See what topics have been covered in previous issues.
Current issue: September 2019
No Deal: no good for Dublin or Luxembourg; BEPS: beginning to bite; ESMA in limbo; Transparency update; ESMA issues pessimistic asset management review; Disagreements on regulation post Brexit; Substance service in Cayman and IFI Global event New York. Download the preview.
The substance sea-change; EU substance; Offshore substances; What is economic substance?; BEPS benefit to Ireland; Substance for geographically mobile activities; Substance for tax exempted bodies; When is a NAV not a NAV? London Looks good. Download the preview.
Brexit is bad for the EU’s alternative investors; Blame it on Barnier; Jersey in the 2020s; Offshore tax regimes not harmful –OECD; Economic Substance Guidance update in Cayman; ESMA consultation on performance fees; Abusing UCITS’ liquidity rules; ManCo risk oversight questions.. Download the preview.
Public register U turn; No deal Brexit: not good for anyone; Time to raise the white flag; Delegation: changes ahead (yet again); EU-Swiss stock exchange spat; Crackdown on US shell companies; EU substance convergence; Alt UCITS liquidity risk. Download the preview.
Offshore division; Brexit delay causing problems; Capacity questions in Ireland; Offshore trust trouble; Bermuda removed from blacklist; Cayman issues substance guidance; Assets of EU alternative funds at €84.9 trillion; ManCo oversight: cost vs benefit; Atlantic Fund Forum launched. Download the preview.
Substance rules laid out in the CDs; The law of unintended consequences; Stop meddling in Cayman; Fortress Europe; BVI publishes its draft Economic Substance Code; Cayman goes up in the Global Financial Centres Index; New AML regulations in Cayman. Download the preview.
White, grey and blacklists; Spiralling substance costs; Cayman: bullied by Brussels? Brexit’s impact; IMF critical of Malta; Brexit exodus documented; ManCo demand growth; A let off for the Crown Dependencies; IFI spring event: New York. Download the preview.
Brexit: now a non-event; EU blacklist announcement soon; Public register postponement; What to do with AIFMD; More tax changes from the OECD; Cayman issues substance guidance; US ‘concerned’ with EU’s approach to AML/CFT; Pierre Moscovici on tax evasion and avoidance. Download the preview.
UK to become a fund domicile; Brexit: delegation breakthrough; Complicated substance rules for offshore managers; Here comes AIFMD II; The Netherlands starts its own offshore blacklist; No ‘Brexodus’ boom yet; OECD Forum on harmful tax practices coming. Download the preview.
A frustrating year; Public registers: the tennis continues; Cayman legislature passes economic substance bills; Delegation denial; Cayman fund director statistics; SEC proposes changes to fund of fund rules; Anonymous ManCos; UK to force LPs to register with new agency. Download the preview.
Will the EU blackist Cayman?; Crown Dependencies look safe; Brexit: what No Deal means; Delegation denial; Going senseless over substance; A perspective on the substance rules in Jersey; CSSF Circular formalises directors’ practices in Lux; It might be equivalence. Download the preview.
Brexit: at last some clarity; EU hypocrisy on ﬁnancial secrecy; Gap grows between the CDs and OTs; What’s going on in Cayman?; Irish worry about EU’s future regulatory direction; UK looks into its relationship with Cayman; Cayman’s AML regulatory changes extended Download the preview.
Cayman plays a dangerous game; Substance rules threaten offshore funds; Tight timeline for substance changes; Irish performance fee issues; LLCs come to Jersey; New rules and regulations in Luxembourg; Cayman exchange CEO appointment broke the law Download the preview.
Substance rules coming offshore; Why is it happening?; Can substance be defined?; Brexit: what are managers’ options?; EU says its blacklist is not punitive; Baillie Gifford to Ireland; Delegation dilemmas; Download the preview.
Going over a cliff? Time to come together; Delegation decisions delayed; Removing Brexit uncertainty; CDOT Connect event; ESMA warns on Brexit; MEPs want to determine equivalence; The going gets tough for some Lux ManCos; EU to require ESG disclosure. Download the preview.
