Changes in the Available Fund Regimes and Launch of Notified Fund Regulatory Regime Malta: on 1 April 2016, the Malta Financial Services Authority (the “MFSA”) provided details on a revised way forward in relation to the licensing and notification process for funds in Malta...

The Swiss private banking model is based on two regulatory licenses. A banking license will allow the bank to take deposits from the public and extend credit (by exposing its balance sheet) to refinance or bank or finance customers. A broker-dealer license will allow the bank to operate private banking and asset management operations.

The Financial Market Infrastructure Act is an act that aims to adjust the regulation of financial market infrastructures and derivatives trading. It covers organizational and behaviour rules for all financial market infrastructures and sets out regulations for OTC derivative contracts as well as general requirements on market behaviour rules.

The protection of clients’ personal information has historically been of paramount concern in the Swiss banking sector. Swiss banks are well regarded for their discretion in that respect and there is a suite of Federal laws in which banking secrecy is enshrined. However, the protection of banking clients’ privacy is becoming increasingly limited, mainly in an effort to combat global tax evasion, money laundering and the financing of terrorism...

The United Arab Emirates (the “UAE”) introduced on 1 July 2015, after years of speculation regarding an overhaul of the commercial companies law, UAE Federal Law No. 2 of 2015 on Commercial Companies (the “New CCL”), which substitutes in its entirety the previous Commercial Companies Law (UAE Federal Law No. 8 of 1984 on Commercial Companies, as amended)...

La pression exercée par le Groupe d’action financière (« GAFI ») ces dernières années pour augmenter la transparence des personnes morales s’est accrue depuis la mise sur pied en 2009 d’un système d’évaluation par les pairs au Forum mondial. En effet, depuis 2005, le GAFI a procédé à l’évaluation du régime de lutte contre le blanchiment d’argent et le financement du terrorisme en Suisse.

On 20 May 2015, the European Parliament and the Council of the European Union (the “EU”), published the Directive (EU) 2015/849 (the “Directive”) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Anti-Money Laundering Directive (EU) 2015/849)...

Bitcoin market Switzerland: The Swiss regulator FINMA has recently authorized the creation of the first digital currency exchange platform headquartered in Zurich, called ECUREX, which is compliant with both the Swiss Banking Act and the Swiss Anti-Money Laundering Act...

A l’heure où les activités dans le domaine des marchés financiers prennent de plus en plus d’ampleur au niveau international, les demandes d’entraide administrative sont, par la même occasion, en constante augmentation.

Established in 2013, the Dubai Design District (the “D3”) is one of Dubai’s newest Free Zones. D3 was created to act as a hub for creative design, and is becoming one of the primary destinations for creatives from all over the Middle East. This newsletter provides a general overview of the procedure and requirements in relation to the incorporation of a company providing design services (the “Company”) in D3...

Established in 2002, the Dubai Multi Commodities Center (the DMCC incorporation requirements Dubai) is the largest and fastest growing Free Zone within the United Arab Emirates, as well as the region, and currently comprises of over ten thousand companies ranging from small start-ups to large corporations spanning various fields and industries...

There are three types of clients as per the Dubai Financial Service Authority's Client Classification Rules: Retail Clients; Professional Clients; and Market Counterparties.

In the United Arab Emirates (the “UAE”) until 2008, the UAE Central Bank had the responsibility to regulate the activity of financial consultation as part of the financial investment businesses. As of December 2008, the UAE Securities & Commodities Authority (“SCA”) issued Decision No. 48/R of 2008 Concerning the Financial Consultation and Financial Analysis (the “Regulation”).

ESMA issued its advice on the 30 July 2015. This Insight aims to provide a general outlook on ESMAs advice and the next steps forward.

Much discussion has arisen on whether or not FX spot contracts relating to currencies are to be considered as financial instruments as defined under the Markets in Financial Instrument Directive1 (the “MiFID”). This lack of a clear and harmonized definition as to which instruments should be considered as FX financial instruments has led to market uncertainty with regard to regulatory requirements, particularly with respect to proper adherence with the reporting requirements imposed under the European Market Infrastructure Regulation (the “EM IR”).

When conducting business in Switzerland, one should be conscious of the laws in place to protect individuals’ and companies’ data. The main regulation of data protection in Switzerland is found in the Federal Act on Data Protection of 19 June 1992 (“DPA”) and the corresponding Ordinance to the Federal Act on Data Protection of 14 June 1993 (“DPO”).

Dans un souci de parfaite conformité aux standards internationaux de lutte contre le blanchiment d’argent et le financement du terrorisme, l’autorité fédérale de surveillance des marchés financiers (« FINMA »), n’a eu guère d’autres choix que de s’aligner aux nouvelles méthodes internationales régissant le domaine.

On 26 November 2014, the European Commission, the Council of Europe and the European Parliament, reached an agreement about a Regulation on European Long-Term Investment Funds, which establishes a new investment vehicle, the European Long-Term Investment Fund, which will be available for marketing to all investors.

The law applicable to foundations registered in Malta can be found in the Second Schedule Title III to the Civil Code, Chapter 16 of the Laws of Malta. Foundations under Maltese law may be either a private (the “Private Foundation”) or a purpose foundation (the “Purpose Foundation”). A Private Foundation is established for the benefit of beneficiaries, whereas a Purpose Foundation relates to foundations established exclusively for a charitable, philanthropic or other social purpose or as a non-profit organization.

