The European Commission’s New Regulation to Implement the Alternative Investment Fund Managers Directive

The EU Alternative Investment Fund Managers Directive (AIFM Directive) introduces several harmonised requirements for managers of alternative investment funds. This Special Report focuses on several important issues and looks at some of the provisions that have provoked considerable controversy…

ANALYSIS: The European Commission’s New Regulation to Implement the Alternative Investment Fund Managers Directive

The EU Alternative Investment Fund Managers Directive (AIFM Directive), which must be transposed into the national law of all EU Member States by July 22, 2013, introduces several harmonised requirements for managers of alternative investment funds…

ANALYSIS: India’s New Alternative Investment Funds Regulations

On August 1, 2011, the Securities and Exchange Board of India (“SEBI”) introduced the draft SEBI (Alternative Investment Funds) Regulations, 2011 (“Draft Regulations”), a comprehensive regulatory framework for regulating private pools of capital, i.e., alternative investment funds (“AIFs”). The Draft Regulations, which contained provisions proposing to drastically alter the mechanics for the Indian funds industry, came as a total surprise to the industry.

Reserve Bank Of India Expands Investment Opportunities For Foreign Venture Capital Investors

The Reserve Bank of India (“RBI”), with RBI/2011-12/452/A.P. (DIR Series) Circular No. 93 dated March 19, 2012 (“Circular”), has allowed Securities and Exchange Board of India (“SEBI”) registered foreign venture capital investors (“FVCIs”) to invest in eligible securities (equities, equity linked instruments, debt, debt instruments, debentures of a venture capital undertaking or a venture capital fund, and units of schemes/funds set up by a venture capital fund) by way of private arrangement or purchase from a third party.

India Restricts Exit Options For Foreign, Private Equity Investors

The Department of Industrial Policy and Promotion (“DIPP”) issued its second semi-annual circular on foreign investment policy on October 1, 2011…

ANALYSIS: The Securities And Exchange Board Of India’s Proposals For A Comprehensive Regulatory Regime For Alternative Investment Funds

SEBI on August 1, 2011, issued the Concept Paper along with the draft SEBI (Alternative Investment Funds) Regulations, 2011, which seek to introduce a comprehensive regulatory framework for regulating private pools of capital, i.e., AIFs…

ANALYSIS: U.S. SEC Significantly Expands Regulation Of Non-U.S. Investment Advisers Through New Final Rules Under Dodd-Frank Act

On June 22, 2011, almost five months after the close of the formal public comment period, the U.S. Securities and Exchange Commission (the “SEC”) adopted final rules relating to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) that modify the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”)…

South Korea Proposes To Allow ‘Korean-Style’ Hedge Funds

Wealthy South Korean fund investors will have a new vehicle for investing their money as early as this fall, under a proposed amendment of the Capital Market and Financial Investment Business Act, the Financial Services Commission (FSC) announced June 20, 2011…

ANALYSIS: Shanghai Eases Rules on Foreign Private Equity Investment

One of the main restrictions on private equity in China is being removed in Shanghai. Foreign private equity investors will be able to form limited partnership Renminbi (“RMB”) funds, and qualified foreign limited partners (“QFLPs”) will be able to invest with RMB converted from foreign currency.

ANALYSIS: Implications For Non-U.S. Investment Advisers Of Dodd-Frank Act Provisions And Proposed SEC Rules On Registration Of Private Fund Investment Advisers

The Private Fund Investment Advisers Registration Act (the “Private Fund Legislation”) adopted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) amended various provisions of the U.S. Investment Advisers Act of 1940 (the “Advisers Act”) to impose Securities and Exchange Commission (“SEC”) registration obligations on investment advisers to hedge funds, private equity funds and other private pools of capital…

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