A key focus for many listed investment funds at this time of year is finalising their annual report and annual general meeting. This briefing aims to pull together the key developments over the last twelve months which may impact on the 2013 annual report and AGM.   There are no compulsory changes this year in […]

The Guidelines Monitoring Group (GMG), which monitors conformity of the UK private equity industry with the Guidelines for Disclosure and Transparency in Private Equity (the Guidelines), has published a guide to assist private equity owned portfolio companies to improve transparency and disclosure in their financial and narrative reporting by highlighting examples of good practice. The […]

Introduction Legislation has recently been passed by the States of Jersey to amend the Limited Liability Partnerships (LLP) (Jersey) Law 1997. A Jersey LLP is a legal person distinct from its partners that can own property, sue and be sued in its own name. Each of its partners is obliged to contribute effort and skill […]

After a significant period of negotiation, the Level 2 regulations pursuant to the EU Alternative Investment Fund Manager (AIFM) Directive were issued by the European Commission on December 19 2012. The controversial areas of negotiation between EU member states focused particularly on delegation and depositary requirements. While there are still a number of areas to […]

Unprecedented scrutiny of UK asset managers set for 2013 03 Jan 2013 The UK Financial Services Authority (FSA) will increase its supervision of the asset management industry considerably in 2013. UK asset managers can look forward to more “Dear CEO” letters and many more requests for Section 166 skilled person reports. Intensive scrutiny of asset […]

FSA Dear CEO letter on review of outsourcing arrangements in the asset management sector 12 Dec 2012 The FSA has written to the CEOs of asset managers regarding a review of outsourcing arrangements in the asset management sector. The FSA states that it is assessing risks to its objectives arising from the outsourcing by asset […]

Cayman fund issues writ against HSBC Luxembourg’s CEO 20 Nov 2012 “Mourant Ozannes, on behalf of the investors in the Primeo fund, has issued a writ in the Grand Court of Cayman against Nigel Fielding, CEO of HSBC Bank Luxembourg. Primeo, a Madoff feeder fund now in liquidation, has issued the writ against Nigel Fielding […]

FSA reports on conflicts of interests between asset managers and their customers 13 Nov 2012 The FSA has published a report entitled “Conflicts of interest between asset managers and their customers: identifying and mitigating the risks”. Between June 2011 and February 2012 the FSA conducted thematic reviews of asset management firms, assessing their arrangements for […]