Brexit: trainwreck ahead? Here comes the fight back; EU blacklist threat update; Don’t forget the EU; CDOT Connect; The Tracker’s ManCo risk ratings; Lux ManCos: transparency needed; Public property register coming to the UK. Download the preview.
ADI launches CDOT Connect; Public registers coming offshore; CDOTs’ real role unknown; Brexit: ignorance is bliss; Don’t forget the EU; MiFID II: Offshore substance tests; Breakfast Briefing Series; Reverse solicitation dangers; Cayman LP issues. Download the preview.
The view of US managers on Europe; Escape from AIFMD; BVI ﬁghts back; AIMA on Brexit; FCA seeks to stop UK manager overcharging; A ManCo risk capability assessment; MiFID II: The Phoney War; Luxembourg second in green finance rankings; Cayman’s Anti-Money Laundering Regulations. Download the preview.
ESMA and the AMF; A competitor to the ChannelIslands?; No sympathy from Barnier; What could possibly go wrong?; Here comes AIFMD II; Proposal to clarify ‘Pre-marketing’under AIFMD; ALFI critical of the Commission’sproposal to amend AIFMD; Assessing ManCos on risk. Download the preview.
BEPS tax leakage; Delegation: disaster ahead?; Go Dutch for substance; UK: the next offshore jurisdiction?; ManCo platform development in Jersey; Do ManCos challenge managers?; Should Appleby have sued?; ManCo selection help; MiFID II’s impact on tax; Offshore tormentor in trouble. Download the preview.
The EU’s delegation delusion; How much substance needed?; ManCo platform development in the Channel Islands; Slow burn MiFID II impact; Offshore jurisdictions: Brexit hostages?; More ManCo corporate activity; Cayman sees fund falls; Parliament rejects beneficial ownership BOT compulsion Download the preview.
Offshore jurisdictions on notice; Its Appleby vs the BBC & Guardian; A new fund jurisdiction?; EU goes for compulsory registers; Delegation denial; Tax and regulatory convergence; Strong ManCo growth; Carlyle: independent NED expertise unnecessary. Download the preview.
Paradise Papers fallout; Cayman’s European Future; Poll shows delegation worries; Goodbye offshore, hello USA; Time to jump on a bandwagon; Co-investing boom developing; Growing ManCo demand; MiFID II regulatory grace. Download the preview.
Fortress Europe on the way; EU tax blacklist: yet more delays; Getting very pricey; ManCo M&A mania; Here comes Labour; Time for LPAC standardisation?; MiFID firms converting to AIFMs; Prepare for the GDPR. Download the preview.
Luxembourg falling behind on BEPS; Irma’s consequences; Brexit: AIFMs may not be the answer; Here come GAARs; HMRC toughens up on corporate tax evasion; CRS implementation; Recent developments under FATCA; MiFID II: mission impossible. Download the preview.
Threat to Ireland; What’s driving offshore industry consolidation?; ‘Prairie tax haven’ boom; The EU’s autumn tax offensive; No more delegation for UK managers; Ireland out in front; Measuring demand for ManCos. Download the preview.
What kind of Brexit? How will Brexit affect the alternative fund industry?; Here it comes: BEPS will make a real difference to alternative fund structures; Shift to alternatives gathers pace; The UK’s post AIFMD world; Managers’ fund structuring dilemma; Cayman introduces beneficial ownership law. Download the preview.
Political issues for the CDOTs; What to do about substance; BEPS’ MLI signed; ESMA: no AIFMD delegation for the UK; ManCo platform boom; ManCo platform risk issues; Fees up with depo derogation’s end; Tax scandal in Germany. Download the preview.
Brexit: CDOTs, the forgotten children?; ‘A turning point in tax treaty history’; Irish Brexit capacity concerns; MiFID II application forms go out; ManCo M&A goes into overdrive; Shadow banking report shows role of fund domiciles; Cayman announces AML strategy to 2021. Download the preview.
