IN THIS ISSUE:
Proposed AIFM Directive Reaches Dizzying Political Heights
The Directive proposes subjecting AIFs to stricter short selling rules, providing a “one size fits all” approach to AIFMs, and imposing restrictions on the marketing of AIFs domiciled outside the EU. These and other provisions drawing widespread attention are explored. Page 3
First Antitrust Settlement Reached with European Commission
In 2008, the EC institutionalized a settlement procedure in which parties would be allowed not only to assess the Commission’s evidence against them but also to make settlement submissions based on a range of fines communicated by the EC. A recent case settlement demonstrates the procedure’s potential benefits. Page 6
EC Formally Requests Belgium to Amend Tax Regime
The Commission views Belgium’s current rules on the taxation of non-Belgian investment companies as a discriminatory restriction to the freedom of establishment and the free movement of capital. Non-Belgian collective investment companies should consider filing protective claims. Page 7
UK and US Market Abuse Divide
Although the US regime is similar to the UK criminal regime, in that both require the prosecution to prove some subjective mental state such as dishonesty or manipulative intent, the civil regime in the UK and Europe concerns itself more exclusively with objective conduct. Page 12
