersCase summary of Flightline Limited v Edwards and Smith.Tue, 11 Feb 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/5-professional-negligenceCase summary of Alexander Forbes Europe Limited v SBJ Limited.Wed, 05 Feb 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/27-service-out-of-the-jurisdictionCase summary of Chare v Fairclough.Mon, 27 Jan 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/17-without-prejudiceCase summary of Prudential Assurance Co. Limited v Prudential Insurance Co of America.Fri, 17 Jan 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/17-valuers-duty-of-careCase summary of Raja v Austin Gray.Fri, 17 Jan 2003 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/18-vat-and-affiliated-credit-card-schemesA review of the Court of Appeal decisions in BAA Plc and Institute of Directors on the VAT treatment of commissions received in respect of affinity credit cards.Wed, 18 Dec 2002 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/9-a-doc-s-lifeThe FSA`s investigatory powers and, in particular, its powers to require the production of documents and the rights which a firm may invoke to protect its documents.Tue, 08 Oct 2002 23:00:00 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/21-tort-conversion-conflict-of-lawsCase summary of Kuwait Airways Corp v Iraqi Airways Co., House of Lords, 16 May 2002.Mon, 20 May 2002 23:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/11-whistleblowers-in-the-financial-services-industryThe Financial Service Authority has issued guidance on how it will deal with whistleblowers in the Financial Services Industry.Wed, 10 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/dispute-resolution-financial-markets/25-interestCase summary of Saleem Jaura v Saeeda Ahmed, Court of Appeal, 21 February 2002.Mon, 25 Feb 2002 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/15-jurisdictionCase summary of Henderson v Jaouen, Court of Appeal, 01 February 2002.Fri, 15 Feb 2002 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/29-interestCase summary of Quorum AS v Schramm, Commercial Court, 21 November 2001.Tue, 29 Jan 2002 00:00:00 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/dispute-resolution-financial-markets/28-pre-action-disclosureCase summary of Black v Sumitomo Corporation, Court of Appeal, 03 December 2001.Mon, 28 Jan 2002 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/12-transactions-for-the-lending-of-moneyThe special commissioners have held that derivative structures used by life companies to back guaranteed equity bonds cannot be reclassified as loans - and provided some useful interpretation of the loan relationship provisions.Wed, 12 Dec 2001 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/8-insurance-pension-mis-selling-and-aggregationSubject to policy terms, pension providers can aggregate pension mis-selling claims for the purpose of claiming under their professional indemnity policies. A report on the judgment of the Court of Appeal handed down today.Thu, 08 Nov 2001 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/16-professional-negligence-surveyorsCase summary of Merrett v Babb, Court of Appeal, 15 February 2001.Fri, 16 Mar 2001 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/21-legal-professional-privilegeCase summary of Sumitomo Corp v Credit Lyonnais Rouse Limited, Commercial Court, 14 February 2001.Wed, 21 Feb 2001 00:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/12-exempt-supplies-of-insurance-multiple-or-composite-suppliesA VAT exempt supply of insurance may be made by a person, who is not an authorised insurer, arranging cover on behalf of a third party with an insurer. Also, the ECJ has provided guidance on the identification of multiple and composite supplies.Mon, 12 Feb 2001 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/6-conflict-of-lawsCase summary of USF Limited v Aqua Technology Hanson N.V., Commercial Court, 30 January 2001.Tue, 06 Feb 2001 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/30-court-sanction-of-re-organisation-of-insurance-businessCase summary of Re AXA Equity and Law Life Assurance Society Plc, Chancery Division, 11 January 2001.Tue, 30 Jan 2001 00:00:00 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 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/19-interpretation-of-statutory-provisions-use-of-hansardCase summary of A E Beckett & Sons (Lyndons) Limited and Others v Midlands Electricity Plc, Court of Appeal, 08 December 2000.Tue, 19 Dec 2000 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/19-guarantee-and-indemnityCase summary of Consolidated Oil Limited v American Express Bank Limited, Court of Appeal, 21 January 2000.Tue, 19 Dec 2000 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/28-limitation-periods-in-claims-of-solicitors-negligenceCase summary of Fennon v Anthony Hodari (Court of Appeal, 21 November 2000).Tue, 28 Nov 2000 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/28-conflict-of-laws-and-bankruptcyCase summary of Ashurst v Pollard and Another (Court of Appeal, 21 November 2000).Tue, 28 Nov 2000 00:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/21-legal-indemnity-insurance-and-the-third-parties-rights-against-insurers-act-1930Case summary of Tarbuck v Avon Insurance (Commercial Court, 14 November 2000).Tue, 21 Nov 2000 00:00:00 GMThttp://www.elexica.com/en/legal-topics/employment-and-benefits/13-whistleblowers-a-guide-to-workers-rights-to-disclose-informationAn overview of workers` rights if they disclose information.Thu, 12 Oct 2000 23:00:00 GMThttp://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/4-judicial-review-and-the-london-metal-exchangeAre London Metal Exchange Disciplinary Committee decisions amenable to Judicial Review?Tue, 03 Oct 2000 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/10-exemption-for-outsourced-credit-card-servicesReview of FDR Ltd v C&E Comrs on the VAT treatment of outsourced services in maintaining credit card accounts.Wed, 09 Aug 2000 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/28-hedges-and-the-loss-calculation-under-isdaA description of the ANZ v Societe Generale case on whether a counterparty in determining its loss under the ISDA can take account of its hedge trades.Thu, 27 Jul 2000 23:00:00 GMThttp://www.elexica.com/en/legal-topics/capital-markets/28-close-out-valuation-under-isdaA summary of the Peregrine case raising issues relating to the close-out and valuation mechanics under the ISDA Master.Thu, 27 Jul 2000 23:00:00 GMThttp://www.elexica.com/en/legal-topics/tax/21-outsourcing-in-the-insurance-sector-vat-treatmentThe Court of Appeal has held that the services of reviewing pension policies in the context of pensions` mis-selling are exempt from VAT: Century Life plc v C&E Comrs.Tue, 20 Jun 2000 23:00:00 GMT