As we predicted in Observation 1.0, the inevitable waves of Volcker Rule guidance and interpretation have begun. A set of frequently asked questions, developed jointly and adopted in substantively identical form by the federal banking agencies (the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC)), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), (the “Interagency FAQs”) has just been published. Since we understand that...

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Investment funds, including private equity funds, often receive capital contributions from tax-exempt organizations. These tax-exempt institutions may include U.S. and foreign pension funds, as well as U.S. and foreign charities and college and university endowment funds. This article addresses some of the U.S. withholding tax exemptions and obligations as they relate to foreign tax-exempt organizations invested in investment funds. Taxation of Foreign Investors on U.S.-Source Investment Income Private equity, venture capital and domestic hedge funds typically are formed as partnerships for...

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The CMBS market saw an impressive finish to the first half of 2014 with spreads tightening sharply across the board in June. Those gains came after a disappointing May in which performance was largely flat. In 2012 and 2013, the spring and early summer turned out to be hazardous times for CMBS investors with meaningful spread widening during those stretches. There was no such drama this year as CMBS investors saw big gains over the last 30 days. Legacy Paper Legacy super...

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Nearly every business has a website, whether just for information purposes or for selling goods or services. Yet, how many businesses are aware of the legislation which applies to websites and e-commerce transactions? Is your website designed to comply with WEEE, e-commerce, equality and data protection legislation?  It is a criminal offence not to comply with some of this legislation.  The way in which you commission and design your website also has significant implications for your business. Over the next...

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A survey of top decision makers from more than 100 American companies with a subsidiary in Austria focusing on the current economic situation, their assessment of prospects for the next six months and perspectives of their operations in Austria showed a clearly positive mood among business leaders. The survey was carried out by AmCham Austria, the Austrian office of the US Chamber of Commerce, AmCham Austria. The semi-annual business barometer evaluated the current situation as well as prospects in the coming...

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