Singapore: Variable Capital Companies Act 2018 published

The Variable Capital Companies Act 2018 - setting out a new corporate form in Singapore for investment funds - received the President's assent on 31 October and has now been published in the Government Gazette: see here (pdf). A copy of the Act is also available on the Singapore Statutes Online website: see here.

UK: Exploring the intermediated shareholding model - BIS research paper

The second BIS research paper for 2016 was published yesterday. Titled 'Exploring the Intermediated Shareholding Model', the paper presents the results of important and interesting research concerning the chains of ownership and voting between individual and institutional investors and the companies in which they have invested. The research found, for example, that interest in attending and voting at the annual general meeting was low amongst individual shareholders. A copy of the paper is available here (pdf).

Europe: Commission proposes new framework for European Long-Term Investment Funds

The European Commission has published proposals to create a new investment fund framework: European Long-Term Investment Funds. For further information see: press release | FAQs | text of the proposed Regulation (pdf) | impact assessment (pdf) | impact assessment - executive summary (pdf) |.

China: Securities Investment Fund Law comes into force

The Securities Investment Fund Law came into force on 1 June. The Act sets out the framework for investment fund management, including the rights of investors and the obligations of fund managers. A copy of the legislation, in English, is available here.

UK: transposition of the AIFIM Directive - further consultation papers from the Treasury and FSA

HM Treasury and the Financial Services Authority have each published another consultation paper with regard to the transposition of the Alternative Investment Fund Managers Directive (2011/61/EU): see, respectively, here and here.

UK: The Government's response to the Kay Review of UK Equity Markets and Long-Term Decision Making

The Government's response to the Kay Review of UK Equity Markets and Long-Term Decision Making, and the individual recommendations made by Professor Kay in his final report, was published today: see here (pdf). Overall the Government accepts Professor Kay's analysis and his principles for equity markets. There is strong endorsement for the Good Practice Statement for Company Directors (included as an appendix in the Government's response) and, amongst other things, the Government has signalled that it will take a greater interest in mergers and acquisitions including greater engagement with companies and their investors.

Ireland: CGAI publishes code of governance for independent directors of investment funds

The Corporate Governance Association of Ireland has published a corporate governance code for independent directors of investment funds: see here (pdf). The purpose of the code, to quote directly from it, is to "promote a set of principles that makes a valuable contribution towards the achievement and maintenance of higher standards of corporate governance in investment funds in Ireland".