Legal briefings from the world's leading law firms

HMRC have been focusing on LLPs using corporate members to reduce income tax liabilities. The consultation document now makes it clear that HMRC propose to stop all corporate member planning where one of the purposes of the planning is to reduce or defer income tax liabilities.

Dealing with another party's breach of contract or negligence can be a time-consuming process, involving the diversion of management and other staff from their normal revenue-generating activities. However, a recent case demonstrates the extent to which the court is willing to offer compensation.

Macfarlanes discusses the implementation of the AIFMD; the EU Directive and Regulation amending rules on credit rating agencies; UCITS V; the proposed Recovery and Resolution Directive; long term investment financing by institutional investors; Banking Reform Bill; and Personal Current Accounts.

A dividend recap involves a portfolio company obtaining new financing in the loan/bond markets to fund a return to its investors. Dividend recaps have been much commented on recently and have become a regular feature in deal flows this year. Macfarlanes highlights some key features and issues.

Since their introduction in 2000, the LLP has developed into the management/advisory vehicle of choice in the independent asset management industry. However, HMRC clearly believe these advantages have been pushed too far and are now intent on stopping some or all of the arrangements.

The weekly financial services update from Macfarlanes discusses the retail distribution of unregulated CIS; valuation of collective investment schemes; European Commission's 2013 work programme; recovery and resolution for non-bank financial institutions; structural reform of EU banks; and more.

The FCA requires a specified individual to confirm certain matters relating to their firm's regulatory compliance in a particular context. This article explores the regulatory risks faced by individuals required to provide such attestations to the FCA and suggests some practical mitigants.

Macfarlanes' weekly financial services update discusses the FCA's new regulatory disclosures; HM Treasury Q&A on transposition of AIFMD; the FCA's recently published Handbook Notice 1; the Special Resolution Regime; PRA transition letter to firms; and the European System of Financial Supervision.

The heightened regulatory focus on senior individual accountability has prompted a number of regulated firm boards to re-assess the duality of their respective legal and regulatory responsibilities. This article explores the divergence between legislative requirements and prevailing regulation.

The weekly financial services update discusses the FCA's focus on culture to tackle conduct failings; regulations on European venture capital; single supervisory mechanism; investigating and prosecuting market manipulation; financial transaction tax; and regulation of retail structured products.