Legal Shorts 31.01.14, including FMLC response to client asset review and ios...Cummings
The document provides summaries of recent financial services regulatory developments from the UK and EU. Key topics include:
- The FMLC response to the FCA's consultation on changes to client asset protection rules, noting some areas of legal uncertainty.
- IOSCO publishing recommendations to enhance protection of client assets held by intermediaries through principles for regulators and firms.
- The European Commission proposing new regulations for reporting and transparency of securities financing transactions.
- An update from Cummings Law on the week's financial services news and an invitation to contact them to discuss any of the points raised.
Aifmd checklist for non eu private equity managers - cummings finalCummings
This document provides a checklist for non-EU private equity managers to prepare for the implementation of the Alternative Investment Fund Managers Directive (AIFMD) on July 22, 2013. It outlines steps managers should take if they intend to market funds in the EU or manage EU funds. This includes designating a regulator of reference, reviewing structures, policies, documentation and ensuring compliance with AIFMD requirements on areas like risk management, leverage, reporting, and marketing. For managers only marketing non-EU funds outside the EU, the checklist specifies checking the application of private placement exemptions and compliance with AIFMD transparency rules.
The document outlines the definitions and protections provided by Republic Act No. 7610, also known as the Special Protection of Children Against Abuse, Exploitation, and Discrimination Act. It defines a child, child abuse, neglect, and exploitation and identifies those required to report child abuse cases. Complaints of child abuse can be filed with the Department of Social Welfare and Development, police, or other law enforcement agencies.
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
The document provides a summary of recent developments in the financial services industry, including:
1) The FCA reminding firms of its new online portal for regulatory applications and notifications.
2) The UK government withdrawing its legal challenge to the EU cap on bankers' bonuses.
3) A speech by the EU Commissioner for financial services emphasizing putting consumers first.
4) Various regulatory developments and guidance from organizations such as the FCA, JMLSG, and IOSCO.
The Investment Manager Exemption (IME) allows an offshore investment fund to appoint a UK-based investment manager without exposing the fund's offshore profits to UK taxation, provided certain tests are met. The key tests include that the investment manager must provide bona fide investment management services independently of the fund, remuneration must be on normal commercial terms, and the investment manager and connected persons cannot have over a 20% beneficial interest in the fund's income. For the IME to apply, the fund's activities must amount to trading in the UK. The IME ensures the UK remains competitive for investment managers while also ensuring any fees earned by a UK manager are taxed accordingly.
Shareholder agreement questionnaire final 060112Cummings
This document is a questionnaire from a law firm regarding issues to consider when drafting a shareholders' agreement. It contains over 30 questions across topics like share ownership and transfer restrictions, director appointments and meetings, shareholder consent requirements, non-competition clauses, valuation of departing shareholders' shares, and provisions for deadlock resolution. The law firm notes that not all questions will apply to every situation, and completing the questionnaire will help identify relevant issues to address in the shareholders' agreement tailored to the clients' individual circumstances.
Legal Shorts 31.01.14, including FMLC response to client asset review and ios...Cummings
The document provides summaries of recent financial services regulatory developments from the UK and EU. Key topics include:
- The FMLC response to the FCA's consultation on changes to client asset protection rules, noting some areas of legal uncertainty.
- IOSCO publishing recommendations to enhance protection of client assets held by intermediaries through principles for regulators and firms.
- The European Commission proposing new regulations for reporting and transparency of securities financing transactions.
- An update from Cummings Law on the week's financial services news and an invitation to contact them to discuss any of the points raised.
Aifmd checklist for non eu private equity managers - cummings finalCummings
This document provides a checklist for non-EU private equity managers to prepare for the implementation of the Alternative Investment Fund Managers Directive (AIFMD) on July 22, 2013. It outlines steps managers should take if they intend to market funds in the EU or manage EU funds. This includes designating a regulator of reference, reviewing structures, policies, documentation and ensuring compliance with AIFMD requirements on areas like risk management, leverage, reporting, and marketing. For managers only marketing non-EU funds outside the EU, the checklist specifies checking the application of private placement exemptions and compliance with AIFMD transparency rules.
The document outlines the definitions and protections provided by Republic Act No. 7610, also known as the Special Protection of Children Against Abuse, Exploitation, and Discrimination Act. It defines a child, child abuse, neglect, and exploitation and identifies those required to report child abuse cases. Complaints of child abuse can be filed with the Department of Social Welfare and Development, police, or other law enforcement agencies.
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
The document provides a summary of recent developments in the financial services industry, including:
1) The FCA reminding firms of its new online portal for regulatory applications and notifications.
2) The UK government withdrawing its legal challenge to the EU cap on bankers' bonuses.
3) A speech by the EU Commissioner for financial services emphasizing putting consumers first.
4) Various regulatory developments and guidance from organizations such as the FCA, JMLSG, and IOSCO.
The Investment Manager Exemption (IME) allows an offshore investment fund to appoint a UK-based investment manager without exposing the fund's offshore profits to UK taxation, provided certain tests are met. The key tests include that the investment manager must provide bona fide investment management services independently of the fund, remuneration must be on normal commercial terms, and the investment manager and connected persons cannot have over a 20% beneficial interest in the fund's income. For the IME to apply, the fund's activities must amount to trading in the UK. The IME ensures the UK remains competitive for investment managers while also ensuring any fees earned by a UK manager are taxed accordingly.
Shareholder agreement questionnaire final 060112Cummings
This document is a questionnaire from a law firm regarding issues to consider when drafting a shareholders' agreement. It contains over 30 questions across topics like share ownership and transfer restrictions, director appointments and meetings, shareholder consent requirements, non-competition clauses, valuation of departing shareholders' shares, and provisions for deadlock resolution. The law firm notes that not all questions will apply to every situation, and completing the questionnaire will help identify relevant issues to address in the shareholders' agreement tailored to the clients' individual circumstances.