There has been a 65 per cent jump in the number of firms referred to the Regulatory Decisions Committee, suggesting an acceleration in FCA investigations, according to Cleveland & Co, the boutique legal advisory business.
Legal & Regulation
Unexplained Wealth Orders came into force on 31 January, designed to enable law enforcement agencies such as the SFO and NCA to apply to Court for an Order necessitating people, including foreign politicians and their family members, to identify any interest in an asset that is worth over GBP50,000, giving information about how it was obtained without having to give recipients notice.
Proposed changes to property tax could result in big inflows to real estate investment trusts (REITs), or the establishment of new ones, according to Zoe Thomas, partner in the real estate team at Smith & Williamson, the accountancy, investment management and tax group.
The UK will lead the way by introducing a world-first public register of the ultimate owners of overseas companies that own or buy UK property, says accounting tax and advisory practice Blick Rothenberg.
BGC Partners enlists Bloomberg Entity Exchange to coordinate MiFID II client outreach and repapering exercise
BGC Partners, a global brokerage company servicing the financial and real estate markets, has selected Bloomberg Entity Exchange to help the clients of its EU regulated entities adhere to MiFID II client repapering and rulebook disclosure rules (BGC).
The days of thinking about single jurisdictions are long gone. When structuring a large private equity fund, for example, it is likely going to contain international investors (the US, Europe, Asia) and is, in effect, a commercial deal between all interested parties to draw down the money. The reality is, different investors have different preferences.
By Arne Bolch, GSK – On 1 August 2016, the Luxembourg Act on reserved alternative investment funds (RAIF), entered into force. It allowed for the setting up of RAIFs, with their defining feature of indirect supervision by their AIFM rather than direct supervision by the CSSF.
In 2013, at the time the AIFM Directive was introduced, Luxembourg's lawmakers took the opportunity to revamp the two existing limited partnerships with legal personality – the partnership limited by shares (SCA or société en commandite par action) and the common limited partnership (SCS or société en commandite simple).
Unless you've been on Mars for the last 12 months, you will be only too aware of the chaos that has been uncorked following the UK's decision, in June 2016, to leave the European Union.
By Jean-Florent Richard (pictured) & Pilar de Terry – Next year sees the introduction of two major pieces of regulation both of which will have implications for how asset managers distribute their investment funds across Europe. Simply put, MiFID II will apply to investment firms manufacturing and/or distributing financial instruments while the PRIIPS regulation applies to all unit-linked funds, structured products and retail investment products.