 | FDIC Board Votes to Extend the Securitization Safe Harbor
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved an extension through September 30, 2010 of the FDIC’s rule (the “Safe Harbor”) relating to the treatment of securitizations in receivership or conservatorship (12 CF 360.6). As described in our December 21, 2009 update, "A Peek at the Future of the FDIC Securitization Safe Harbor," recent changes in US accounting standards for securitizations created uncertainty about the continuing availability of the portion of the Safe Harbor relating to the FDIC’s repudiation power. Read >>
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| US SEC Adopts Amendments to Regulation SHO
On February 24, 2010, the US Securities and Exchange Commission (SEC) adopted amendments to Regulation SHO under the Securities Exchange Act of 1934, aimed at restricting short selling under certain limited circumstances. After proposing a number of different short sale controls, the SEC voted 3-2 to adopt the “alternative uptick rule.” Read >>
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| SET-HNX MoU Makes Dual-Listing Possible
The Hanoi Stock Exchange (HNX) and the Stock Exchange of Thailand (SET) have entered into a Memorandum of Understanding (MoU) on 22 January 2010 to establish a framework for cooperation between the two exchanges and allow dual-listing opportunities. Read >>
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| Decree 53 on Issuance of International Bonds and its Draft Implementing Circular
On 4 June 2009 the Vietnamese government issued Decree No. 53/2009/ND-CP on the issuance of government and corporate bonds on international capital markets ("Decree 53") and the Ministry of Finance has drafted an implementing circular to clarify some articles of Decree 53. Read >>
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 | Registration deadline fast approaching for the new approved persons regime – 6 February 2010
In a previous alert we highlighted the impact of the policy statement issued by the UK Financial Services Authority entitled “The approved persons regime – significant influence review” (“PS09/14”). Read >>
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| US SEC Amends Custody Rule for Registered Investment Advisers
On December 30, 2009, the US Securities and Exchange Commission (SEC) published its final rule amending certain custody requirements under the Investment Advisers Act of 1940, as amended (Advisers Act) for registered investment advisers (RIAs).1 The SEC indicated in the Adopting Release that the amendments were adopted to enhance the safekeeping of investor assets in the wake of several high-profile fraud cases against investment advisers and broker-dealers. Read >>
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| US SEC Amends Custody Rule for Registered Investment Advisers
US Securities and Exchange Commission has voted to adopt amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 — the “Custody Rule” for registered investment advisers (RIAs). Among other things, the amendments will require surprise examinations and SAS 70 reports for certain RIAs based on their custody of client assets. In light of the expansive changes to the Custody Rule, this Client Update provides a summary of the full scope of the amended rule. Read >>
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| Update on AIFM Directive
Mayer Brown has previously provided an assessment of the Council of the European Union's ("Council") draft compromise proposal (the "Compromise Proposal") on the Directive on Alternative Investment Fund Managers (the "Directive") published on 12 November Read >>
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| Fund Management in the PRC - Beijing - A Further Update
The Interim Measures on Foreign-Invested Equity Investment Fund Management Enterprises, issued jointly by the Beijing Municipal Administration of Industry and Commerce , the Municipal Commerce Commission, the Municipal Finance Bureau and the Municipal Development and Reform Commission, came into effect on 1 January 2010. Read >>
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| Basel Committee Proposes Significant Reforms to Regulatory Capital Framework
On December 17, 2009, the Basel Committee on Banking Supervision (the “Committee”) released for public comment a series of detailed and far-reaching proposals designed to strengthen the Basel II capital framework and improve the banking industry’s ability to withstand future financial and economic stress. The proposal, Strengthening the resilience of the banking sector (the “Capital Reform Proposal” or “Proposal”), constitutes a key element of the Committee’s effort to apply lessons learned from the recent financial crisis. Read >>
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| RMB Funds - An Update
The Administrative Measures for the Establishment of Partnership Enterprises by Foreign Entities or Individuals in China were issued by the State Council on 2 December 2009. Read >>
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| Thailand Names New AML Reporting Entities
Thailand's new Anti-Money Laundering Act (No. 3) B.E. 2552, which came into effect on 22 October 2009, obliges nine new businesses and professions to report certain transactions to the Anti Money Laundering Office (AMLO). Read >>
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