Section 205 under the Investment Advisers Act of 1940 generally prohibits a federally registered investment adviser (RIA) from receiving compensation
In August 2011 the Tribunal upheld the FSA's decision to impose substantial sanctions on the Chief Executive Officer (Michiel Visser) and Chief Finance Officer and compliance officer (Oluwole Fagbulu) of a hedge fund manager (Mercurius Capital Management Ltd).
Several key business tax breaks are set to expire at year end unless Congress acts.
Pursuant to an order recently issued by the Securities and Exchange Commission (the “SEC”), the dollar amount thresholds in the definition of “qualified client” under Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), are set to increase effective as of September 19, 2011.
Next year could bring some interesting changes for non-UK domiciled developers and investors in UK property
On July 12, 2011, the U.S. Securities and Exchange Commission (the “SEC”) issued an order (the “Order”) that adjusts for inflation two dollar amount tests in Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).
A financial fraud complaint centered on claims that two senior executives of Basin Water, Inc. falsely inflated company revenue beginning before it was publically traded and continuing through the end of 2007 was filed by the SEC.
The SEC has proposed rules and issued a notice that it intends to raise the qualification requirements of persons who can pay performance based compensation to registered investment advisers.
On 9 March 2011, the Australian Taxation Office (ATO) released draft Taxation Determination TD 2011D1 which deals with whether gains and losses from investments made by trustees will be on capital or revenue account.
A U.S. federal judge recently dismissed a lawsuit against Freddie Mac that claimed Freddie Mac materially misrepresented its exposure to risky mortgage products, leading to investment losses.