The AIFMD has now been in force for over two months and funds and their advisers are coming to terms with the new AIFMD regime in Jersey. Some interesting themes that have been noted in this quarter include: The new AIF Codes contain provisions regarding the disclosure of side letters. This represents a departure from […]

A number of fund managers continue to utilise the transitional arrangements in EU member states. These arrangements have the effect of delaying the requirement to make any filings in connection with marketing in the EU. These arrangements will terminate in July 2014, and fund managers will need to give some consideration to any necessary filings […]

Now that the initial work on identification of AIFMs has been undertaken, fund managers may wish to consider amendments to fund documents to incorporate the following features: Management agreements and administration agreements appointing MoMEs should clearly identify the AIFM and should contain a detailed list of services, in particular relating to risk management and portfolio […]

The transitional period for the CFPO (which came into force on 18 November 2012) is due to expire in November 2013. Any fund that is currently marketing, but availing of the transitional period, must update its offer document to ensure compliance with CFPO by November 2013.

US Foreign Account Tax Compliance Act (FATCA) – FATCA creates a new tax information reporting and withholding regime for payments made to certain ‘Foreign Financial Institutions’ (FFIs) and other ‘foreign’ persons. The definition of FFI is very broad and includes funds. Failure to report could result in 30% withholding tax being deducted from U.S. source […]

It is widely understood that an employment contract, unless otherwise agreed, cannot be immediately terminated simply because an employer or employee has had a change of heart or perhaps a sudden desire to pack their life into a rucksack and travel the world. Notice periods (to protect both employers and employees) feature in almost all […]