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Mayer Brown Legal Update
On March 22, 2013, ISDA opened the DF Protocol 2.0 for adherence to market participants. The DF Protocol 2.0 is part of ISDA’s documentation initiative aimed at assisting the derivatives industry in implementing and complying with the regulatory requirements imposed under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
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Mayer Brown Legal Update
The next milestone date in the Commodity Futures Trading Commission’s (“CFTC’s”) phase-in of mandatory clearing occurs on June 10, 2013, when so-called “Category 2 entities” must begin clearing swaps subject to the mandate. Securitization vehicles, insurers, investment funds and non-swap dealer financial institutions will generally be Category 2 entities. The effect of the June 10 phase-in on the operations of securitization vehicles, in particular, is unclear.
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Legal Update
18 mars 2013
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Mayer Brown Legal Update
过去几年，有意在法国购买葡萄园的海外爱酒投资者的人数显著增加。本文试就五个议题进行扼要阐释，供准买家在购买之前考虑。
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Legal Update
13 mars 2013
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Mayer Brown Legal Update
In the last few years there has been a marked increase in the number of wine-loving overseas investors seeking to purchase vineyards in France. This article serves as a primer on five issues that a would-be buyer should consider at the outset of such an acquisition.
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Legal Update
14 février 2013
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Mayer Brown Legal Update
In July 2013, the EU Alternative Investment Fund Managers Directive (AIFMD) will be implemented across the EU Member States.
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Legal Update
8 février 2013
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Mayer Brown Legal Update
In late 2012, the US District Court for the District of Massachusetts, in Sun Capital Partners v. New England Teamsters & Trucking Industry Pension ruled that a private equity fund was a not a “trade or business” for purposes of controlled group liability for the unfunded pension liabilities of a portfolio company.
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Media Coverage
18 janvier 2013
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International Financial Law Review
Banking & Finance partner Zac Barnett (Chicago) is extensively quoted on the expectation that subscription credit facilities will be one of the most prominent features of the private equity and investment funds landscape in 2013.
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Media Coverage
18 janvier 2013
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Legal Update
14 janvier 2013
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Mayer Brown Legal Update
Shanghai quietly launched a new pilot programme, RMB Qualified Foreign Limited Partner (RQFLP), towards the end of 2012 to permit qualified foreign fund managers and asset management companies to raise offshore RMB from offshore investors to invest in RMB private equity funds set up in Shanghai.
The RQFLP programme, as part of the Chinese government's general efforts to promote the internationalisation of the RMB, will assist in increasing the channels for offshore RMB to flow back into China and in increasing investment opportunities for investors holding RMB offshore. It also has the potential to provide an additional capital source for private equity funds in China although, in the near term, the impact of the programme on the private equity industry in China may be limited. |
Legal Update
31 décembre 2012
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Mayer Brown Legal Update
The US Commodity Futures Trading Commission has issued a release containing a final exemptive order and proposing for public comment additional guidance regarding the cross-border regulation of swaps.
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On 19 November 2012, the State Administration of Foreign Exchange (SAFE) issued two new circulars: (i) Circular on Relevant Issues Regarding Administration of Foreign Exchange for Foreign Invested Partnership (Circular 58); and (ii) Circular on Further Adjustments to Measures for the Administration of Foreign Exchange for Direct Investment (Circular 59). These circulars, both of which came into effect on 17 December 2012, were issued in order to standardise and simplify foreign exchange (Forex) related administrative approvals, and to downscale pre-approvals for routine operations.
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Legal Update
18 décembre 2012
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Mayer Brown Legal Update
The Commodity Futures Trading Commission (the “Commission”) today adopted interim final rules that defer the dates by which swap dealers (“SDs”) and major swap participants (“MSPs”) are required to comply with many provisions of the Commission’s external business conduct rules and with certain internal business conduct rules that require agreements or the exchange of information with counterparties.
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Legal Update
10 décembre 2012
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Mayer Brown Legal Update
The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission (CFTC) issued interpretation and no-action letter No. 12-45, which does three things: it provides interpretive clarification that some securitization entities are not “commodity pools”; it provides conditional no-action relief for certain legacy securitization entities; and it provides time-limited no-action relief until March 31, 2013 for non-exempt securitization entities to allow for more time for further dialogue with CFTC Staff.
