Investment funds multi-jurisdictional guide

The Investment Funds multi-jurisdictional guide brings together practical, insightful analysis of topical issues from an international perspective and country-specific Q&As on investment funds law and practice.

The Q&A guide provides a structured overview of the principal issues concerning open-ended and closed-ended retail funds, and hedge funds, including practical guidance on the following matters for each jurisdiction: current market overview; regulatory framework and bodies; rules concerning marketing; managers and operators; assets portfolios; legal fund vehicles; investment and borrowing restrictions; reporting requirements; tax treatment; and reform. Of particular benefit to those managing cross-border transactions is the Country Q&A tool, which can be used to directly compare answers to questions from the Q&A across a number of jurisdictions.

PLC would like to thank the following firms for the excellence of their contributions: Annunziata e Associati, Bonn Steichen & Partners, Bowman Gilfillan, Camilleri Preziosi & Associates, Carey Olsen, Eversheds LLP, Han Kun Law Office, Homburger AG, Houthoff Buruma, Katten Muchin Rosenman LLP, Loyens & Loeff, Maples and Calder, Mattos Filho Veiga Filho Marrey Jr e Quiroga, Meyerlustenberger Lachenal, Minter Ellison, Ropes & Gray, Ramparts Law, Vieira de Almeida & Associados.

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Cross-border chapters

Country Q&A

Title / Relevance	Resource type
Editorial board
PLC Investment funds multi-jurisdictional guide: editorial board The editorial board of the PLC Investment Funds multi-jurisdictional guide comprises senior in-house counsel and private practitioners, based in companies and law firms around the world included for their expertise in investment funds law and practice.	Editorial board
Country Q&A
Investment funds in Argentina: regulatory overview A Q&A guide to investment funds law in Argentina. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Argentina, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Australia: regulatory overview A Q&A guide to investment funds law in Australia. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Australia, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Brazil: regulatory overview A Q&A guide to investment funds law in Brazil. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Brazil, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in British Virgin Islands: regulatory overview A Q&A guide to investment funds law in the British Virgin Islands. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in the British Virgin Islands, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Canada: regulatory overview A Q&A guide to investment funds law in Canada. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Canada, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Cayman Islands: regulatory overview A Q&A guide to investment funds law in the Cayman Islands. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in the Cayman Islands, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Cyprus: regulatory overview A Q&A guide to investment funds law in Cyprus. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Cyprus, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in France: regulatory overview A Q&A guide to investment funds law in France. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in France, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Germany: regulatory overview A Q&A guide to investment funds law in Germany. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Germany, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Gibraltar: regulatory overview A Q&A guide to investment funds law in Gibraltar. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Gibraltar, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Guernsey: regulatory overview A Q&A guide to investment funds law in Guernsey. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Guernsey, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Hong Kong: regulatory overview A Q&A guide to investment funds law in Hong Kong. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Hong Kong, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in India: regulatory overview A Q&A guide to investment funds law in India. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in India, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Ireland: regulatory overview A Q&A guide to investment funds law in Ireland. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Ireland, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment Funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Japan: regulatory overview A Q&A guide to investment funds law in Japan. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Japan, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Jersey: regulatory overview A Q&A guide to investment funds law in Jersey. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Jersey, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Malta: regulatory overview A Q&A guide to investment funds law in Malta. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Malta, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Mexico: regulatory overview A Q&A guide to investment funds law in Investment Funds in Mexico. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Mexico, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Portugal: regulatory overview A Q&A guide to investment funds law in Portugal. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Portugal, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Singapore: regulatory overview A Q&A guide to investment funds law in Singapore. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Singapore, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in South Africa: regulatory overview A Q&A guide to investment funds law in South Africa. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in South Africa, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in South Korea: regulatory overview A Q&A guide to investment funds law in South Korea. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in South Korea, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in Switzerland: regulatory overview A Q&A guide to investment funds law in Switzerland. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in Switzerland, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in The Netherlands: regulatory overview A Q&A guide to investment funds law in The Netherlands. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in The Netherlands, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in UK (England and Wales): regulatory overview A Q&A guide to investment funds law in the UK (England and Wales). This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in the UK (England and Wales), looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Investment funds in United States: regulatory overview A Q&A guide to investment funds law in the United States. This Q&A is part of the PLC multi-jurisdictional guide to investment funds. It provides a high level overview of investment funds in the United States, looking at both retail funds and hedge funds. Areas covered include a market overview, legislation and regulation, marketing, managers and operators, restrictions and requirements, tax and upcoming reform. To compare answers across multiple jurisdictions, visit the Investment funds Country Q&A tool. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Country Q&A
Cross-border chapters
Cross-border distribution of collective investment schemes The AIFM Directive and UCITS IV Directive must be transposed into national legislation by EU member states by mid-2013. Among other things, this will require EU asset managers to only market collective investment schemes in non-EU jurisdictions which are adequately supervised. Because of the importance of foreign collective investment schemes to Switzerland, Switzerland introduced significant amendments to its laws governing collective investment schemes, which came into force on 1 March 2013, in large part to bring them into line with EU law. Importantly, certain distribution activities and certain foreign collective investment schemes (particularly those marketed to high net-worth individuals or companies with professional treasury operations) which were previously unregulated will now be regulated. This article examines the reasons for these amendments, the details of the amendments, and their practical implications. This article is part of the PLC multi-jurisdictional guide to investment funds. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg.	Cross-border chapters
Feature tables
Tax treatment for open-ended and closed-ended retail funds and hedge funds This table summarises the rates of tax on open-ended retail funds, closed-ended retail funds and hedge funds in each jurisdiction covered. This table is part of the PLC multi-jurisdictional guide to investment funds law. For a full list of jurisdictional Q&As visit www.practicallaw.com/investmentfunds-mjg. Please note this project is currently being updated so will not include all available jurisdictions in this subject area.	Feature tables

Investment funds multi-jurisdictional guide

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