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Bill of law No. 6318 amending the Luxembourg law of 13 February 2007 on specialised investment funds has been adopted

On 6 March 2012, the Luxembourg Parliament passed bill of law No. 6318  (the “Law”) amending the Luxembourg law of 13 February 2007 on specialised investment funds. The Law foresees several important changes to the regime governing specialised investment funds or “SIFs”, one of Luxembourg’s most popular collective investment schemes among fund initiators and sophisticated investors, as evidenced by the almost 1,400 structures currently in existence. The SIF’s success is based on the product’s features which combine prudential supervision with...

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Houlihan Lokey’s 2011 Accomplishments

Houlihan Lokey earned several distinctions in their core businesses of corporate finance, financial advisory and financial restructuring, including: • No. 1 M&A Advisor for U.S. Transactions Under $1 Billion* • No. 1 Global M&A Fairness Opinion Advisor Over the Past 10 Years* • No. 1 Global Investment Banking Restructuring Advisor* • No. 1 Advisor to Private Equity Firms Over the Past 10 Years—PitchBook • Most Innovative Investment Bank for Restructuring—The Banker • Valuation Firm of the Year—M&A Advisor’s International Awards the firm looks forward to a...

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Irish Funds Industry Welcomes Positive FATCA Development

Mason Hayes Curran Investment Funds Update February/March 2012 The Irish Funds Industry Association (IFIA) has welcomed the news that European fund managers stand to save up to a reported $1 billion in costs associated with reporting obligations under FATCA. The news comes after the release, on 8 February 2012, of widely anticipated proposed regulations (the “Proposed Regulations”) by the US Department of Treasury and Internal Revenue Service (“IRS”). The Proposed Regulations provide guidance for foreign financial institutions, non-financial foreign entities, and...

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Update on the Appointment of Directors Through Conduit Firms

Mason Hayes Curran Investment Funds Update February/March 2012 On 21 December 2011, the Central Bank of Ireland (the “Central Bank”) issued a letter to the industry regarding director appointments via conduit firms. The Central Bank referred to previous correspondence issued to the industry where they advised of their concern that such arrangements may contain unacceptable limitations on the liability of directors and explaining their view that all director appointments must be made directly by the collective investment scheme (the “CIS”) or management company...

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Central Bank of Ireland published an Information Note on the New Regime of Fitness and Probity

Mason Hayes Curran Investment Funds Update In order to provide some guidance to the investment funds industry, the Irish Funds Industry Association, on 13 February 2012, published an Information Note on the Fitness and Probity regime.  The purpose of the Information Note is to provide guidance on: (a) the identification of persons exercising PCF and CF roles in investment companies and management companies which operate on a delegated model basis by outsourcing all their day to day activities to third parties; (b) the level of...

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Houlihan Lokey celebrates its 40th Anniversary

Exceptional commitment to client success Houlihan Lokey is proud to celebrate its 40th Anniversary as an international investment bank, having earned distinction in mergers, acquisitions, financings, financial restructuring, financial opinions and valuations. We would like to thank our clients for their support and congratulate them on their success and growth. Today our commitment to client service drives our business. Our hands-on experience and intellectual rigor have become our calling cards. By combining the access and expertise of an international firm with...

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Updated Customs Bonded Warehouse Manual Issued

For the first time since, 1990, U.S. Customs and Border Protection (CBP) has revised the Bonded Warehouse Manual for Customs and Border Protection Officers and Bonded Warehouse Proprietors. The Manual is supplementary to the bonded warehouse regulations (19 C.F.R. Parts 19, 144) and is designed to assist in understanding those regulations and bonded warehouse operations in general. The manual now also address duty-free enterprise operations, with limited information on centralized examination stations (CES) and container freight stations (CFS). A copy...

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“HSR Thresholds Rise Again With Rise in GNP”

Fulbright Alert -- The Federal Trade Commission ("FTC") just announced increases to the reporting thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). These changes result from amendments to the HSR Act enacted in 2000 that require the FTC to revise the reporting thresholds annually based on changes in the U.S. gross national product. The increases will apply to all transactions that close after the effective date, which likely will be in late February...

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Senior Bankruptcy Lawyer Joins Fulbright as Partner in New York

A senior bankruptcy lawyer has joined the international law firm of Fulbright & Jaworski. Ancela R. Nastasi joins Fulbright as the head of the New York office's bankruptcy and insolvency practice group. Her extensive experience includes prominent roles in complex restructuring and chapter 11 cases, including insolvency and bankruptcy related litigation and transactions. Nastasi represents lenders, investors, debtors, chapter 11 trustees and creditors in matters involving myriad industries, including financial services, telecommunications, manufacturing, hospitality and real estate.  "Ancela is an...

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