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DIFC Promotes Advantages In US 5/24/2012 The Dubai International Financial Centre has concluded a road show to the United States, which, it is hoped, will lead to more US companies establishing a presence in the no-tax free zone.
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Hong Kong Concerned At Operation Of US Volcker Rule 5/14/2012 Following is a question in the Legislative Council, the Secretary for Financial
Services and the Treasury, Professor K C Chan, confirmed that Hong Kong shares
the concerns raised by other financial markets, such as Canada, France, Germany,
Japan and the United Kingdom, over the extra-territorial reach and the implementation
of the United States’ Volcker Rule restrictions.
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Regulatory Change To Drive Onshore Fund Growth 5/9/2012 French hedge funds and the securities regulator AMF believe the Alternative Investment Fund Managers Directive will - more than UCITS - boost investor confidence in hedge funds and pave the way for potentially significant asset growth.
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Volcker Rule Conformance Period Clarified 4/25/2012 The United States Federal Reserve Board has clarified that an entity covered
by the Volcker Rule section of the Dodd-Frank Wall Street Reform and Consumer Protection
Act has the full two-year period provided by the statute fully to conform its
activities and investments.
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Ireland Appoints 'Start-Up Ambassador' In China 3/30/2012 Enterprise Ireland has appointed an 'International Start-up Ambassador' in China as part of the government's Action Plan for Jobs 2012.
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State Street Granted Jersey Banking License 3/30/2012 The Jersey Financial Services Commission has granted State Street Corporation,
one of the world's leading provides of financial services to institutional investors,
a license to expand its offerings to include Jersey-based banking.
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Ogier Reports Strong Demand For BVI Structures 3/22/2012 The British Virgin Islands office of leading international offshore law firm Ogier has noted that its involvement in a number of global
transactions over recent months is reflective of the strong demand of late for BVI-based corporate structures.
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Guernsey Firm Gets CSP Licence 3/12/2012 Guernsey-based firm Alter Domus, a leading independent provider of professional
administration services for multinational corporations and alternative investment
funds, has received approval from the Guernsey Financial Services Commission
to provide a wider range of products and services.
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Guernsey Fund Sector Growth Tails Off 3/7/2012 New figures from the Guernsey Financial Services Commission shows that the
island's fund sector contracted by 3.7% during the final quarter of 2011, with
GBP10.2bn being shaved off the island's net asset value of funds under management
and administration.
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Belgium Urged To Extend Venture Capital Tax Break 3/5/2012 The European Commission has officially asked Belgium to amend its legislation
on tax credits for investing in venture capital.
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Better Capital Funds Employ Unique Guernsey Structure 1/31/2012 Carey Olsen and Heritage International Fund Managers Limited have acted for Better
Capital Limited, an existing Guernsey closed-ended fund listed on the London Stock
Exchange, on its innovative conversion into a uniquely-structured protected cell company.
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Hong Kong Plugs Its Private Equity Advantages 1/20/2012 In a speech at the Asia Private Equity Forum 2012 in Hong Kong, the Financial
Secretary, John C. Tsang, confirmed that private equity is an important component
of Hong Kong's asset management business, as Asia has become a magnet for venture
capital investment, largely on the back of developments in mainland China.
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Jersey Attracts Nordic Investment Fund 1/17/2012 Leading offshore law firm Mourant Ozannes has advised on the establishment
of a new private equity fund focusing on Nordic business investments, which is managed by a Jersey general partner.
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Guernsey Firm Wins European Funds Award 12/19/2011 Guernsey-based private equity fund services firm Ipes has been named the European Specialist
Administrator of the Year at the Funds Europe 2011 Awards in London.
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Guernsey Promotes Finance Centre In India 12/15/2011 Guernsey businesses and a delegation from the Guernsey government recently met with practitioners from India’s financial services industry and promoted the island at a number of events, including the Asia Venture Capital Journal conference, where attendees were told of Guernsey’s strength as a leading domicile of choice for private equity funds.
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SEC Finalises Hedge Fund Reporting Rules 11/1/2011 The Securities and Exchange Commission has adopted new rules requiring certain
advisers to hedge funds and other private funds to report information for use
by the Financial Stability Oversight Council in monitoring risks to the
United States financial system.
