The document provides summaries of recent developments in financial services law, including:
1) The FCA published a policy statement on implementing the AIFMD, including guidance on how UK delegates of non-EEA AIFMs will be treated.
2) The FCA updated its webpage on the national private placement regime under AIFMD, publishing draft notification forms.
3) The European Parliament agreed on certain points of the UCITS V proposal, including remuneration, depositaries, and penalties.
Commercial Litigation and Dispute Resolution partner, Julie Murphy O'Connor and senior associate, Kevin Gahan co-author the Ireland chapter of the Insolvency Review, 7th Edition.
Country Comparative Legal Guides to Insurance & Reinsurance, Ireland 2017Matheson Law Firm
This country-specific Q&A gives a pragmatic overview of the law and practice of insurance & reinsurance law in Ireland. It addresses topics such as contract regulation, licensing, penalties, policyholder protection, alternative dispute resolution as well as personal insight and opinion as to the future of the insurance market over the next five years.
Commercial Litigation and Dispute Resolution partner, Julie Murphy O'Connor and senior associate, Kevin Gahan co-author the Ireland chapter of the Insolvency Review, 7th Edition.
Country Comparative Legal Guides to Insurance & Reinsurance, Ireland 2017Matheson Law Firm
This country-specific Q&A gives a pragmatic overview of the law and practice of insurance & reinsurance law in Ireland. It addresses topics such as contract regulation, licensing, penalties, policyholder protection, alternative dispute resolution as well as personal insight and opinion as to the future of the insurance market over the next five years.
Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA up...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
The Hon’ble Supreme Court held that Buddh International Circuit constitutes a fixed place PE of Formula One World Championship Ltd (‘the foreign taxpayer’) where the commercial/ economic activity of conducting F-1 Championship was carried out.
Third-country AIFMD passport stalls in brusselsOlivier Sciales
Olivier Sciales and Rémi Chevalier of Chevalier & Sciales explore the latest developments in respect of the third-country AIFMD passport and how they might affect the industry.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA up...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
The Hon’ble Supreme Court held that Buddh International Circuit constitutes a fixed place PE of Formula One World Championship Ltd (‘the foreign taxpayer’) where the commercial/ economic activity of conducting F-1 Championship was carried out.
Third-country AIFMD passport stalls in brusselsOlivier Sciales
Olivier Sciales and Rémi Chevalier of Chevalier & Sciales explore the latest developments in respect of the third-country AIFMD passport and how they might affect the industry.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
In this edition of Regulatory Focus, the experts in Duff & Phelps’ UK Compliance and Regulatory Consulting team, provide a detailed synopsis of the latest news and publications issued by the Financial Conduct Authority during May and June 2018.
https://www.duffandphelps.com/insights/publications/compliance-and-regulatory-consulting/regulatory-focus-july-2018
As Brexit negotiations continue, directors need to be mindful of a number of issues potentially facing their companies from a Corporate and Company law perspective. Here is a helpful checklist of issues and Matheson recommendations to guide them in this process.
As Brexit negotiations continue, directors need to be mindful of a number of issues potentially facing their companies from a Corporate and Company law perspective. Here is a helpful checklist of issues and Matheson recommendations to guide them in this process.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
Welcome to Euro Shorts, a short briefing on some of the week's developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial
services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our
other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
AIFMD: FCA Policy Statement (PS13/5)
The FCA has published a policy statement (PS13/5), which summarises the FCA's
response to feedback received about the FSA's November 2012 (CP12/32) and March
2013 (CP13/9) consultation papers in respect of the rules to be adopted by the FCA to
implement the AIFMD. The detailed rules in the policy statement supplement the
framework regulations recently published by HM Treasury (the Alternative Investment
Fund Managers Regulations 2013) and include changes which have been made to
PERG, including guidance about how UK delegates of a non-EEA alternative
investment fund manager (AIFM) will be treated. The FCA specifically states that if
delegation by an AIFM results in it becoming a "letter-box entity", its UK delegate may
be considered to be managing an AIF, and that it is important that firms are
appropriately authorised. The FCA has also aimed to simplify PERG guidance on
marketing at the investor's own initiative. The FCA explains that firms may generally
rely on a confirmation from an investor that the approach is at the investor's initiative
(although the FCA will take account of any evidence suggesting that marketing activity
has been going on when supervising this area). The statement also covers issues relating
to the scope of the AIFMD, operating requirements and prudential rules for AIFMs,
consumer redress, depositaries and remuneration. Appendix 1 to PS13/5 contains a
copy of the AIFMD Instrument 2013 (FCA 2013/51), made by the FCA Board on 27
June 2013.
2. AIFMD: FCA webpage
The FCA has updated its news webpage on the national private placement regime
(NPPR) under the AIFMD. It has also published drafts of the notification forms which
AIFMs need to submit if they want to use the NPPR in the UK, namely: (i) AIFMD
NPPR Article 36 form; (ii) AIFMD NPPR Article 42 form; and (iii) AIFMD NPPR
Small Third Country form. The FCA will accept the forms from 22 July 2013 onwards.