OECD: Cayman needs a new narrative; Lux-leaks yet again; BEPS implementation: problems ahead?; Cayman’s tax conference: a win-win; CDOT Briefing; Beneficial ownership in Germany; A new way of looking at tax havens; BEPS: Ireland: we won’t be a Brexit flag of convenience. Download the preview.
Innocent bystanders; A post Brexit boom?; Blacklist backlash; Who is most affected by BEPS?; Delays to the EU’s tax blacklist; More MiFID II problems; AIFM ManCo platforms: strong growth; BEPS: UK’s approach to the MLI criticised; EU blacklist developments. Download the preview.
Delegation de-stabilisation; Managers yes, funds no; What happened to the RAIF?; A competitor to the Channel Islands; Get ready: BEPS is coming; Risk Governance Forum;All over for the EU?; ManCo platforms’ large fund dilemma; FCA investigating AR-ManCo relationships. Download the preview.
Three forecasts for ‘17; Turning up the speed dial; Goodbye to European investors?; BEPS: An introduction; 2017 will be tough for ESMA; CBI publishes CP 86; Automatic exchange of information now in force in the EU; Germany clamps down on offshore use by its citizens. Download the preview.
EU blackist before next September; No BEPS in US; EU overreach; Hedge fund recession; Cayman criticises Oxfam Report; Higher fees when depo derogation ends; Yet more on Weavering; Mary Jo White to leave the SEC; The Donald and Dodd Frank. Download the preview.
EU’s tax haven blacklist takes shape; Is the RAIF too late?; Brexit Barometer Part II; What is BEPS?; No passport extension now; Private placement concerns; Guernsey launches Private Investment Fund; UN looks at tax havens; BSX and CISE sign agreement; Cayman out in front in M&A. Download the preview.
ADI launches BEPS Monitoring Unit; Brexit? What Brexit?; The good, the bad and the ugly; Collateral damage?; 96 countries signed up to BEPS; Risk gatekeepers needed; HMRC offshore transparency drive; Europe no longer important to Cayman; First BEPS meeting for the Caribbean. Download the preview.
EU scores third country jurisdictions on tax governance; Apple: implications for Luxembourg; BEPS implementation now a reality; The Other Side of the EU's drawbridge; MiFID II problems; CSSF addresses ManCo platform supervision in Lux; Brexit hits UK LPs. Download the preview.
Brexit: early signs are not good; Tax avoidance directive takes aim at Luxembourg; Public UBO registry threat back; The Other Side of the Drawbridge: The Future for Offshore Funds in Fortress Europe; Lux-leaks not over yet; Jersey reports increase in private placement activity. Download the preview.
Brexit’s implications are considerable; Lux-leaks cave in; Ever closer to the US: Cayman introduces an LLC structure; Time to come together: For too long fund jurisdictions have preferred to fight their own battles; it’s time to collaborate; ESMA extends the AIFMD passport but not to Cayman. Download the preview.
Brexit boom for Ireland; Brexit bad for offshore jurisdictions; Brexit would change the European alternative fund business fundamentally; ICAV out in front; ESMA confirms passport ruling ‘soon’; ManCo platforms growing strongly; ADI Policy Forum on Tax & Transparency. Download the preview.
Owners out, others in; It’s everyone for themselves; Global transparency standards?; BEPS: existential threat? Surviving and prospering in the new era; Cayman joins beneficial ownership initiative; Economists question tax havens; Lux-Leaks: Prosecutor calls for jail. Download the preview.
Panama fallout could affect NPPR & AIFMD passport extension; UK concedes on public registries; Here comes the EU’s Anti-Tax Avoidance Directive; Good-bye Age of Aquarius, hello Age of Transparency; What about the US? EU states plan tax avoidance ‘hammer blow’. Download the preview.
Lux-leaks trial starts on April 26; Brexit could devastate AIFMD; Anti-BEPS mood grows in US; ADI 2016 Alternative Fund Domiciliation Survey; Is ESMA fit for purpose? RAIFs and nAIFs need to raise their profile; Cayman hopes technology will come to the rescue. Download the preview.
