Winston Penhall

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On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve non-EU countries: Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Isle of Man, Japan, Jersey, Switzerland, Singapore and the United States. ESMA assessed each country to…
The SBEEA (Part I: People with Significant Control) Against the backdrop of an increasing push for greater transparency of company ownership, the Small Business Enterprise and Employment Act 2015 (“SBEEA“) took effect on 6 April 2016 which implements the beneficial disclosure requirements of the EU Fourth Money Laundering Directive. The SBEEA imposes a requirement on UK companies and LLPs to maintain a register of significant beneficial ownership information and creates a central registry for such…
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…
EU regulated AIFMs promoting EU domiciled AIFs – We have lived with AIFMD since the full implementation date of 22 July 2014 with the marketing passport being available from that date for EU regulated AIFMs promoting EU domiciled AIFs. The ESMA Opinion – Use of the AIFMD Passport – ESMA published its Opinion on 30 July 2015 on the functioning of the AIFMD passport and national private placement regimes. While the expectation was that there would  be…
This post was written by Vicky Thatcher. Pursuant to Article 67 of the Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”), the European Securities and Markets Authority (“ESMA”) has until 22nd July 2015 to issue to the European Parliament, the Council and the Commission: (a) an opinion on the functioning of the passport for EU Alternative Investment Fund Managers (“AIFMs”) pursuant to Article 32 and 33 of the AIFMD and on the functioning of the…
This post was authored by Winston Penhall, Editor of this blog and partner in the Investment Funds practice of Reed Smith LLP, London and Paul Moran, Reed Smith trainee, London.  Application The Alternative Investment Fund Managers Directive and its implementing measures (“AIFMD”) introduced new reporting requirements for: “EEA-AIFM”, managers established in the European Economic Area (“EEA”); and “non-EEA AIFM”, managers not established in the EEA who market an alternative investment fund (or “AIF”) into…
This post was authored by Winston Penhall, Editor of this blog and partner in the Investment Funds practice of Reed Smith LLP, London. We are frequently asked by non-EU managers broadly what their options are in relation to AIFMD compliance and fund marketing. We have therefore prepared a Client Alert specifically dealing with this hot topic which we feel should be distributed more widely. Click here for our AIFMD Client Alert which we urge…
By way of an update to my blog of last week, Mr Patel was sentenced on 18 November 2011 to three years for the Bribery Act count and six years for the misconduct count, to be served concurrently. He received a discount for his plea of guilty to both counts. The judge, HHJ Alistair McCreath, pointed out that the original indictment related to 53 cases committed over a period of more than one year and…
Authorities in both the US and the UK have recently successfully prosecuted offenders of the U.S. Foreign Corrupt Practices Act (FCPA) and Bribery Act respectively. In the United States, the District Court for the Southern District of Florida sentenced the former president of Terra Telecommunications Corp to 15 years in prison for money laundering and bribery offences relating to payments of approximately $890,000 in bribes to directors of Haiti Teleco. The Court further required the…
Draft legislation was put to the Luxembourg Chamber of Deputies (Parliament) in August which proposes to amend the Law of 13th February 2007 on Specialised Investment Funds to implement UCITS IV and the AIFMD. Some of the material changes to the SIF regime: The requirement to translate fund articles from English into French will fall away. The ability to launch a SIF and apply for retrospective CSSF authorisation will be repealed. The individuals managing the…