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Deacons | June 2007

A licensed corporation, registered institution, licensed individual, substantial shareholder of a licensed corporation, corporate licence applicant or an individual licence applicant can apply to the SFC to have certain sections of the Securities and Futures Ordinance (SFO) or any provision of rules made by the SFC modified or waived under the SFO according to section 134 of the SFO ...

Deacons | June 2007

On 11 June 2007, the Securities and Futures Commission (SFC) issued a circular (http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H461) outlining a set of initiatives to streamline and simplify its licensing processes. The circular, which provides practical guidance to fund managers intending to apply to the SFC for a licence, is principally directed at overseas hedge fund managers from the US and the UK ...

Lavery Lawyers | July 2007

Regulation 45-106 respecting prospectus and registration exemptions (“Regulation 45-106”) has caused much concern and plenty of ink to flow since it came into force on September 14, 2005. The purpose of this newsletter is to discuss the modification made by Regulation 45-106 with respect to the restrictions that must be contained in an issuer’s constating documents in order for the issuer to have private issuer status(1) ...

Deacons | September 2007

Deacons Financial Services Practice Group recently assisted an international fund manager in obtaining SFC approval for the first retail 130/30 fund to be authorised in Hong Kong ...

Deacons | September 2007

On 31 August 2007, the Monetary Authority of Singapore (MAS) issued a circular which removed the so-called 80/20 rule. The 80/20 rule was one of the conditions for a non-resident fund to qualify for tax exemption under section 13C of the Singapore Income Tax Act ...

Deacons | October 2007

With China’s accession to WTO in December 2001, China presents enormous opportunities for the international asset management industry, as the domestic financial market and players develop increasing sophistication ...

Shepherd and Wedderburn LLP | November 2007

On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...

Real estate 1. Please briefly state what is considered real estate in your jurisdiction. What are the most common forms of security granted over it? How are they created and how are they perfected (that is, made valid and enforceable)?Under Romanian law, real estate (generally known as immovable property) covers land, buildings and those movable assets attached to land or buildings as fixtures ...

Deacons | April 2008

A number of leveraged funds, futures and options funds and market neutral funds seeking absolute returns were authorised by the Securities and Futures Commission in Hong Kong (SFC) during the 1990s, although most have since been wound up or deauthorised ...

Deacons | April 2008

The Asian hedge fund industry is comparatively new and small.  However, the industry has witnessed phenomenal growth since 2002. The purpose of this book is to assist start-up managers to establish a hedge fund business. To date, a majority of the newly-established funds in Asia have been set up by fund managers or proprietary traders setting up their own business, after a successful career at one of the larger investment houses ...

Shoosmiths LLP | September 2008

From 1 October 2008, the Companies Act 2006 will repeal the prohibition on private companies providing financial assistance for the purchase of its own shares.  This change in law will not apply to public companies which will continue to be prohibited from giving financial assistance ...

Dykema | September 2008

A few years ago, Rick Rein got a call from a Chicago-area bank that had lost $1 million to a con artist who cashed a fake check that looked so authentic it easily passed through the bank's computer system.   The fraudster wired the money to an obscure bank in Florida, then out of the country before the bank realized a month later the check was phony.   Mr ...

Deacons | October 2008

The SFC recently issued a press release and a circular on risk disclosure. The circular reminds issuers of retail investment products, including authorised funds, of their duty to include in offering documents sufficient relevant risk information for investors to make an informed investment decision, and for marketing materials to be "clear, fair and present a balanced picture with adequate and prominent risk disclosure" ...

Dykema | October 2008

Recently, the Federal Reserve Bank of New York announced a new program to facilitate the issuance of shortterm commercial paper (“CP”) by eligible issuers. The program was launched on Monday, October 27, 2008. The program is being administered by a new special purpose financing vehicle (“SPV”) that is referred to as the Commercial Paper Financing Facility, or “CPFF ...

C.R. & F. Rojas Abogados | November 2008

Bolivian law contemplates two procedures by which local companies with financial difficulties, are ultimately obliged to sell their assets in order to satisfy existing payment obligations, be it through a mandatory dissolution and liquidation or through a judicial bankruptcy procedure. I ...

Deacons | December 2008

As a consequence of the complexity of Hong Kong’s disclosure of interests regime, local substantial shareholders and global investment houses alike frequently fall foul of its provisions. Even robust monitoring and reporting systems can fail to cater to idiosyncrasies of the Hong Kong regime ...

Pellerano & Herrera | January 2009

1. What types of collateral are available? Real estate, operating and other licence rights or concessions, leaseholds, buildings, moveable property, contractual  lights, receivables, shares, securities, onshore and offshore bank accounts, entire enterprises, after-acquired property, proceeds from investments and the sale of collateral are all available ...

Deacons | January 2009

Best Practices & Standards The hedge fund industry has experienced trying times over the past few months. Year-end redemption requests have flooded the sector. Scandals such as the so-called "ponzi" scheme allegedly carried out by Bernard Madoff resulting in billions of dollars in losses have shaken the industry ...

Deacons | January 2009

Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...

ALTIUS/Tiberghien | February 2009

ALTIUS contributed to a publication on International Acquisition Finance accross mutiple jurisdictions. The volume provides counsel with a full insight into the law and regulation across numerous jurisdictions.  Johan De Bruycker, Caroline Wildemeersch and Kasper Van Landeghem from ALTIUS' Banking & Finance team untangle the complications of debt funding regimes for the Belgian jurisdiction. 1 ...

Makarim & Taira S. | March 2009

Reduction in Income Tax for Publicly Owned Companies The Ministry of Finance recently issued regulation No.238/PMK.03/2008 of 2008 regarding the Procedures for and Supervision of the Granting of Tariff Reductions to Local Entity Tax Payers which are Publicly Owned Companies ...

Makarim & Taira S. | March 2009

New Law on Aviation In order to keep up with the development of the aviation industry in Indonesia, on 17 December 2008, the House of Representatives passed the Bill on Aviation. This Bill came in force on 12 January 2009 as Law No 1 of 2009 regarding Aviation (“Law 1”) ...

Morgan & Morgan | June 2009

I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama ...

SMS Buenos Aires | June 2009

Technical Resolution 26 – FACPCE   Dated March 20, 2009 the FACPCE (Argentine Federation of Economic Sciences Professional Boards) approved Technical Resolution No. 26 “Adoption of the International Financial Reporting Standards of the Board” effective as from the years commenced after January 1st, 2011, not admitting an earlier application ...

Dykema | June 2009

On June 17, 2009, the Obama administration issued a "white paper" which proposes a sweeping reorganization of financial-market supervision. The plan would touch almost every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded. The plan will undoubtedly be modified during the Legislative process. Banks in other countries have already objected to the proposed international effects ...

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