Business and Other Briefings
FSA: The Financial Services Authority (FSA) recently set out further progress on allowing UK retail consumers to invest in funds of hedge funds and other alternative investments authorised in the UK. A Consultation Paper (closes 22 May 2008) confirms the policy of introducing retail-oriented Funds of Alternative Investment Funds (FAIFs) into the FSA’s regulatory regime.
It also initiates a further round of consultation on a number of important issues which have been raised by fund managers and others during consultation and which require resolution before the final regime is introduced.
Press release ~ Property Authorised Investment Funds discussion paper ~ Consultation CP08/4 'Funds of Alternative Investment Funds' ~ CP07/6 'Funds of Alternative Investment Funds'
OFT: The OFT has announced a policy under which it will pay financial incentives of up to £100,000 in return for information which helps it to identify and take action against illegal cartels. The policy will run for an initial period of 18 months, after which a decision will be made whether this should be a permanent arrangement.
Rewards will be paid only where information is accurate, verifiable and proves to be useful in the OFT's anti-cartel enforcement work and will be calculated according to a set formula and not subject to negotiation.
Press release ~ Cartels hotline on 0800 085 1664 or e-mail cartelshotline@oft.gsi.gov.uk ~ OFT: Rewards for information about cartels
HM Treasury: This constitutes advice issued by HM Treasury about the heightened risks of money laundering or terrorist financing in the jurisdictions identified. All UK businesses within the financial sector should therefore factor this heightened risk into account and consider applying increased scrutiny and due diligence to transactions associated with these jurisdictions, in line with the FATF recommendations.
The Financial Action Task Force (FATF) issued a warning on 28 February 2008 of the higher risks of money laundering and terrorist financing posed by deficiencies in Uzbekistan, Iran, Pakistan, Turkmenistan, Sao Tome and Principe and the northern part of Cyprus.
Press release ~ Financial Action Task Force (FATF) ~ 'The financial challenge to crime and terrorism' ~ Money Laundering Regulations 2007 ~ Joint Money Laundering Steering Group guidance ~ Financial crime and terrorist financing
This Brief gives details of an article : The draft Corporation Tax Bill
This brief gives details of an article: Issue of revised Public Notice 179E: Biofuels and other fuel substitutes.
This Brief gives details of an article: Changes to the Corporation Tax rules on 'forex matching'.