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Mourant Ozannes Rated Top Channel Islands Law Firm 10/27/2011 Mourant Ozannes has noted its placement in the latest International Financial
Law Review 1000 rankings, which it said consolidates its position as the leading
law firm in the Channel Islands. Mourant Ozannes was the only law firm to gain
four out of four top tier rankings in both territories.
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US Regulators Issue Proposed Volcker Rule 10/14/2011 The Federal Reserve Board of the United
States has requested public comment on a proposed regulation implementing the
so-called 'Volcker Rule' requirements of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
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Guernsey, Luxembourg Explore Fund Sector Synergies 10/12/2011 A team from Guernsey’s fund industry hosted an event in Luxembourg last
month aimed at boosting cooperation between the two jurisdictions, discussing
ways in which service providers in the two centres can work together more effectively
for mutual benefit.
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Guernsey Tops Europe In Specialist Finance Centre Index 10/4/2011 Guernsey has been rated highly in the latest index of specialist finance centres,
as published by trade title The Banker, securing second position globally and the top spot in Europe.
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IASB Proposes Standards For Investment Entities 8/31/2011 KPMG UK has welcomed proposals issued by the International Accounting Standards Board to encourage more investment funds to switch to International Financial Reporting Standards.
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UK Reforms Rules To Boost SME Investment 7/8/2011 In an effort to encourage more equity financing of small and start-up businesses in the UK, the government has launched a consultation on proposals for reforms to the Enterprise Investment Scheme and Venture Capital Trusts.
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Guernsey-Based IAG Launches RMB Fund 6/28/2011 Guernsey-headquartered International Administration Group has announced
that it is to offer fund administration services in China, providing further evidence that the jurisdiction's Far Eastern promotional drive is paying off.
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SEC Adopts Hedge Fund Registration Rules 6/27/2011 The United States Securities and Exchange Commission has adopted rules that
impose new registration requirements on advisers to hedge funds and other private
funds, while establishing new exemptions from such registration and reporting
requirements for certain advisers.
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Shorten Defends Australia's Tax, Merger Polices 6/2/2011 Australian Assistant Treasurer Bill Shorten has said that the failure in April of the merger between the Australian and Singapore Stock Exchanges and tax rulings on private equity deals would not stop Australia becoming a financial services hub.
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Guernsey Funds Industry Continues Expansion 5/30/2011 Statistics published on May 26 show that the value of investment fund business
in Guernsey grew by GBP6.2bn (2.4%) during the first quarter of 2011.
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UK's Disguised Remuneration Laws 'Too Complex' 5/18/2011 The UK's introduction of new changes to its disguised remuneration regime has been slated as far too complex, and criticized for involving penal legislation that risks creating problems as well as solving them, according to the Chartered Institute of Taxation's response to the proposals.
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Carey Olsen Named Offshore Law Firm Of The Year 5/5/2011 Channel Islands law firm Carey Olsen has been named international offshore
law firm of the year and client-focused law firm of the year by leading mergers
and acquisitions publication ACQ.
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Jersey Enacts New Partnership Laws 5/3/2011 The Jersey government has enacted the Incorporated Limited Partnerships (Jersey)
Order 2011 and the Separate Limited Partnerships (Jersey) Order 2011, the final
stage in enabling the formation of new partnership structures in Jersey.
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Fund Corporation Secures Guernsey Administration Contract 4/14/2011 Fund Corporation of the Channel Islands has announced that it has won a contract
to provide administration services to four major open-ended funds domiciled
in Guernsey with a total value of some USD250m.
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Jersey Boosts Appeal To Funds 4/11/2011 Jersey’s appeal as a domicile for funds and other investment entities
will be further strengthened by the imminent introduction of legislation to
permit the formation of Incorporated Limited Partnerships, and the creation
of a dedicated and distinct law for the constitution of Separate Limited Partnerships.
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Channel Islands Mergers And Acquisitions On The Rise 4/8/2011 The Channel Islands’ economic vigour has led to a marked increase in merger
and acquisition activity in the islands, proving that the two territories continue
to offer a welcoming base for financial services businesses.
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Multibillion Shipping Acquisitions Venture Agreed 3/21/2011 A new joint venture of global shipping and finance experts has formed a company
that will work to acquire more than USD5bn in container, dry bulk, tanker vessels
and other shipping assets to capitalize on increasing demand in the shipping
sector.
