In our latest edition:
The Domino Effect
As an introductory piece to this issue, Diala Minott and Adam Farrell consider the European countries that have been loosening their banking monopoly rules in recent months.
Direct lending funds: Proposal for European regulation
The European Securities and Markets Association has published its views of how loan origination – or direct lending – by investment funds should be regulated in the European Union. Piers Warburton and Marianna Tothova discuss the “mixed blessing” that adopting the proposals would create.
France: A new era for direct lending funds
Hubert Blanc-Jouvan and Maxime Samson examine the changes to French law that have recently occurred or are currently being discussed which will allow investment funds to grant loans in the country.
Germany: Seminal changes to loan originating funds now in force
Loan origination by investment funds within and into Germany was once only possible to a limited extent. Now, some Alternative Investment Funds are allowed to originate loans within and into the country, while others at least have more flexibility with regard to the restructuring of loans receivable. Detmar Loff and Christian Stedler look at these seminal changes.
Direct lending in Spain: An increasing presence in the market
The Spanish market has, in recent years, witnessed growing interest by credit funds, who have significantly increased their activity in the country. Jose Christian Bertram examines the increasing presence of direct lending in Spain.
Spain: Spanish SICAVs take flight to Luxembourg
Certain Spanish Undertakings for Collective Investments are now encountering tax problems in order to continue benefiting from the existing exemption regime on dividends and capital gains. Eduardo Gracia and Lorena Viñas explore the problems in detail.
Malta: The Notified AIF
Malta has launched a new fund structure – the Notified AIF. Diala Minott and Adam Farrell look at the new framework, aimed at qualifying investors and professional investors under MiFiD.
Luxembourg: An introduction to Luxembourg limited partnerships
Luxembourg have launched two limited partnerships based on the Anglo-Saxon limited partnerships: common limited partnerships and special limited partnerships. Nick Goddard, Isabelle Lentz and Paul Miller examine the contractual freedom and flexibility these partnerships provide.
SEC targets private fund sponsors: US regulator eyes costs, fees and allocations
In this fascinating article, Margaret Sheehan and Piers Warburton “eye up” the practices of private fund managers that the SEC in the US has called out as being problematic.
Technical spotlight: Taxation of credit fund managers
In this month’s Technical spotlight, Alexander Cox, Paul Miller and Caroline Page discuss the significant tax changes made in the last 12 months that the UK’s asset management industry have been subject to.