The updated webpage also sets out a number of frequently asked questions (FAQs),
which mainly relate to the notification process. Further, the FCA clarifies that the final
forms for firms that wish to apply for authorisation from 22 July 2013 will be published
during the week beginning 8 July, although this timing will depend upon the changes
which may be necessary as a result of feedback which the FCA may receive to its
consultation on the VoP from, which ends on 5 July 2013.
Investment Manager Exemption
We have placed a new publication on our website regarding the Investment Manager
Exemption, which can be accessed under ‘Publications’ on our website at
www.cummingslaw.com.
FCA Handbook
The FCA has published its Handbook Notice 3, which sets out changes to the FCA
Handbook under certain instruments made by the FCA Board on 27 June 2013. These
instruments relate to inter alia the 2013/14 fees and levies for the FCA and Financial
Ombudsman Service, the Authorised Contractual Schemes Iinstrument, which enables
the FCA to authorise two new legal forms of CIS: co-ownership schemes and limited
partnership schemes and the AIFMD Instrument, which implements the AIFMD in line
with the rules set out in the Policy Statement (PS13/5) referred to above.
3. UCITS V
The European Economic and Monetary Committee (ECON) has voted in favour of the
proposals in UCITS V and also proposed controversial changes to the UCITS
remuneration regime. Its proposals include a limit on bonus payments to 100% of the
fixed fee element, penalties to be imposed where a UCITS fails to perform against its
stated benchmark and 50% of the variable element to be paid in the form of shares in the
UCITS. The UCITS V proposal and the ECON draft report were considered this week
by the European Parliament in its plenary session and a press release indicates
Parliament’s agreement on certain points, including remuneration, depositaries and
penalties.
CRD IV
The CRD IV legislation has been published in the Official Journal of the EU. The CRD
IV Directive is required to be transposed by Member States by 31 December 2013 and
the Capital Requirements Regulation (CRR) will apply from 1 January 2014. The CRR
and the CRD IV Directive, collectively referred to as CRD IV, implement the Basel III
reforms in the EU, as well as introducing certain EU-specific reforms including
imposing restrictions on bonuses. The CRD IV Directive repeals the Capital
Requirements Directive with effect from 1 January 2014.
Joint Money Laundering Steering Group
The JMLSG has announced on a new webpage that it is consulting on proposed
amendments to its money laundering guidance for the financial sector. The JMLSG has
reviewed the guidance over the last few months, looking at areas of omission, provisions
that are difficult to implement or effect, and provisions that no longer reflect current
practice. The board has published mark-ups of each Part of the guidance, showing the
amendments proposed to Parts I, II and III of the guidance and the webpage contains a
summary of these amendments. Comments are invited by 16 September 2013.
4. CASS 7: High Court judgment
The High Court has held in the UK MF Global case that the court's inherent jurisdiction
over the way a trust is administered can be used to facilitate the distribution of trust
assets, despite the existence of unresolved claims. The client money trust was created by
the provisions of CASS, which were drafted with the aim of ensuring the timely return
of client money to clients following the insolvency of the entity holding that money.
However, neither CASS nor the special administration legislation contain procedures
that would enable the special administrators to distribute client money before all actual
and potential claims were identified and dealt with in the courts. The special
administrators therefore proposed a procedure that would allow them to distribute the
majority of the client money, even though claims could still be made or rejected claims
challenged. The court held that its inherent jurisdiction over trusts allowed it to authorise
the proposed procedure.
GUEST SHORT
Bob Sawyer of Foley Hoag LLP, a US law firm which provides regulatory, structural
and compliance advice to investment advisers of hedge funds, other private funds and
separately managed accounts, has updated us this week on CFTC regulation and the
issue of delegation, as follows:
“Managers and directors of pooled investment vehicles (funds) that are subject to
regulation by the U.S. Commodity Futures Trading Commission (CFTC), which
includes any funds that have any US investors and invest in futures, swaps and other
CFTC regulated instruments, should be aware that directors and general partners of such
funds may have a responsibility to registered as a Commodity Pool Operator (CPO) with
the CFTC unless they have properly delegated all CPO functions to a duly registered
CPO. A CPO is generally defined as an individual or organization that operates or
solicits funds on behalf of a commodity pool. While many funds may believe that an
investment manager appointed to operate the pool is the only party to fall within this
regime, the CFTC has clarified in recent interpretive releases that directors and general
partners may, by virtue of such position, be deemed to be CPOs with respect to the fund
with corresponding registration obligations, unless they properly delegated such
functions, including: (i) a specific delegation of all CPO functions to a duly registered
CPO; and (ii) such delegation includes the agreement of the directors or general partners
(as applicable) that, notwithstanding such delegation, the directors and/or general
partner will remain jointly and severally liable for any violations of the Commodity
Exchange Act. In addition, the CFTC may require, in the case of the general partner of
a fund which is a limited partnership, that such general partner affirmatively notify the
CFTC of their reliance on such delegation and that they have agreed to remain jointly
5. and severally liable as noted above. Directors, general partners and investment
managers should re-examine their existing agreements and consult with counsel to
determine whether they have satisfied current CFTC requirements.”
If you would like to receive further information relating to the above, please contact Bob
Sawyer at RSawyer@foleyhoag.com.
________________________________________________________________
Cummings
Tel: + 44 20 7585 1406
Mob: + 44 7734 057 327
www.cummingslaw.com
5 July 2013