09 Apr
Member News, News

Pepper Client Alert: Securities and Exchange Commission Creates New Private Fund Unit Dedicated to Examination of Private Equity and Hedge Funds

On April 7, 2014, it was announced that the United States Securities and Exchange Commission (SEC) has created a new private fund unit dedicated to the examination of private equity and hedge funds. The new group is another example of increased regulatory oversight of the financial services industry following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), Pub. L. 111-203, H.R. 4173. As a result of Dodd-Frank, many investment advisers, hedge funds, and private equity...

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09 Apr
Member News, News

Record number of international companies in Vienna

133 international companies set up business operations in Vienna in 2013, more than ever before. Total investment volume amounted to about EUR 38 million, creating 700 new jobs. In the past ten years more than 1,000 international firms have established subsidiaries or branch offices in Vienna, creating or safeguarding 9,100 jobs and stimulating investments of EUR 800 million. Functioning city lures companies The soft skills offered by the business location were also among the main reasons explaining the decision of international...

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09 Apr
Chapter News, News

European Commission proposes to strengthen shareholder engagement and introduce a “say on pay” for Europe’s largest companies

The European Commission has today adopted measures to improve the corporate governance of around 10 000 companies listed on Europe’s stock exchanges. This would contribute to the competitiveness and long-term sustainability of these companies. Other proposals would also provide cost-efficient company law solutions for SMEs which operate across borders. The package of measures implements key actions identified in the Communication on the long-term financing of the European economy of 27 March (IP/14/320). Internal Market and Services Commissioner Michel Barnier said: "The last...

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09 Apr
Member News, News

No Holds Barred? EU Data Retention Directive Declared Invalid by the Court of Justice

How did the decision come about?  European law permits national courts to submit questions to the Court on the interpretation of EU legislation. The Irish High Court referred questions from a case taken by Digital Rights Ireland, an organisation dedicated to defending civil, human and legal rights in a digital context. The questions concerned the validity of the 2006 Data Retention Directive, which obliged Member States to introduce laws compelling the storage of telecommunications data. The Directive required the collection and...

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08 Apr
Chapter News, News

Iconic Symbol of European Ingenuity Turns 40: Rubik’s Cube

European Commission President José Manuel Barroso and Rubik’s Cube inventor, Professor Ernő Rubik of Hungary, marked the 40th anniversary on March 28 of this often frustrating, ultimately rewarding device that embodies vast scientific complexity but links it with playfulness. The inventor of the most famous cube in the world, Professor Ernő Rubik, meets European Commission President Barroso today to celebrate the 40th anniversary of this colourful device. They will meet over lunch to discuss the importance of science outreach and...

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07 Apr
Member News, News

Private Equity Funds Eye Cayman Ahead of Rule Change

A proposal for amendments to Cayman law could align their legislation with that of Delaware in order to facilitate private equity structures adopting the master/feeder structure, potentially attracting more funds domiciling in the offshore jurisdiction. Cayman is expected to pass a new Exempted Limited Partnership Law in March or April 2014. The bill, which sets out the terms of the proposed new law, provides for increased drafting flexibility for exempted limited partnership agreements, writes Matt Mulry, partner – financial services,...

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07 Apr
Member News, News

Nutri Ventures Teams Up With Partnership for a Healthier America

First Lady Michelle Obama remarks on Nutri Ventures' commitment to improving childhood nutrition Nutri Ventures Corp. has signed an agreement with Partnership for a Healthier America, a nonpartisan, nonprofit organization chaired by First Lady Michelle Obama. When Nutri Ventures and PHA announced the partnership during the Building a Healthier Future conference on March 13, Nutri Ventures pledged to work with the PHA on its core mission: promoting healthy eating habits in children. To do this, all 29 episodes of “Nutri Ventures:...

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04 Apr
Member News, New York Related News, News

New York City’s Economic Incentives Have Been Renewed & Extended!

The New York Grant Company, a EACCNY member, is pleased to let you know that all of New York City's as-of-right economic incentives have been renewed and extended as part of the State's 2014 budget package signed into law by the State legislature and Governor Cuomo on April 1, 2014. Moreover, all of the incentives are effective retroactive to any sunset dates which have already passed for many of the programs.  This means that any company which signed or renewed a...

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04 Apr
Member News, News

NYC RE: More Moves Along New York’s Sixth Avenue Corridor

Trepp, LLC in the past has written about the various comings and goings on Manhattan's Sixth Avenue (also known as Avenue of the Americas) a number of times. Several more large lease changes were reported over the last few days. None of the leases touch CMBS in a material way, but they do show how much current movement there is in that neck of the woods. On Tuesday, Steve Cuozzo of the New York Post noted that law firm White and Case was...

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04 Apr
Chapter News, News

Statement by the European Commission and the European Central Bank following the conclusion of the first post-programme surveillance mission to Spain

After the expiry of the financial sector programme in January 2014, a staff team from the European Commission, in liaison with staff from the European Central Bank, undertook the first visit to Spain in the context of the post-programme surveillance (PPS) on 24-28 March and on 3 April. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System. Overall, the positive trends of policy progress, ongoing economic adjustment and diminishing financial stress that...

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