tailieunhanh - Hedge Fund Report - Summary of Key Developments - Spring 2012

Member States and thus differences in investor protection. Some Member States apply a so- called 'strict' liability regime, where the depositary has an immediate obligation to return the lost asset to the UCITS, while others take the view that the loss of assets does not always imply an unjustifiable failure to perform its duties on the part of the depositary that should lead to liability for that depositary. As a consequence, the liability standard is not the same in all Member States. . | PAUL HASTINGS STAY CURRENT A Client Alert from Paul Hastings March 2012 Hedge Fund Report - Summary of Key Developments - Spring 2012 BY THE INVESTMENT MANAGEMENT SECURITIES LITIGATION TAX PRACTICES This continues to be a time of rapid change for the hedge fund industry as the Securities and Exchange Commission the SEC the Commodity Futures Trading Commission the CFTC and various other regulatory agencies including the Federal Reserve Board the Federal Reserve and the Department of the Treasury the Treasury continue to propose and finalize rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act the Dodd-Frank Act . There have also been a number of significant developments in the hedge fund tax area and the SEC and private plaintiffs have continued to bring enforcement actions and litigation involving hedge funds and other types of private investment funds and fund managers. This Report provides an update since our last Hedge Fund Report in November 2011 and highlights recent regulatory and tax developments as well as recent civil litigation and enforcement actions as they relate to the hedge fund industry. Paul Hastings attorneys are available to answer your questions on these and any other developments affecting hedge funds and their investors and advisers. I. SECURITIES-RELATED LEGISLATION AND REGULATION .2 A. Dodd-Frank B. Other New and Proposed Securities-Related Legislation and C. Other II. A. White House B udget B. Carried Interest Legislation. 10 C. Capital Gains Rates Set to Rise. 10 D. Recent Foreign Account Tax Compliance Act Developments. 10 E. Recent FBAR Developments. 11 F. New Reporting Requirement for Individuals with Foreign Financial Assets. 12 G. IRS Releases Guidance on Providing Schedules K-1 Electronically to Recipients. 15 H. Proposed New York City Audit Position. 15 III. CIVIL LITIGATION. 16 A. Update on Previously Reported Cases. 16 1 PAUL .