Legal & Regulation

Mourant Ozannes has opened an office in the British Virgin Islands (BVI) in response to demand from clients and intermediaries for BVI legal services. »

Irving H Picard, SIPA trustee for the liquidation of Bernard L Madoff Investment Securities, has announced that cheques for the second pro rata interim distribution of recovered monies from the BLMIS Customer Fund to eligible customers were mailed on 19 September. »

Ares Management, a multi-billion dollar asset manager, has completed its initial filing of Form PF in line with the August deadline, using SS&C GlobeOp’s Form PF reporting solution. »

The Securities and Exchange Commission has filed fraud charges against a Portland, Oregon-based investment adviser who perpetrated a long-running Ponzi scheme that raised over USD37 million from more than 100 investors in the Pacific Northwest and across the country. »

The Swiss Funds Association says the solution reached by the Swiss parliament over the partial revision of the Federal Act on Collective Investment Schemes (CISA) is a balanced compromise between investor protection, market access and competitiveness. »

Nearly three-quarters (72 per cent) of fund managers view the Alternative Investment Fund Managers Directive as a business threat, according to a survey carried out by Deloitte. »

More than two thirds (69 per cent) of the fund administration industry, with combined assets under administration exceeding USD16trn, believes AIFMD will accelerate the convergence of long-only and hedge funds. »

Guernsey has signed Tax Information Exchange Agreements (TIEAs) with Italy and Latvia. »

By Jeremy Walton, Partner and Jayson Wood, Counsel, Appleby Global – After being a hot topic in the Cayman Islands for a number of years, the Grand Court has handed down two decisions in quick succession relating to side letters entered into by Cayman Islands corporate hedge funds. »

The Luxembourg Finance Ministry has submitted a draft bill transposing the European Alternative Investment Fund Managers Directive to the Luxembourg Parliament. »