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Legal Update
4 décembre 2012
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Mayer Brown Legal Update
By letter dated November 29, 2012, 1 the Commodity Futures Trading Commission (CFTC) granted time-limited no-action relief for fund of funds operators that would be deemed commodity pool operators and required to register as a result of their indirect exposure to commodity interests 2 until such time as the Division of Swap Dealer and Intermediary Oversight (the Division) issues revised guidance on the application of the de minimis thresholds to fund of funds operators in the context of Regulations 4.5 and 4.13(a)(3). |
Legal Update
3 décembre 2012
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Mayer Brown Legal Update
As explained in our previous Legal Update " New Companies Ordinance Expected to Take Effect in 2014", the new Companies Ordinance (CO) was gazetted on 10 August 2012 and is expected to take effect in 2014. For the purpose of facilitating the implementation of the new CO, 12 pieces of subsidiary legislation are required to be legislated to provide for administrative, technical and procedural matters. |
Legal Update
20 novembre 2012
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Mayer Brown Legal Update
On November 16, 2012, under specific authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the US Secretary of the Treasury (Secretary) issued the long-awaited final determination (Determination), which states that physically settled “foreign exchange swaps” (FX Swaps) and “foreign exchange forwards” (FX Forwards) are exempt from the definition of “swap” and not subject to many of the swap requirements under the Commodity Exchange Act (CEA).
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Legal Update
7 novembre 2012
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Mayer Brown Legal Update
On October 3, 2012, Mayer Brown issued a legal update advising about potential issues that could affect family investment funds as a result of recent regulatory changes caused by amendments to the Commodity Exchange Act of 1936 (CEA) by the Dodd-Frank Wall Street Accountability and Consumer Protection Act (Dodd-Frank Act). |
Legal Update
1 novembre 2012
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Mayer Brown Legal Update
The Internal Revenue Service and the US Department of Treasury have issued “Announcement 2012-42: Timelines for Due Diligence and Other Requirements under FATCA” (the Announcement).
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Legal Update
30 octobre 2012
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Mayer Brown Legal Update
China Insurance Regulatory Commission (CIRC) issued the Interim Measures on the Administration of Overseas Investments of Insurance Funds (the Interim Measures) in 2007 to establish a basic legal framework for China's domestic insurance sector to make offshore investments.
On 12 October 2012, CIRC released the Implementing Rules for the Interim Measures (the Implementing Rules). The 35-article Implementing Rules expand the asset categories and jurisdictions in which Chinese insurers can invest offshore, and provide detailed requirements for such areas as investor qualifications, risk control, and the supervision and administration of the offshore investments of insurance funds. |
Legal Update
30 October 2012
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Mayer Brown Legal Update
The provisions of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps ("the Regulation") will come into force on 1 November 2012.
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Legal Update
11 octobre 2012
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Mayer Brown Legal Update
As we enter the fourth quarter of 2012, investment advisers registered with the US Securities and Exchange Commission (SEC) should begin thinking about the annual update to Form ADV Part 2 (the Brochure).
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Legal Update
3 octobre 2012
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Mayer Brown Legal Update
Recent regulatory changes caused by amendments to the Commodity Exchange Act of 1936 by the Dodd-Frank Act may force family offices that have created any pooled investment vehicle falling within the definition of a “commodity pool” to consider whether or not they are required to register, or file a notice for exemption from registration, as a commodity pool operator (“CPO”).
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Media Coverage
10 septembre 2012
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IFLR 1000
The article quotes Ann Richardson Knox on her move to Mayer Brown's New York office as a partner in the Banking & Finance practice.
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Media Coverage
7 septembre 2012
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Law360
The article features Ann Richardson Knox's move to Mayer Brown's New York office as a partner in the Banking & Finance practice.
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Legal Update
31 août 2012
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Mayer Brown Legal Update
The US Securities and Exchange Commission has proposed eliminating the prohibition against general solicitation and general advertising in offerings of securities pursuant to Rule 506 of Regulation D and Rule 144A. If adopted as proposed, Rule 506 will contain two alternative methods of compliance.
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