Archive:November 2024

1
Australia: AI and Your Obligations as an Australian Financial Services Licensee
2
Compliance Outreach Program: Private Funds Panel
3
Europe: Ireland’s New Participation Exemption – An Opportunity for Private Markets Asset Managers
4
US Finalizes Restrictions on Outbound Investments Into China’s Semiconductors, Quantum Technologies and AI – Implications on US LP Investors

Australia: AI and Your Obligations as an Australian Financial Services Licensee

By: Daniel Knight, Ben Kneebush and Madison Jeffreys

As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, it has become increasingly evident that many licensees’ deployment of AI falls short of their existing regulatory obligations and emerging best practices.

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Compliance Outreach Program: Private Funds Panel

By: Pablo J. Man, TJ Bright, and Matthew F. Phillips

On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader National Compliance Outreach Seminar. This blog post provides a high-level overview of the private fund topics that were covered, but the agenda included a broad array of additional topics.

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Europe: Ireland’s New Participation Exemption – An Opportunity for Private Markets Asset Managers

By: Shane Geraghty, Michelle Lloyd, and Sneha Thomas

The Irish Finance Bill 2024 will, with effect from 1 January 2025, create a new participation exemption for foreign dividends. This exemption will bring Ireland into line with the rest of the EU which has a similar exemption. It is specifically designed to benefit Irish-resident companies that receive foreign-source dividends. The development has been broadly welcomed and is particularly noteworthy for the asset management industry and investment funds engaged in cross-border investments.

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US Finalizes Restrictions on Outbound Investments Into China’s Semiconductors, Quantum Technologies and AI – Implications on US LP Investors

By Yuki Sako, Nathaniel Bolin, and Steven Hill

On 28 October, US Treasury issued new rules that restrict investment in Chinese development of semiconductors, quantum computing and AI (Covered Activity). Taking effect on 2 January 2025, the new rules are based on findings that China’s support for those industries threatens US national security.

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