The IRS issued proposed regulations last week that will make it easier for sovereign wealth funds and other entities controlled by foreign governments to invest in private funds without jeopardizing their exemption from U.S. federal income taxation under Section 892 of the Code.
On June 13, 2011, the United States Supreme Court rendered a 5-4 decision ruling that only a mutual fund, and not its investment adviser, can be held liable in a private right of action under Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 10b-5 promulgated thereunder for false statements in a fund prospectus.
On 6 September 2010 the Ministry of Finance (MOF) issued Circular No.1312010TT-BTC providing guidance to foreign investors contributing capital to or acquiring shares in Vietnamese enterprises (Circular 131).
On December 30, 2009, the SEC published a release adopting certain amendments to the custody and recordkeeping rules applicable to registered investment advisers under the Advisers Act and related forms (the "Release").
On January 20, 2010, the SEC filed a settled enforcement action charging Charles J. Marquardt with insider trading in the Evergreen Ultra Short Opportunities Fund, a mutual fund that invested primarily in mortgage-backed securities.
On December 30, 2009, the U.S. Securities and Exchange Commission (the “SEC”) published a release adopting certain amendments to the custody and recordkeeping rules applicable to registered investment advisers under the U.S. Investment Advisers Act of 1940 ( the “Advisers Act”) and related forms (the “Release”).
Effective September 1, 2009, the State of New York changed the requirements regarding powers of attorney executed by individuals in New York.
Subject to certain requirements, a NV, a private limited liability company (besloten vennootschap, BV) and an FGR tax resident in the Netherlands may apply the FBI regime.