FCA clarifies applications timetable The transitional period for the implementation of AIFMD in the UK ends on 22 July 2014 and existing alternative investment fund managers' (AIFMs) must hold the correct Part 4A permission by that date ...
As the fiscal year came an end at midnight on September 30, the House and Senate were unable to reach an agreement to fund the federal government and avoid a government shutdown. As a result, the White House Office of Management and Budget (OMB) has issued the order to implement the shutdown of the federal government. Although essential functions such as public safety and benefit payments will continue, the shutdown impacts all agencies funded through the annual appropriations process ...
After two years of operations, the SEC’s whistleblower program announced its first multimillion dollar award - a record $14 million payment to an anonymous tipster. The award is the largest of three announced since the program’s inception and emphatically signals the SEC’s continuing emphasis on its whistleblower program ...
To the average internet user the few little letters at the end of the domain name they have just searched must seem rather trivial. Little do they know of the struggle of numerous corporations to obtain those little letters in an effort to try to stamp their individuality on the internet. Companies such as "donut.com" (who focus on registering as many as these generic top level domains or gTLDs as possible) insist that "the current Internet namespace, like ...
When bankers and First Amendment lawyers encounter each other at cocktail parties, they can struggle to find common interests. Here is something to break the ice. In July 2010, President Obama signed into law the Dodd-Frank Act, the most comprehensive series of financial regulatory reform measures since the Great Depression. Just one year later, the United States Supreme Court issued Sorrell v. IMS Health, Inc., 131 S. Ct ...
The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). Qualifying criteriaThe qualifying criteria are:- Villasa. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; orb ...
Following a period of consultation, the Government has published regulations in relation to bridging pensions which will come into force on 1 October 2013. A number of pension schemes contain provisions dealing with bridging pensions, where a greater pension is paid from the scheme until the member reaches state pension age. As the state pension age is due to be increased over time the original provisions may no longer be appropriate ...
On 25 January 2012, the European Commission decided that a substantial overhaul of data protection regulation is required and issued its proposals for change. The proposals are currently making their way through the legislative process in Brussels but, once approved, are expected to take effect at some point in 2014 ...
Trusts and Private Foundations often serve the same purposes. One transfers goods (money, real estate, shares, etc.) to an Private Foundation or trustee to be managed for the benefit of one or more others. Those “others” can be the ones who have transferred the goods to the trustee or the Private Foundation, but not necessarily so ...
A creditor affected by asset-stripping by a debtor doesn’t have to remain a passive victim of dishonesty. Creditors have probably had trouble since time immemorial with dishonest debtors—ones who deliberately and unlawfully attempt to escape from their obligations ...
The UK Information Commissioner’s Office (the “ICO”) experienced a surprising setback recently after the Information Rights Tribunal (the “Tribunal”) ruled that a fine of £250,000 issued by the ICO in relation to a breach of the Data Protection Act 1998 (the “DPA”) by Scottish Borders Council (the “Council”) was excessive ...
One of the more stirring reforms in the past two decades in the field of education is Republic Act 10533, or the Enhanced Basic Education Act of 2013 (“Enhanced Basic Education Act”) ...
On July 24, 2013 the First Circuit Court of Appeals, applying an “investment plus” test, concluded that a Sun Capital private equity investment fund was engaged in a “trade or business” for purposes of determining whether the fund could be jointly and severally liable under ERISA for the unfunded pension withdrawal liability of the portfolio company ...
Use of a domain name: is it a form of advertising? Following the decision in Case C-657/11 (Belgian Electronic Sorting Technology BV v Bert Peelaers, Visys NV), the rules of fairness imposed by European Directives 84/450 and 2006/114 on misleading and comparative advertising will extend to cover not just the content of a web site, but the domain name at which it is registered as well. See our commentary here ...
Under EU Directive 2001/29 on the harmonisation of copyright law, Member States grant authors, performers, producers and broadcasting organisations exclusive rights to authorise or prohibit reproductions of their own works ...
Businesses in the UK have for some time been subject to strict rules on misleading advertising, contained in the Business Protection from Misleading Marketing Regulations 2008 (the “BPRs”) ...
The Financial Services Commission (“FSC”) which was established on April 1, 2011 under the Financial Services Commission Act, 2010-21 (the “Act”) has been mandated to, amongst other things, supervise and regulate the operations of the financial services sector other than the banking services ...
Translation of the FAQ on the New Foreign Exchange Rules:What currency should be used to pay the salaries of employees in angola?The salaries of employees who are foreign exchange residents in Angola, irrespective of the sector of activity, must be paid in Kwanzas, the national currency. When Will i start to receive my salary in KWanzas?As of 1 July 2013, in accordance with the implementation calendar of Law 2/12 of 13 January, defined by Order no ...
Personal data regulation is a recently developed topic in the legal realm. In 1970, the first laws on the matter were issued in Europe and North America. Specifically, the first data protection law called the Bundesdatenschutzgesetz was issued in Germany on October 7, 1970, and the same year the United States Congress issued the Fair Credit Reporting Act, which controls the collection, use and redistribution of any consumer information ...
The financial services sector tends to define “high-net-worth individual” (HNWI) asan individual or a family possessing substantial amount of investable funds. There is no generally accepted prefixed denominationof the size of wealth that an individual must possess in order to fall within this category. However, high net worth is commonly used in terms of liquid assets exceeding a certain amount while precise figures differ by financial institution and region ...
An American organization that finds itself involved in litigation in Canada, or an American attorney advising such an organization, will find most aspects of the Canadian civil justice system to be familiar. The legal systems of the two countries are comparable in many respects, they share common historical antecedents, and their core values are the same ...
Banks are classified into universal banks, commercial banks, thrift banks (composed of savings and mortgage banks, stock savings, loan associations and private development banks), rural banks, cooperative banks, and Islamic banks. The General Banking Law governs primarily universal and commercial banks, as well as cooperative banks ...
ICANN is expected to announce the first set of successful applications and list of new generic top level domains later this summer. Before the new generic top level domains can be delegated, the applications need to go through an initial evaluation phase and any objections against those applications need to be addressed. Infact, the first decisions on legal rights objections to applications for new generic top level domains were only recently published by WIPO ...
The FCA’s new webpage, published on 24 July 2013, will record permissions and passports granted under the AIFM Directive. The FCA is currently updating the Financial Service Register to include firms which have been granted new permissions under the Directive, as well as any associated management passports. However, in the meantime, information will be published on the webpage. For more information in respect of the Directive, please visit our AIFMD microsite ...