La France s’est vue décerner récemment le titre de championne d’Europe en matière de fiscalité applicable à la détention et à la cession d’un bien immobilier. Selon une étude menée dernièrement, la fiscalité française sur dix ans de détention d’un bien immobilier représenterait au moins 29% du prix d’acquisition de ce bien.

The Alternative Investment Fund Managers provides the legislative framework premised on three basic scenarios which are the location of the AIFM, the place of establishment of the Alternative Investment Fund (the ‘AIF’); and the AIF’s target market.

Directive 2011/61/EU on Alternative Investment Fund Managers (the ‘AIFMD’) effectively sets out the rules for authorization, ongoing operation and transparency for alternative investment fund managers (the ‘AIFM’) and the rules for managing and/or marketing alternative investment funds (the ‘AIF’) within the EU. The AIFMD imposes certain requirements for the authorization and supervision of the AIFM and consequently is applicable to all European Union (the ‘EU’) AIFMs managing EU AIFs or third country AIFs (‘non-EU AIFs’), irrespective of whether or not they are marketed in the Union.

This Insight has been prepared as a guideline in relation to the incorporation of a company trading in gold (the “Company”) in the Dubai Multi Commodities Centre (the “DMCC”), Dubai, United Arab Emirates. It provides a general overview of the procedure and requirements for the setup and looks at the anti-money laundering requirements in relation to the operations and chain of supply of the Company. The publication outlines also an estimate of the total costs and time taken for the incorporation of the Company, Gold Dubai Multi Commodities Centre DMCC.

Taking up residence in Malta is regulated by a number of legislations (the “Rules”). These Rules run parallel to the amended Residents Scheme Regulations but will not regulate holders of a valid permanent residence issued by the Commissioner of Inland Revenue (the “Commissioner”) according to the Residence Scheme Regulations.

Under Malta’s tax system a company is considered resident in Malta if it is incorporated in Malta, or in the case of a foreign body of persons, if its control and management are exercised in Malta. Tax is charged at a standard rate of 35% on the chargeable income of the company.

The MGA’s licensing regime embeds a high level of self-regulation upon the operators thus making sure that the necessary risk management approaches are being adhered to, that the games and the gaming activity are being conducted fairly and that responsible gaming functionalities are in place to protect the vulnerable players.

Anyone wishing to incorporate in Malta must understand that the Maltese company law is principally governed by the provisions of the Companies Act of 1995, which is heavily based on the provisions of the UK Companies Act. The limited company can be of either a private nature (ltd.) or of a public nature (plc). The required documentation and fees are based upon the type of company would be incorporated.

With UCITS V, the European Commission proposed a new depositary regime. In its impact assessment which accompanied the 2009 consultation document, the Commission highlighted that national divergences in the depositary regime could be the origin of significant legal uncertainty and could lead to different levels of investor protection across the EU.

Vessel registration under the Malta flag and the operation of Maltese ships are regulated by the Merchant Shipping Act of 1973. It offers a variety of advantages including among others low company formation, ship registration and tonnage tax costs, progressive reduction in registration and tonnage tax costs for younger ships; attractive incentives to owners, registered charterers and financiers of Maltese ships of over 1,000 net tonnages.

In January 2014, representatives of the Council of Europe, the European Parliament and the European Commission reached a high level agreement on updating the rules for the revised MIFID II and MIFIR.

On 3rd January 2013, the Dubai International Financial Centre (the “DIFC”) introduced its representative office regime, allowing foreign financial institutions to market and promote their financial services in or from the DIFC. The financial service of operating a representative office is a stand-alone and the DFSA’s least regulated form of financial activity. This Insight provides a general overview of the formation procedure and requirements of conducting the financial service of operating a representative office in the DIFC.

An offshore company, as the name suggests, is a company which is incorporated outside the jurisdiction of its primary operations. One of the main reasons for incorporating a company outside one’s own jurisdiction is that the offshore jurisdiction has very low or no taxation and reporting restrictions. The United Arab Emirates is one such country which allows and offers foreigners to incorporate offshore companies with flexible requirements, conditions and a number of advantages as compared to other jurisdictions.

The scope of the Directive should be limited to entities managing AIFs as a regular business – regardless of whether the AIF is open or close ended, whatever the legal form of the AIF, and whether or not the AIF is listed – which raise capital from a number of investors with a view to investing that capital for the benefit of those investors in accordance with a defined investment policy.

This Insight will focus on the formation requirements of a domestic exempt Islamic fund (“IEF”) in the Dubai International Financial Centre (“DIFC”) – a recognised free zone in Dubai, United Arab Emirates with its independent regulator named the Dubai Financial Services Authority (“DFSA”).

Earlier in UAE there existed only one financial free zone established in Dubai – the Dubai International Financial Centre (the “DIFC”). After a wait of ten (10) years, Abu Dhabi has finally now utilised Federal Law No. 8 of 2004 (the “Financial Free Zones Law”), to establish a financial free zone of its own on the newly developed Al Maryah Island.

While the 1994 Investment Service Act sets core legal conditions required to get a license, the MFSA has also implemented specific requirements which are not necessarily available in writing, summarised in this insight. Learn more about the requirements for seeking an asset management license in Malta.