Law360, Expert analysis: On 15 March 2024, the Council of the EU published the updated text amending the Alternative Investment Fund Managers Directive (AIFMD 2.0), which governs European managers of hedge funds, private equity funds, private debt funds, real estate funds and other alternative investment funds. Juliette Mills, associate and Alix Prentice, partner at Cadwalader Wickersham & Taft LLP, provide insights to the revised AIFMD 2.0. In particular, this article looks at loan-originating alternative investment funds against a backdrop of growing regulatory focus on non-banking financial institutions (NBFIs), and how loan-originating alternative investment funds fit in to the universe of NBFIs.

Law360, London: Julian Assange's blockbuster plea deal, which allowed the Wikileaks founder to walk free from prison, the first fine imposed by Britain's sanctions' enforcer over Russia and a landmark ruling on criminal liability in supply chains are just a few of the key cases from 2024.

In this Q&A it has been assumed that the parties were not married and there was no order or agreement as to parental responsibility. The Q&A considers three points: • whether it is possible to change the birth certificate of someone who is over the age of 18 so as to remove the name of someone who was named as the father, but who has discovered he is not the biological father • whether the man incorrectly named as the father (the named man) has parental responsibility for the child who

Property Disputes analysis: The Upper Tribunal has held that a Tribunal-appointed manager cannot be an accountable person within the meaning of section 72 of the Building Safety Act 2022 (BSA 2022). That was the straightforward interpretation of BSA 2022. It is clear from the statute that orders appointing managers that post-date the coming into force of BSA 2022 cannot impose on managers the building safety risk functions of an accountable person found in BSA 2022, Pt 4. However, in relation to existing management orders, insofar as the order imposes on the manager building safety risk functions found in Part 4, that order remains valid and enforceable in addition to the obligations of the accountable person. The consequence is that in such cases there will be an overlap in functions between the manager and the accountable person unless and until that order expires or is varied. Written by Miriam Seitler, a barrister at Landmark Chambers.

Immigration Rules, Part 8, para 319C sets out the requirements for partners of Tier 2 (General) migrants when applying for leave to remain. These include that: ‘…(d) The marriage or civil partnership, or relationship similar to marriage or civil partnership, must be genuine and subsisting at the time the application is made. (e) The applicant and the Relevant Points Based System Migrant or Appendix W worker must intend to live with the other as their spouse or civil partner, unmarried or same-sex partner throughout the applicant’s stay in the UK.’ Note that, in relation to an extension of stay, this intention to live together requirement will also have been a requirement for their preceding application for leave to remain/entry clearance in the category. The Home Office Policy guidance (version 02/2020) in relation

From an inheritance tax (IHT) perspective, much will depend on whether the shares qualify for relief from IHT as business property and/or agricultural property. If the property does not qualify for relief, then when the first spouse dies it is probably better for their shares to be left to the surviving spouse, to take advantage of the spouse exemption. The shares will benefit from a tax-free uplift in value for capital gains tax (CGT) purposes, and the surviving spouse then has the option to make a gift of the shares with a view to mitigating the IHT that would be charged

If H died domiciled outside England and Wales, it may be possible for the South African grant to be resealed in England and Wales to allow H’s UK assets to be administered without the need to apply for a new grant, see Practice Note: Resealing of foreign grants. If H died domiciled in England and Wales, however, it will be necessary to apply for letters of administration here, as authority to administer an estate in England and Wales depends on a grant of representation. Any person who, under the Non-Contentious

Switzerland is officially known as the Swiss Confederation. It is a federal republic made up of twenty six cantons. When taking advice on Swiss law, be careful to ensure that you take advice on the laws and procedures of the relevant canton where the deceased’s estate will be administered so as to avoid potential difficulties. The question itself does not distinguish between immovable property (such as freehold land) and moveable property (such as chattels, money or shares). It is very likely that these different types of property will be treated

Stamp duty land tax (SDLT) applies to chargeable land transactions. A land transaction is an acquisition of a chargeable interest. Subject to some exceptions, the amount of SDLT is determined by the chargeable consideration for the land transaction. Chargeable consideration includes money and money’s worth and also

Useful guidance on how the court is likely to treat assets which have increased in value post-separation was provided in JL v SL (No 2) (at paras [41] and [42]) as follows: ‘… for those assets which were in place at the point of separation. They remain matrimonial property but the increase in value achieved in the period of separation may be unequally divided. I emphasise may. Obviously passive growth will not be shared other than equally, and there will be cases where on the facts even active growth will be equally shared …’ and: ‘On the other hand there will be cases where the post-separation accrual relates to a truly new venture which has no

We have assumed that: • the terms of the settlement provided that on the death of one of the life tenants, his or her life interest would accrue to the other life tenant • each life tenant had an equal interest in possession (that is 50% each) • the death of the first life to die occurred on or after 22 March 2006 • the interest in possession of the surviving life tenant is not a disabled person’s interest Firstly, the settled property

For spouses/civil partners there is a presumption for tax purposes that they are beneficially entitled to income arising from jointly owned property in equal shares Income Tax Act 2007, s 836. In practice, this means that the income and expenses are simply split