Legal & Regulation

Bermuda's new Investment Funds Amendment Act 2010, which received the assent of the Governor General on 22 December and amends the Investment Funds Act 2006, has introduced several new provisions for the regulation of investment funds in the Caribbean jurisdiction. »

Robert Koller, an Austrian citizen, who completed law degrees in both Austria and Spain, has been awarded a landmark decision in a dispute lasting several years in relation to the Austrian legal profession. »

The Bermuda Government is planning to extend to 2035 the period of time for which the Ministry of Finance may grant an assurance to international businesses that are identified as exempted undertakings that they will be exempt from certain tax liabilities in Bermuda. »

Citrin Cooperman, an accounting and business consulting firm, has been granted a license to transact business as an approved auditor in the Cayman Islands. »

On 13 December 2010, the Privy Council delivered its judgment in the Strategic Turnaround appeal from the Cayman Islands Court of Appeal. Maples and Calder comments on the decision, which clarifies a number of important points in respect of suspensions and redemptions by Cayman Islands investment funds. »

British Virgin Islands law firm Harneys has secured an important victory for a large hedge fund this week in the Commercial Court of the British Virgin Islands. »

A Preqin survey of over 100 alternative assets fund managers and investors found that just under a third support the Alternative Investment Fund Managers Directive to some extent, with firms in certain countries where the new legislation will replace more restrictive existing rules believing that it will serve to improve conditions. »

Following approval of the Alternative Investment Fund Manager Directive by the European Parliament, the Isle of Man says it welcomes the final Directive and that work is under way to ensure it will meet key regulatory criteria.  »

Law firm A&L Goodbody has completed the first investment fund company migration to Ireland from Bermuda, under new legislation which facilitates the effective redomiciliation of investment fund companies from six separate jurisdictions to Ireland.  »

Former futures trader Spartaco Fasciale has lost his appeal against a six year jail term for obtaining property and a financial advantage by deception and breaching his duties as a company director. »