Global Funds Newsletter—Issue 3

July 25, 2011

Welcome to issue #3 of our Global Funds Newsletter. We hope that you find the content interesting. As always, we welcome your feedback and do please let us know if there are any particular developments that you would like us to write about in a future issue: we will do our very best to oblige.

Hopefully you find the format of this newsletter user friendly—it can be read in full screen format, should be easy to print and with one click of the ‘Download’ icon, you can convert it into a PDF version that you can read on your iPad or Kindle or other tablet device.

This issue covers a number of particularly topical subjects focusing on regulatory developments and how they are impacting on the investment funds sector. Articles include:

  • The Sound and the Fury, takes a wry look at the market trend for discounts in fees that investors are being offered or demanding in the race to capture capital.
  • The Volcker Rule and its Effects on Bank Sponsored Private Investment Funds, addresses the Volcker Rule contained in the Dodd-Frank legislation, examining its likely effects on private investment funds sponsored by banks and discussing some of the key questions that still need to be addressed by the regulators.
  • Investment Funds in Asia Pacific: Regulatory Considerations for Fund Managers in Hong Kong and Singapore, follows on from the article in issue #2 about the tax considerations relevant to fund managers setting up operations in Hong Kong or Singapore, discussing the regulation of funds in Singapore and Hong Kong. 
  • Luxembourg: Recent Developments in Transfer Pricing Guidelines, is a contribution from our friends at Oostvogels, an eminent Luxembourg firm with whom we have worked on a number of transactions for our clients. The article discusses some of the implications for Luxembourg financing structures (often employed by investment funds in their investment structuring) arising out of the circular letters regarding transfer pricing guidelines issued earlier this year by the Luxembourg tax administration in a bid to gain acceptance in the EU as responsive to increasing demands for transparency and compliance with international standards of practice. 

We hope that you enjoy the newsletter.  Please do not hesitate to contact us with any questions or comments.

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