Oliver s'Jacob

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The Luxembourg law on reserved alternative investment funds (RAIF) is a welcome addition to the alternative investment funds (AIF) industry and we have seen keen interest from the fund and asset management industry in this new platform. Since its introduction last summer, for the first time in Luxembourg there is the ability to set up a fund that can avail itself of the same advantages (including, crucially, the beneficial tax treatment) available to a regulated…
On 23 July 2015, the UK Treasury published a consultation paper and draft Legislation Reform (Limited Partnership) Order 2015 setting out its proposed amendments to the Limited Partnership Act 1907 (LPA 1907). The proposals were intended to modernise the law on limited partnerships by removing unnecessary legal complexity and administrative burdens to ensure that UK limited partnerships remain the preferred structure for European private equity and venture capital funds, as well as various other types…
UK regulated fund managers and asset managers should bear in mind that, while the Brexit vote has occurred, this does not bind the UK Parliament. As of the date of writing (12 July 2016), the process of withdrawal under Article 50 of the Lisbon Treaty has not yet started. Although the timetable for withdrawal under Article 50 limits negotiations to two years, this may be extended by agreement. During this hiatus period, it will be…
This post was authored by Jacqui Hatfield, regulatory partner at Reed Smith LLP, London. The AIFMD trigger date occurred on 22 July this year, with a 12-month transitional period (TP) in place in the UK for (i) existing UK managers of AIFs (UK AIFMs), and (ii) non-EU managers of AIFs (Non-EU AIFMs) actively marketed in the UK prior to the trigger date. UK AIFMs The TP is currently in place for existing UK AIFMs, but…
On August 29, 2012, the SEC issued proposed rules to implement Congress’ mandate, under the Jumpstart Our Business Startups Act (the “JOBS Act”), that the agency eliminate the existing ban on use of general solicitation and/or general advertising for Rule 506 and Rule 144A offerings. The proposed amendments, if adopted as proposed, would significantly impact the marketing of all private issuers. Click here for a discussion of the SEC proposed rules under the JOBS Act by…
As anticipated in our blog of 11 November 2011, last week HM Treasury published the draft Finance Bill 2012 containing proposed changes to the UK’s Real Estate Investment Trust (REIT) regime. Background REITs are tax-efficient property investment companies. They were first developed in the US but were introduced in the UK in 2007. Australia, France and Germany also have developed REIT regimes. In a bid to support the property industry, and in particular the expansion…
This post was written by Maria Wall. On 22 November 2011, the Financial Services Authority (“FSA”) publicised that it had fined Dr. Sandradee Joseph £14,000 and banned her from performing any significant influence function in regulated financial services for breaching Principle 6 of the FSA’s Statements of Principle for Approved Persons. …
On 13 October 2011, HM Treasury published its feedback on the informal consultation exercise proposed at Budget 2011 and carried out over the summer on potential changes to the Real Estate Investment Trust (“REIT”) regime. The proposed changes remove a number of barriers to entry to new REITs as well as promoting good business practice for existing REITs.…
This post was written by Annette Beresford. Next year could bring some interesting changes for non-UK domiciled investors in UK business who pay tax in the UK on the remittance basis.  This is noteworthy for funds seeking to attract investment from non-domiciles with offshore income. The Government is consulting on a proposal to allow the tax-free use of offshore income and gains in the UK when the funds are invested in a company that carries on…
On Wednesday I attended the very well-organised Guernsey Funds Forum at the Grange St Paul’s Hotel in London organised by Guernsey Finance. There were three very interesting panel discussions, excellently moderated by TV news anchor Alastair Stewart.  The first of these concentrated on the perhaps rather predictable topic of the Alternative Investment Fund Managers Directive (AIFMD). What I hadn’t predicted, however, was the degree of optimism expressed by the panellists about the Directive’s likely…