UK leads tax transparency charge; Malta launches Notified AIF; Time to get to grips with BEPS; Cayman: ever closer to the US – but further from the EU? EC unveils its tax avoidance package; Cayman sees hedge fund decline in 2015; Cayman looking likely for AIFMD passport. Download the preview.
The good, the bad and the ugly: ADI reviews industry trends and forecasts the year ahead; IOSCO wants more hedge fund transparency; Solvency II will affect fund domiciliation; Jersey reports strong increase in AIFM managers; LLCs coming to Cayman; Luxembourg approves RAIF. Download the preview
Cayman’s beneficial ownership proposal; ICAV vs RAIF: back to the 1990s; ManCo platforms to boom; AIFMD’s slow burner; UK stepping up efforts to become a fund domicile; Strong hedge fund launches forecast for 2016; Launch of Jersey Policy Forum; Caledonian fallout continues. Download the preview.
SEC data shows extraordinary Cayman dominance; ADI’s Service Provider Trends Survey; AIFMD: the view from the US; Is ESMA preparing to advise against NPPRs; Tax transparency not good for fund managers; The burden of BEPS; TJN’s Secrecy Index: US is getting worse Download the preview
U-turn to the U-turn; Are tax changes the real threat? BEPS: UK likely to implement in November; AIFMD vs UCITS: aka offshore vs EU?; Tax transparency not good for fund managers; Value of AIFMD depo providers questioned; Report looks at US use of offshore centres Download the preview
U turn on the registry? Lux-leaks goes mainstream; Will the US throw out BEPS? Dismay in the US at passport decision; Did ESMA confuse AIFs and AIFMs? Tax avoidance and trusts; AIFMD tax deferral; Large numbers of non EU AIFs; Elian buys SFM Europe. Download the preview
Is ESMA up to it? Banks want easily accessible UBO info; In the first wave; Cayman looking good for AIFMD; What next for private placement?; More Lux-leaks fallout; Changes at CIMA; Ireland clamps down on corporate tax breaks; Guernsey keeps up the pressure Download the preview
AIFMD: next year will be tougher; BEPS is a threat to funds’ tax neutrality; All aboard the tax bandwagon; Why Guernsey?; EU accused of hypocrisy over blacklist; KPMG issues BEPS warning; IRS targeting US hedge fund tax avoidance ploy; Cayman preparing for AIFMD passport extension Download the preview
ADI poll: managers want to stay in the EU; DPT will now include partnerships; BEPS update: all on track; AIFMD distribution: what about subthreshold funds?; AIFM ManCos need better categorisation; US judge slams the SEC in Caledonian case; EC’s tax details soon. Download the preview
Prepare for the ‘taxulation’ era; ManCo platforms threated by BEPS; UK election result is not good for AIFMD; US is ‘the elephant outside the room’; Lux-leaks rumbles on with new prosecution; Blame it on the Swiss; EU endorses beneficial ownership proposals. Download the preview
Return of the registry; EU tax transparency on its way; CIMA in the spotlight over Caledonian closure; Unperturbed; BEPS consultation; Will Miliband support the FTT? AIFMD implementation divergence; Gibraltar sues over tax haven slur; FCA announces major AIFMD consultation. Download the preview
Ireland introduces the ICAV; DPT will cause chaos; Calandonian Bank liquidations shows shortsomings in beneficial registry; Not much worries those offshore; What should ESMA do with all that data? Regulation of the tax advice industry? Mixed news from Guernsey. Download the preview
Miliband serious about offshore blacklist; European Commission to investigate Ireland and Luxembourg; BEPS will damage real estate investment; PwC in the doghouse; Annex IV shambles; Regulation of the tax advice industry? Don’t prosecute Deltour; Depo costs don’t reflect the risk. Download the preview
Luxembourg’s prisoner of conscience; ‘Lux-Leaks’ is bad news for all fund domiciles; Offshore centres on a collision course with Cameron; BEPS now on the agenda; Annex IV: confusion reigns; Switzerland: the world’s third largest alternative market; ESMA’s consultation closes. Download the preview