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On 10 February the Riigikogu adopted the State Export Guarantees Amendment Act. The amendments increased the state guarantee limit amount and specified the provisions regulating investment guarantees. The Estonian Credit and Export Guarantee Fund KredEx issues state guarantees to loans in Estonia. To date KredEx has been issuing export guarantees and its portfolio is about to reach the limit permitted by law (300 million EEK). Pursuant to the amendment the new limit for the performance of obligations arising from guarantees is one billion EEK. In addition to exporting, Estonian companies have started to take up production abroad, aimed at the local market. Therefore it has become necessary to protect their foreign investments by issuing investment guarantees. The amendments specify the definition of investments and the provisions regulating investment guarantees. The amendments entered into force on 5 March 2005.
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The Risk and Regulation Monthly provides a summary of the key International, European and UK regulatory developments and pertinent regulatory activity affecting the Financial Services industry.
Existing funds which no longer invest after July 22, 2013 are not required to comply with the provisions of the KAGB, even if the manager of such funds also manages funds which still make investments.
The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers.
The FSA has been in discussions with the banks with regard to them providing appropriate redress for affected customers in relation to the mis-selling of payment protection insurance.
The Court of Justice of the European Union has ruled that VAT on investment management fees paid by the trustees of a UK defined benefit pension scheme is irrecoverable under a VAT exemption for special investment contained in two EU Directives.
The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.
Directive 2011/61/EU on Alternative Investment Fund Managers comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds by Alternative Investment Fund Managers within the EU.
A summary of the most recent financial regulatory developments.
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