News

Search Filters

Advanced Search Advanced Search
Date range:

Showing 9131 - 9140 of 9440 matches filtered by 'Funds and asset management'

  • The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013/1411

    10/06/2013
    These Regulations amend the Offshore Funds (Tax) Regulations 2009/3001, (“the principal Regulations”) which make provision for the tax treatment of participants... in offshore funds and make other miscellaneous amendments. Regulation 1 deals with citation, commencement and effect. Provision is made to allow a manager of an offshore fund to elect that the amendments made by regulations 3 to 8 and 12 should not apply in relation to a reporting period of the fund which has ended before the Regulations come into force. Regulation 2 introduces the amendments to the principal Regulations. Regulations 3 to 5 make consequential amendments. Regulation 6 inserts regulations 72A, 72B and 72C which provide how the reportable income of a fund for a reporting period is to be calculated in the case of funds which do not operate equalisation arrangements. Regulation 7 amends regulation 92 in relation to the information to be provided in the report to participants in respect of the amount of any excess treated as additional distributions made to participants in the fund and makes provision as to how those amounts to be reported are to be determined. Regulation 8 makes consequential amendments omitting regulations 92A, 92B and 92C. Equivalent provision is now made in regulations 72A, 72B and 72C. Regulation 9 amends regulation 94A to reverse the order in which equalisation amounts reduce actual distributions and amounts treated as additional distributions. Regulation 10 makes a consequential amendment to regulation 99. Regulation 11 makes a minor amendment for clarification to regulation 106 (reporting requirements). Regulation 12 makes a consequential amendment to the index of defined expressions. Regulations 13 to 15 make miscellaneous minor amendments relating to offshore funds. Regulations 13 and 14 update the reference to “material interest” to “an interest” which is now the appropriate term and up-date cross-references to other statutory provisions. Regulation 15 makes a minor amendment for clarification to the Offshore Funds (Tax) (Amendment) Regulations 2011/1211. (Date in force: 28/06/13)
    Support Information
    Show more Show less
  • FRC: Sharman Report

    07/06/2013
    Further to the Sharman Report, FRC notes that most respondents to a recent consultation on this has supported the principles behind... the recommendations in the report. FRC has decided to take up a number of proposals. Among these, FRC intends to make a clearer distinction as to the meaning of going concern in the context meant by the Sharman panel – FRC will consult on whether changes to the UK Corporate Governance Code are needed to make the distinction clearer; if so, they will take effect in October 2014. FRC will also make a clearer link between the assessment of business viability risks and the broader risk assessment that should form part of a company’s normal risk management and reporting processes. FRC will consider this in the development of the Code and related guidance on risk management and internal control. FRC expects to issue further consultation documents in the autumn on these issues.
    Support Information
    Show more Show less
  • The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013/1400

    07/06/2013
    These Regulations make provision in relation to the capital gains tax treatment of investors (“participants”) in collective investment schemes. The provisions... made fall into 3 categories - provisions in relation to tax transparent funds (regulations 3 to 7 and 15), provisions in relation to exchanges, mergers and schemes of reconstruction of collective investment schemes (regulations 8 to 13), and consequential amendments to secondary legislation (regulation 14). (Date in force: 8/06/13)
    Support Information
    Show more Show less
  • FCA: AIFMs - VoP application packs

    07/06/2013
    FCA has published the VoP application pack for full scope AIFMs in order to gather feedback on the form (to be... received by 5 July 2013). However, FCA will not be accepting applications using this version of the form – a final version will be available for applications from 22 July 2013. The webpage also sets out clarification on applications for sub-threshold firms; EEA firms and third country firms. 
    Support Information
    Show more Show less
  • The Stamp Duty and Stamp Duty Reserve Tax (Collective Investment Schemes) (Exemptions) Regulations 2013/1401

    07/06/2013
    These Regulations amend the stamp duty legislation contained in Schedule 13 to the Finance Act 1999 (“Schedule 13”) and the stamp... duty reserve tax legislation contained in Part IV of the Finance Act 1986 (“FA 86”). They amend the primary legislation to provide exemptions for certain transactions relating to certain collective investment schemes. The schemes concerned are contractual schemes provided for by a new s235A of FSMA which was inserted by regulation 3 of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (“the principal Regulations”). The principal Regulations amend FSMA to enable the UK regulator to authorise tax transparent collective investment schemes to be constituted by contractual arrangements. This authorisation is made under the Directive of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (2009/65/EC)(1), (the “UCITS IV Directive”. These regulations amend the relevant primary legislation to provide an appropriate stamp duty and stamp duty reserve tax treatment for transactions relating to the new schemes. These Regulations complement the Collective Investment Schemes (Tax Transparent Funds and Schemes of Reconstruction) Regulations 2013 which make amendments to provide an appropriate tax on the chargeable gains regime for the new contractual funds. (Date in force: 28/06/13)
    Support Information
    Show more Show less
  • FCA: CP13/3: Quarterly consultation No. 1

    06/06/2013
    In this CP, FCA proposes to: align the claims handling rules with the Consumer Insurance (Disclosure and Representations) Act 2012; amend... the PERG on mortgage advice, the professional standards requirements and a new provision for pipeline applications under MMR; correct the definition of “platform service” and consult on an updated compatibility statement to reflect FCA’s objectives; update the appropriate qualifications list in TC; and make consequential amendments to DEPP and EG arising from the proposed AIFM Regulations. Responses are required by 6 August 2013 for the first three items and by 6 July 2013 for the last two.
    Support Information
    Show more Show less
  • FCA: Speech by Martin Wheatley: Regulation as a spur to growth (5 June 2013)

    06/06/2013
    Text of the above, given to IMA, follows. Topics include: FCA’s responsibilities and the “3 C’s” for asset managers (cooperation,... competition and client focus). He concludes: “good regulation should complement the trust and respect you earn through professional conduct, by providing a measure of confidence in our economic structures”.
    Support Information
    Show more Show less
  • FCA: AIFM Directive

    05/06/2013
    This webpage notes that FCA has sent a communication to all firms who had expressed an interest in being authorised by... 22 July 2013; with a link to the draft VoP forms, inviting then to submit a draft application as quickly as possible. It is also noted that FCA has signed supervisory cooperation agreements in the form of MoUs with 34 non-EEA authorities as part of its implementation of the Directive following approval by ESMA. These will come into effect from 22 July 2013.
    Support Information
    Show more Show less
  • FCA Handbook Notice 2/Instruments

    05/06/2013
    At its Board meeting on 3 June 2013 (and further to the publication of yesterday’s PS), FCA passed the Unregulated Collective... Investments Schemes and Close Substitutes Instrument 2013/46
    Support Information
    Show more Show less
  • FCA Handbook Notice 2/Instruments

    05/06/2013
    At its Board meeting on 3 June 2013 (and further to the publication of yesterday’s PS), FCA passed the Financial Conglomerates... Directive (FCA Handbook Amendments) Instrument 2013/45
    Support Information
    Show more Show less