Legal & Regulation

By Dominique Lecocq, lecocqassociate – This article will focus on the formation requirements of a domestic exempt Islamic fund (“IEF”) in the Dubai International Financial Centre (“DIFC”) – a recognised free zone in the United Arab Emirates with its independent regulator named the Dubai Financial Services Authority (“DFSA”). »

The Alternative Investment Management Association (AIMA) has responded to the publication of the final text of the implementing measures of the Alternative Investment Fund Managers’ Directive (AIFMD) by the European Commission. »

The Serious Fraud Office (SFO) has issued criminal proceedings against Magnus Peterson, a Swedish national and the founding director of Weavering Capital (UK) Limited.  »

Sapient Global Markets has been certified under the Eris Certified Implementation Partner Programme. »

The Association of the Luxembourg Fund Industry (ALFI) has published its collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding and consistency of the requirements and expectations to this growing market sector. »

The Isle of Man Government has confirmed that it will be adopting tax information sharing arrangements with the UK which will follow closely the FATCA intergovernmental agreement currently being negotiated with the US. »

The British Virgin Islands Financial Services Commission (FSC), the jurisdiction’s financial regulator, has published guidelines for a new type of investment management licensing regime targeting non-institutional investment managers of small and mid-sized investment funds. »

The partners of global law firm K&L Gates and Australian national firm Middletons have voted unanimously to combine firms effective 1 January 2013. »

In an effort to help establish a better framework for the hedge fund operational due diligence (ODD) process, professional services firm Rothstein Kass has launched a set of best practice ODD guidelines. »

The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Swiss Financial Market Supervisory Authority FINMA and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. »