This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
Investment Management Association Issues Call To Arms,
by Phillip Morton, Investors Offshore.com
Wednesday, June 17, 2009
Speaking at an Association of the Luxembourg Fund Industry event on June 17,
Jarkko Syyrilä, Director of International Relations at the Investment Management
Association, issued a call to arms to deal with what is the beginning of a regulatory
crisis for the asset management industry. He said:
"One would have hoped that the policymakers would have had the wisdom
to concentrate on the true causes of the financial crisis i.e. the banks, their
business models and the way they have been regulated and supervised. But no,
the European Union has decided to tamper with everything and as a result we
face severe risks for the business model of asset management as we know it."
Commenting on the draft Alternative Investment Fund Managers (AIFM) Directive,
Syyrilä acknowledged it would provide opportunities for the funds industry
in the form of a European passport to market alternative investment funds to
professional investors, but warned against its current approach. He said:
“The one size fits all approach drafted by the Commission fits ill with
the different fund structures. Running an international asset management business
from Europe is made very difficult if not impossible (by) imposing European rules
to the whole value chain. Many provisions are copied from the UCITS Directive
but made stricter, which makes no sense as AIFs (alternative investment funds)
are funds for professionals."
Syyrilä pointed out that some protectionist Member States had also succeeded
in introducing a three-year delay to allowing third country funds to be distributed
in Europe. He continued:
"But this is not the only bad news around. Commissioner McCreevy stated
at the end of May his intention to raise the liability of UCITS depositaries
at least to the level of AIFM as a reaction to the Madoff losses in some UCITS
based in Luxembourg and Ireland. Talking to the UK depositaries, if the proposals
on the AIFM will go through as such, this might force many players to stop providing
these services any more, or at least raise the fee levels to unprecedented levels
and make many emerging markets funds impossible to run as UCITS."
Syyrilä cautioned against policymakers' good intentions to protect investors
and financial markets leading to 'regulatory overkill with grave consequences.'
He said:
"The whole of the European investment management industry is about to
pay a very high price for the Madoff incident. It is time therefore for the
industry to mobilise itself on lobbying the governments, regulators and the
European Parliament on these issues to make the new rules workable for the industry
as well as for the investors. Otherwise let me assure you, your business model
of today might not be there tomorrow."
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed