3 Taxation of Private Investment Funds

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
United States ◽  
Joint Venture ◽  
Private Investment ◽  
The United States ◽  
Investment Funds ◽  
Conflicting Interests ◽  
Tax Status ◽  
The Uk ◽  
Limited Partnerships

This chapter discusses the taxation of private investment funds, addressing questions such as whether there are any conflicting interests between investors and/or managers and/or others involved in the fund (including joint venture parties) in relation to any aspect of the tax affairs of the fund; whether any investor could be liable (whether on its own, jointly, or jointly and severally) for any taxation liability of the fund or any of its subsidiary vehicles; or the extent to which the tax treatment of the fund or any of its subsidiary vehicles is dependent on the tax status of investors. The chapter compares the taxation of limited partnerships and offshore companies in the UK and in the United States.

15 Litigation and Enforcement involving Private Funds after the Global Financial Crisis

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Global Financial Crisis ◽  
Private Investment ◽  
The United States ◽  
Regulatory Regime ◽  
Investment Funds ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk

This chapter focuses on the increase in the amount of litigation and enforcement actions against private investment funds in the United States, the UK, and across the globe as a result of the global financial crisis. As more disputes arose during the course of the global financial crisis, the legal and regulatory regime impacting private investment funds has been the subject of closer scrutiny than has been seen in previous decades. The chapter first considers the Securities and Exchange Commission’s (SEC) enforcement actions against hedge funds as well as U.S. civil litigation prior to the financial crisis before discussing Dodd-Frank and its effect on enforcement. It then examines the SEC’s enforcement actions regarding broker-dealer registration, along with some of its key enforcement actions after Dodd-Frank. It also analyses the Financial Conduct Authority’s enforcement priorities after the global financial crisis and key litigation in the UK involving private investment funds.

7 Governance Issues in Offshore Companies Used as Private Investment Funds

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Board Of Directors ◽  
Private Investment ◽  
The United States ◽  
Fiduciary Duty ◽  
Duty Of Care ◽  
Cayman Islands ◽  
Investment Funds ◽  
The Board Of Directors ◽  
The Uk

This chapter examines issues of governance arising from the use of offshore companies as private investment funds. Funds established in offshore jurisdictions are often structured as limited companies that issue shares to investors. Governance issues can arise in offshore companies when voting rights are separated from economic participation. The chapter first considers the role of the board of directors in private investment funds before discussing taxation issues affecting offshore companies used as private investment funds in the UK and in the United States. It then explains the duties of directors under Cayman Islands law, including fiduciary duty, duty of care, diligence, and skill, and duty of confidentiality. It also describes the composition of the board of directors, its meetings, relationship with the fund manager, and responsibility for approval of fund documentation.

5 The Regulatory Duties Arising from the Provision of Investment Advisory and Management Services

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Services ◽  
Public Investment ◽  
Private Investment ◽  
The United States ◽  
Fiduciary Duty ◽  
Regulatory Regime ◽  
Investment Funds ◽  
Investment Advisers ◽  
The Uk ◽  
Management Services

This chapter examines the regulatory duties of investment managers arising from the provision of investment advisory and management services. Managers of private investment funds that are authorised or regulated as investment advisers or managers can owe regulatory duties arising under the Financial Services and Markets Act 2000 (FSMA) in the UK and the Investment Advisers Act of 1940 in the United States. The chapter begins with a discussion of the UK Financial Conduct Authority’s (FCA) regulation of the conduct of firms authorised under the FSMA, including collective investment schemes, public investment funds, and fiduciary duty in the financial services regulatory regime. It then considers the FCA’s regulatory response to private investment funds as well as the U.S. Securities and Exchange Commission’s compliance programme for investment advisers and managers primarily under the Advisers Act. It concludes with an analysis of financial services regulation of fiduciary duties.

2 Marketing Private Investment Funds

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Services ◽  
Private Investment ◽  
The United States ◽  
Investment Funds ◽  
Public Marketing ◽  
Net Worth ◽  
Financial Regulations ◽  
Private Placements ◽  
Investment Advisers ◽  
The Uk

This chapter examines how private investment funds are marketed, first by considering the different distribution approaches for such funds. Private investment funds are distributed mainly through private placements rather than public offers. With limited exceptions, this is generally driven by restrictions on public marketing efforts imposed by financial regulations such as the Financial Services and Markets Act 2000 (FSMA) in the UK. The chapter proceeds by discussing financial promotion restrictions in the UK as well as exemptions to these restrictions, including one-off communications, high net worth individuals, and sophisticated investors. It also explains the promotion of collective investment schemes (CIS) and the consequences of CIS categorisation before concluding with an analysis of laws that govern the marketing of private investment funds in the United States, namely: the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934.

Hedge Fund Regulation

2017 ◽  
Author(s):  
Wulf A. Kaal ◽  
Dale A. Oesterle
Keyword(s):  
United States ◽  
Hedge Funds ◽  
Hedge Fund ◽  
Private Investment ◽  
The United States ◽  
Regulatory Framework ◽  
Securities Regulation ◽  
Investment Fund ◽  
Investment Funds ◽  
Fund Industry

The hedge fund industry in the United States has evolved from a niche market participant in the early 1950s to a major industry operating in international financial markets today. Hedge funds in the United States began as privately held and privately managed investment funds, unregistered and exempt from federal securities regulation. An increasing investor demand for hedge funds and substantial growth of the hedge fund industry resulted in a tectonic shift in the regulatory framework applicable to the industry via the Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act. This chapter summarizes the evolution of the regulatory framework governing the hedge fund industry. It focuses on the registration and disclosure provisions added by the Dodd-Frank Act and several other regulatory innovations, including the Jumpstart Our Business Startups (JOBS) Act and proposals for tax reform of the private investment fund industry.

6 Governance Issues in Partnerships used as Private Investment Funds

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Board Of Directors ◽  
Private Investment ◽  
Fiduciary Duty ◽  
Investment Funds ◽  
Limited Partnership ◽  
Advantages And Disadvantages ◽  
The Board Of Directors ◽  
Partnership Agreement ◽  
The Uk ◽  
Limited Partnerships

This chapter examines issues of governance arising from partnerships used as private investment funds. A limited partnership has two categories of partner: general partners and limited partners. The chapter first considers the role and duties of general partners and limited partners before discussing the English law vs Delaware law on limited partnerships, focusing on the advantages and disadvantages of Delaware law. It then looks at the UK legal reform on limited partnership and how the limited partnership agreement can be used to address the governance challenge presented by private investment funds. It also explains the duties of partners with respect to the governance challenge, taking into account the fiduciary duty in Delaware partnerships, the fiduciary duty of the board of directors under Delaware law, the Delaware Court of Chancery’s ruling in USA Cafes, and developments following USA Cafes.

‘To see oursels as ithers see us’: Reflections on Scottish Independence from the United States

2014 ◽  
Vol 23 (3) ◽  
pp. 381-388 ◽  
Author(s):  
Euan Hague ◽  
Alan Mackie
Keyword(s):  
United States ◽  
The United States ◽  
The Us ◽  
Scottish Independence ◽  
The Uk ◽  
Scottish Diaspora

The United States media have given rather little attention to the question of the Scottish referendum despite important economic, political and military links between the US and the UK/Scotland. For some in the US a ‘no’ vote would be greeted with relief given these ties: for others, a ‘yes’ vote would be acclaimed as an underdog escaping England's imperium, a narrative clearly echoing America's own founding story. This article explores commentary in the US press and media as well as reporting evidence from on-going interviews with the Scottish diaspora in the US. It concludes that there is as complex a picture of the 2014 referendum in the United States as there is in Scotland.

Science, Politics, and the Pandemic

2020 ◽  
Vol 119 (820) ◽  
pp. 303-309
Author(s):  
J. Nicholas Ziegler
Keyword(s):  
United States ◽  
Biomedical Research ◽  
Scale Up ◽  
Political Leadership ◽  
The United States ◽  
Scientific Advice ◽  
The United Kingdom ◽  
Effective Policy ◽  
Scientific Expertise ◽  
The Uk

Comparing the virus responses in Germany, the United Kingdom, and the United States shows that in order for scientific expertise to result in effective policy, rational political leadership is required. Each of these three countries is known for advanced biomedical research, yet their experiences in the COVID-19 pandemic diverged widely. Germany’s political leadership carefully followed scientific advice and organized public–private partnerships to scale up testing, resulting in relatively low infection levels. The UK and US political responses were far more erratic and less informed by scientific advice—and proved much less effective.

Menelaah Lebih Dekat “Post Factual/Post Truth Politics, Studi Kasus Brexit” (Analsis Resensi Media)

2017 ◽  
Vol 1 (1) ◽  
Author(s):  
Eko Wahyono ◽  
Rizka Amalia ◽  
Ikma Citra Ranteallo
Keyword(s):  
United States ◽  
Mass Media ◽  
New Media ◽  
The United States ◽  
The Political ◽  
Political Struggle ◽  
The Real ◽  
The Mass Media ◽  
The Uk ◽  
The Way

This research further examines the video entitled “what is the truth about post-factual politics?” about the case in the United States related to Trump and in the UK related to Brexit. The phenomenon of Post truth/post factual also occurs in Indonesia as seen in the political struggle experienced by Ahok in the governor election (DKI Jakarta). Through Michel Foucault's approach to post truth with assertive logic, the mass media is constructed for the interested parties and ignores the real reality. The conclusion of this study indicates that new media was able to spread various discourses ranging from influencing the way of thoughts, behavior of society to the ideology adopted by a society.Keywords: Post factual, post truth, new media

Sign in / Sign up

Export Citation Format

Share Document