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Guernsey Favoured By Private Equity Industry 3/15/2011 A new survey of chief financial officers has revealed that Guernsey remains the location of choice for private equity fund administration.
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Federal Reserve Introduces Volcker Rule 2/15/2011 The United States Federal Reserve Board has announced its approval
of a final rule to implement the provisions of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010 that give banking firms a
period of time to conform their activities and investments to the prohibitions
and restrictions of the so-called Volcker Rule.
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SEC Proposes Hedge Fund Reporting Rule 1/28/2011 The United States Securities and Exchange Commission has proposed
a rule to require advisers to hedge funds and other private funds to report information
for use by the Financial Stability Oversight Council in monitoring risk
to the US financial system.
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FSOC Issues Rules And Recommendations Under Dodd-Frank Act 1/20/2011 As required by the United States Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (Dodd-Frank Act), the Financial Stability Oversight Council
(FSOC) has issued studies, recommendations and proposed rules, particularly on
the implementation of the ‘Volcker Rule’.
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Carlyle Group Debuts New DIFC Funds Regime 1/3/2011 The Dubai International Financial Centre has announced that the Carlyle Group, a global alternative asset manager, will be the first company to establish and manage investment funds for sophisticated investors in the DIFC under a new legal and regulatory process.
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IoM Holds London Funds Briefing 11/25/2010 Speaking at the recent Isle of Man Funds’ Autumn Briefing in London, the island’s
Minister for Economic Development, Alan Bell, noted the Isle of Man fund industry’s
resilience during the crisis, underpinned, he said, by its increasingly diverse
nature.
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SEC Sets New Rules For Hedge Fund Advisers 11/23/2010 The United States Securities and Exchange Commission has proposed
new rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and strengthen its oversight of investment advisers to hedge funds
and other private funds.
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Guernsey Fund Sets Up Regional Headquarters In HK 11/23/2010 International Administration Group, the fund administrator from Guernsey,
has announced the opening of its new regional headquarters in Hong Kong to provide
administration services to a range of funds.
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SEC, CESR To Cooperate On Regulatory Reform 11/19/2010 The Securities and Exchange Commission (SEC) Chairman, Mary L. Schapiro, and the
Committee of European Securities Regulators Chairman, Carlos Tavares, recently
met in Paris to discuss regulatory reform efforts in the United States and the
European Union.
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EU Hedge Fund Directive Approved 11/15/2010 The European Parliament has adopted the directive which will introduce, for
the first time, European regulation on the marketing of alternative investment
funds, including hedge funds and private equity.
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Jersey Captures More Asia Business 11/8/2010 Establishing a permanent presence in Hong Kong last year has helped Jersey’s
finance industry grow banking and corporate listings business significantly and
is opening up a number of new opportunities, according to figures published by
Jersey Finance, the promotional agency for the island’s
financial services industry.
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Australian Private Equity Awaits Tax Ruling 10/27/2010 According to the 2010 Yearbook issued by Australian Private Equity and Venture
Capital, investors continued to take a cautious approach to new commitments
and this, combined with heightened uncertainty over the tax treatment of private
equity profits, saw fundraising activity slowing markedly during the year.
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EU Agrees Final Version Of Hedge Funds Directive 10/28/2010 The European Parliament and the European Council have announced that they
have reached an agreement on the AIFM directive which will introduce, for the
first time, European regulation for alternative investment fund managers, including
hedge funds and private equity.
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Hong Kong Promoted As Asset Management Centre 10/6/2010 In his speech to the Hong Kong Investment Funds Association’s annual conference,
the Secretary for Financial Services and the Treasury, Professor K C Chan, emphasized
Hong Kong’s role as an asset management hub for the Asian region.
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LSE Urges Fiscal Support For SMEs 9/28/2010 In response to the UK government’s green paper on ‘financing a private
sector recovery', the London Stock Exchange has presented a number of recommendations
to ensure support for high growth small- and medium-sized enterprises,
entities that it has urged are crucial to 'ensuring a successful economy'.
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ATO Questions Resurface After TPG's Healthscope Deal 7/23/2010 The purchase of Australian company, Healthscope, by the private equity
firms, TPG Capital and Carlyle Group, is subject to uncertainty over taxation due to the ATO's delay in issuing a
final determination in the Myers case.
