Matthew Pitman

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This post was written by Matthew Pitman and Abigail Jones. A recent case serves as a useful reminder that careful consideration should be given to what happens in practice when considering whether arrangements amount to a collective investment scheme, irrespective of the wording of the relevant contractual documentation. Although the case of Brown v InnovatorOne did not contain any new insight into the application of FSMA, it highlighted the danger of relying purely on contractual…
The UAE Securities and Commodities Authority (SCA) published the long awaited Investment Funds Regulations at the end of July. These regulations contain a number of new provisions, including in relation to the establishment of domestic funds in the UAE.  However, of most interest to fund managers outside of the Emirates (including managers based in the DIFC) is likely to be the requirement for the SCA to approve all marketing of foreign funds in the UAE.…
In a potential sign that China is willing to further open its doors to foreign investment, Qatar’s sovereign wealth fund has applied to invest up to $5 billion in Chinese stocks and bonds which would make it the biggest investor in China’s capital markets. The quota for international investment is limited to $1 billion but with the increase in demand to invest in this, the nation at the forefront of the emerging markets, there seems…
Despite a number of sovereign wealth funds being in existence for in excess of 20 years, there is still a considerable misunderstanding of how they operate and go about their activities. The attached article (click here) by Dale Gabbert and Oliver s’Jacob (co-heads of our Sovereign Wealth Funds group) was published in The Lawyer on 15 August and addresses some of the common concerns and criticisms that they generate.  …
The controversial European Alternative Investment Management Directive (AIFMD), finally adopted by the European Parliament last November, was originally expected to be published in early 2011, so triggering a two year period in which Member States would be required to get their rule books in order to ensure consistent fund management regulation across the EU. Five months on, publication of a final text is now not expected before June at the earliest. This is probably quite…
In January 2011, the United Arab Emirates’ Securities and Commodities Authority (ESCA) published draft new proposed investment funds regulations. If these regulations are adopted, the regulatory environment regarding the marketing of Funds in the UAE will be more stringent than in other Gulf Cooperation Council (GCC) Countries and Europe. Key highlights are as follows: ESCA Approval: ESCA approval will be required to market foreign funds in the UAE. The conditions for obtaining ESCA’s…