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Funds – Non-Private Equity

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Posted by Reinaldo Ravelli, Pedro Cafaro and Bruno Dreifus (Associates from Trench, Rossi e Watanabe*) *In cooperation with Baker & McKenzie Amidst economic deterioration, political uncertainty, currency devaluation and weak markets at home, the Brazilian Federal Revenue issued Normative Ruling # 1.585 on August 31, 2015 to consolidate and update the tax rules applicable to investments in the Brazilian capital and financial markets. Normative Ruling # 1.585 permits share investment funds (FIAs), whose net…

On June 3, 2015, the Japanese government promulgated an amendment to the Financial Instruments and Exchange Act (FIEA). One of the main impacts of this amendment is the enhancement of restrictions on activities in relation to partnership-type funds in Japan.

In principle, it is necessary to obtain a license under the FIEA to conduct marketing and investment management activities for investment funds. However, the license is not required for activities in relation to investment funds in the form of certain partnerships, for example, if one or more Qualified Institutional Investors invests in the fund and certain other requirements are met, as well as if the filing of a simple notification known as Form 20 is made (Form 20 Exemption). Entities under this exemption are not treated as financial instruments business firms and more than 3,000 Japanese and non-Japanese entities have been utilizing this exemption.

Posted by Sue Wan Wong of Wong & Partners (member firm of Baker & McKenzie International) In February 2015, the Malaysian Securities Commission (SC) issued the Guidelines on Regulation of Markets under Section 34 of the Capital Markets and Services Act (CMSA) setting out the framework for the regulation of equity crowdfunding (ECF). Please click here for our client alert released earlier this year, which summarizes these guidelines and the equity crowdfunding framework in Malaysia. In April…