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IoM Prepared For Hedge Fund Directive 6/30/2010 The Isle of Man Financial Services Commission has released comment on the draft
European Union Alternative Investment Fund Managers Directive and its anticipated effect on
the island’s fund industry.
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EU Hedge Fund Regulations Delayed 6/30/2010 The adoption of the proposed European Union directive establishing regulations
for alternative investment funds, such as hedge or private equity funds, which
was expected next month, has been delayed.
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Guernsey Attracts Major Fund Players 6/30/2010 Guernsey Finance has announced that a series of new fund administrators and managers
are establishing a presence in the island, further endorsing the island as a leading
fund domicile.
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Bermuda, Canada To Share Tax Info 6/16/2010 Bermuda’s Minister for Finance, Paula Cox has welcomed the signing of
a tax information exchange agreement with the Canadian government, on
June 14, 2010, in Bermuda’s capital Hamilton.
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US Senate Waters Down Fund Manager Tax 6/10/2010 As expected, the US Senate Finance Committee has watered down
proposals that would increase the amount of tax that fund managers pay on their
investment gains.
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House Votes To Raise Fund Managers' Tax 6/2/2010 The US National Venture Capital Association has expressed 'profound disappointment and serious concern' over the House of
Representatives’s narrow approval of the bill HR 4213, which doubles the taxes on venture capitalists in order to pay for temporary corporate and individual tax break extensions.
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Australia Redefines MITs 6/1/2010 The Australian government has introduced legislation into parliament that will
amend the definition of a managed investment trust (MIT) for access to withholding
tax concessions, to more closely align the definition used across different parts
of the tax law.
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Key Australian Tax Ruling Deferred 5/27/2010 The Australian Tax Office has deferred for a third time a final determination and clarification of its decision to tax 'income' of private equity firms' investments in Australia, where these were perceived to be capital gains. A tax office spokesperson said the government was reviewing its policy in this general area.
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Hedge Fund Directive No Threat To Guernsey 5/21/2010 Peter Niven, Chief Executive of Guernsey Finance, the promotional agency for the Island’s finance industry,
has asserted that, despite the European Union’s continued steps towards introducing
the controversial Alternative Investment Fund Managers Directive, the future
of Guernsey as a leading funds domicile is not in jeopardy.
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BVCA Warns Against CGT Hike 5/18/2010 The British Venture Capital Association has cautioned the new UK coalition government against the assumption that any increase in capital gains tax would produce enhanced revenues that could be used to reduce taxation elsewhere.
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Indian CII Promotes Burgeoning PE Industry 5/12/2010 The Confederation of Indian Industry is bidding to raise the profile of the private equity industry by emphasizing the key role it will play in the country's massive infrastructure development program. It is also pushing for reforms that will result in greater tax clarity.
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Saskatchewan Attracts VC Funds 5/10/2010 Saskatchewan investors purchased CAD63.5m (USD62m) in Labour-Sponsored Venture Capital Corporations funds this tax year, it has emerged.
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ATO's Myer Tax Determinations Delayed 4/26/2010 The Australian Taxation Office has delayed the announcement of its final
rulings on the tax treatment of private equity investments by foreign investors,
the two draft determinations for which were issued on December 16 last year.
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Indian Fair Value Tax Rules Are Issued 4/20/2010 The Indian Central Board of Direct Taxes has now produced formulae to determine the fair market value of shares and other gifted property for calculating tax, which will apply after the finance bill is passed in Parliament. These are being scrutinized with some apprehension by private equity market specialists.
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Australia's Key Tax Issues Reviewed 4/14/2010 During a recent speech to the Institute of Chartered Accountants Business Forum
in Perth, Australia’s Assistant Treasurer, Nick Sherry, reviewed certain
key tax issues facing the government, including those relating to Australia as
a financial centre and to private equity investments in the country.
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German VC Regime Criticized 4/1/2010 Just as an Organization for Economic Cooperation and Development economic survey of Germany urged the government to 'strengthen the venture capital market,' two of its largest venture capital firms say its tax regime is not conducive for investing in early-stage business and want out.
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Australian Govt Looking Closely At ATO's Private Equity Tax Rulings 2/23/2010 During a speech to a tax forum in Melbourne, Australia’s Assistant Treasurer,
Nick Sherry, disclosed that the government is looking closely at the two draft
determinations made by the Australian Taxation Office, on the tax treatment
of private equity investments by foreign investors.
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