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Recent insights


Fund marketing and distribution: ducking the issue?

17 Jul 2018
It's been a few years since the implementation of the Alternative Investment Fund Managers Directive (AIFMD) and the times when barely any regulatory update would not mention distribution of investment funds. Has the industry got to grips with the requirements? How have those who establish and market funds from the UK adapted to the rules? How are they dealing with the differing demands of the AIFMD and FSMA?

Electric vehicles: the direction of travel

16 Jul 2018
Three documents were published this week which all refer to electric vehicles (EV). Read together they start to provide us with the bigger picture for the development of the necessary infrastructure and the anticipated uptake of the new technology.

Goldman Sachs held liable for infringement by its investee company

12 Jul 2018
The EU General Court has today ruled that Goldman Sachs, which had a financial investment in the group of companies containing one of the parties found guilty in the power cable makers cartel, was correctly held liable, jointly and severally, for a fine of €37.3 million imposed on the cartelist Prysmian. There was no evidence that Goldman Sachs (or its investee vehicle) had instigated the cartel or been involved in it: but that is not something, the General Court said, the EU Commission is required to demonstrate in order to hold a parent company jointly and severally liable with the relevant subsidiary for payment of the fine. Once one member of the "undertaking" is found guilty, that gives rise to the collective responsibility of all the principals in the group structure for the breach of the competition rules. 

Brexit: what does the whitepaper say on 'free trade area for goods'?

12 Jul 2018
"The government's white paper proposes the creation of a "free trade area for goods", coupled with a "facilitated customs arrangement" to allow cross-border trade to be as "frictionless" as possible. Central to those proposals is the concept of "trusted traders". For example, it suggests that: "where a good reaches the UK border, and the destination can be robustly demonstrated by a trusted trader, it will pay the UK tariff if it is destined for the UK and the EU tariff if it is destined for the EU".