PwC alternatives, volume 2 no. 5

An overview of SAS 112 for alternative investment funds: How does it impact you? (262kb)
SAS 112 is effective for the audits of all nonpublic companies for periods ending on or after December 15, 2006. SAS 112 is applicable whenever an auditor expresses an opinion on financial statements.

E-reporting for Cayman Islands Monetary Authority regulated funds (441kb)
The number of regulated funds domiciled in the Cayman Islands has shown explosive growth over the last few years. The challenge of regulating these funds has fallen to the Cayman Islands Monetary Authority.

Being in the spotlight Is not always a good thing: Recent tax developments that impact hedge funds (438kb)
Increased attention has been directed at the tax situation of the alternatives industry since control of the US Congress shifted in January. Given the nature of some recent proposals, it is clear that it is not always good to be the center of attention.

The role of State Attorneys General on the hedge fund industry (449kb)
After last year's federal appeals court decision in "Goldstein vs. SEC" and the recent pronouncements of the President's Working Group on Financial Markets, many believe that the driver of increased hedge fund regulation may not be the federal government but instead, including state attorneys general, state securities regulators and state legislators.

International update (766kb)
Includes updates on Irish QIFs, Singapore's budget proposal for 2007, Turkey's Communique no: 263, Italy's draft law proposal on income from capital and other investment income, Germany's 2008 tax reform, developments in Korean Taxation and recent trends for alternative fund investments in China.