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TreatiseTreatise

Sovereign Wealth Funds
 by Leonard Schneidman
 
 Copyright: 2010

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  • ISBN Number: 9781402414817
  • Page Count: 378
  • Number of Volumes: 1
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Although they’ve existed for many years, the first decade of the 21st century saw a substantial surge in the assets of sovereign wealth funds (SWFs). This, coupled with a more aggressive investment style, has resulted in a much greater awareness, by both governments and the public, of SWF activity. In turn, this has generated an ongoing policy debate about the proper role of government regulation and taxation of these funds.

In Sovereign Wealth Funds, noted international tax lawyer Leonard Schneidman has assembled an array of essays, authored by a global collection of subject area experts, designed to explore three key aspects of SWFs: their regulation and governance, investment behavior, and taxation. You’ll quickly discover this work to be the highly useful tool you and your clients need to assess the SWF phenomenon and its practical legal, tax and financial implications.

  Foreword and Introduction
Chapter 1: The Coming of Age of Sovereign Wealth Funds: Perspectives and Policy Issues Within and Beyond Borders Adriana Arreaza ~ CAF
Luis Miguel Castilla ~ CAF
Cristina Fernandez ~ CAF
  • § 1:1 : Introduction3
  • § 1:2 : Stylized Facts7
  • § 1:3 : The Rationale Behind Sovereign Wealth Funds11
  • § 1:4 : The Concerns15
  • § 1:5 : The Management of Sovereign Wealth Funds18
  • § 1:6 : Final Remarks and Discussion Points23
Chapter 2: Regulation in the United States Carl A Ruggiero ~ Curtis Mallet-Prevost Colt & Mosle LLP
  • § 2:1 : Introduction25
  • § 2:2 : Industry-Specific Restrictions on Foreign Investment in General26
  • § 2:3 : The Committee on Foreign Investment in the United States27
    • § 2:3.1 : Generally27
    • § 2:3.2 : Background27
  • § 2:4 : CFIUS Review Process29
    • § 2:4.1 : Chronology of a CFIUS Review29
    • § 2:4.2 : Starting the CFIUS Review Process29
      • [A] : Voluntary Notice29
      • [B] : Involuntary Initiation32
    • § 2:4.3 : Examination of Covered Transactions32
    • § 2:4.4 : The Thirty-Day Review Period35
    • § 2:4.5 : The Forty-Five-Day Investigation37
    • § 2:4.6 : Potential Issues in the CFIUS Review Process38
Chapter 3: U.S. and International Best Practices; And Appendices 3A-3B Carl A Ruggiero ~ Curtis Mallet-Prevost Colt & Mosle LLP
  • § 3:1 : Overview41
  • § 3:2 : Recipient Country Concerns42
  • § 3:3 : SWF Concerns44
  • § 3:4 : Joint Statement of Principles for SWF Investment46
  • § 3:5 : OECD SWFs and Recipient Country Policies48
  • § 3:6 : International Working Group of SWFs52
  • Appendix 3A : OECD Declaration on SWFs and Recipient Country Policies57
  • Appendix 3B : SWFs Generally Accepted Principles and Practices—“Santiago Principles”59
Chapter 4: The Evolving Politics of Sovereign Wealth Funds Laura Badian ~ Arnold & Porter LLP
Gregory Harrington ~ Arnold & Porter LLP
  • § 4:1 : Introduction119
  • § 4:2 : Background on Sovereign Wealth Funds123
  • § 4:3 : Advantages and Concerns About Sovereign Wealth Fund Investment128
  • § 4:4 : The Santiago Principles and OECD Guidance on Sovereign Wealth Funds135
  • § 4:5 : Political and Regulatory Challenges in the United States137
Chapter 5: Sovereign Wealth Fund Investment Behavior Victoria Barbary ~ Monitor Group
William F Miracky ~ Monitor Group
  • § 5:1 : Introduction143
  • § 5:2 : The Monitor-FEEM SWF Research Program144
  • § 5:3 : SWF Definition145
  • § 5:4 : SWF Landscape147
  • § 5:5 : Dimensions of SWF Investment153
    • § 5:5.1 : Source of Funds153
    • § 5:5.2 : Objectives and Mandate153
    • § 5:5.3 : Investment Style154
  • § 5:6 : History of SWF Investment Behavior155
    • § 5:6.1 : Before the Buzz: Pre-2005155
    • § 5:6.2 : The “Frenzy”: 2006–Q1 2008161
    • § 5:6.3 : Crisis and Recovery: Q2 2008–Q4 2009167
  • § 5:7 : Conclusion174
Chapter 6: Government Support of Entrepreneurship--The Special Challenges of Sovereign Wealth Funds Josh Lerner ~ Harvard Business School
  • § 6:1 : Introduction177
  • § 6:2 : Overview of SWFs178
  • § 6:3 : The Grim Legacy182
  • § 6:4 : The Future of SWFs185
    • § 6:4.1 : Generally185
    • § 6:4.2 : First Challenge—Visibility185
      • [A] : Generally185
      • [B] : Cautions Against Disclosure188
    • § 6:4.3 : Second Challenge—Maintaining Returns190
      • [A] : Generally190
      • [B] : Approaches to Maintaining Returns192
        • [B][1] : Be Independent-Minded192
        • [B][2] : Invest in the Best People192
        • [B][3] : Go Small196
  • § 6:5 : Final Thoughts197
Chapter 7: A Primer on the U.S. Taxation of Sovereign Wealth Funds
  • § 7:1 : Introduction202
  • § 7:2 : Background203
    • § 7:2.1 : SWF Defined203
    • § 7:2.2 : The Current Climate205
      • [A] : Increased Visibility205
      • [B] : Non-Tax Policy Concerns206
      • [C] : U.S. Non-Tax Policy Responses206
      • [D] : International Policy Responses207
  • § 7:3 : U.S. Taxation of SWFs207
    • § 7:3.1 : Present Law207
    • § 7:3.2 : Tax Regime for Foreign Investors208
    • § 7:3.3 : Section 892210
      • [A] : History210
      • [B] : Operation of Section 892211
      • [C] : The Practical Impact of Section 892213
      • [D] : Foreign Government Pension Funds and Trusts214
  • § 7:4 : Section 892—Selected Issues216
    • § 7:4.1 : Introduction216
    • § 7:4.2 : Definition of Commercial Activities217
      • [A] : Generally217
      • [B] : Exceptions217
    • § 7:4.3 : “All or Nothing” Rule218
    • § 7:4.4 : SWF Investment in Partnerships and Other Investment Conduits219
      • [A] : Introduction219
      • [B] : Partnerships219
      • [C] : REITs and RICs222
      • [D] : Summary Table223
  • § 7:5 : Application of Income Tax Treaties to SWFs226
  • § 7:6 : Tax Policy Considerations227
Chapter 8: The View from Down Under--The Australian Government's Consultation Paper; And Appendix 8A: Greater Certainty for Sovereign Investments Mark Green ~ Minter Ellison
Robert Yunan ~ Minter Ellison
  • § 8:1 : Introduction230
  • § 8:2 : Current Administrative Practice and the Doctrine of Sovereign Immunity232
    • § 8:2.1 : Tax Status of SWFs Under Australian Domestic Law232
      • [A] : Taxation of Non-Residents232
      • [B] : Taxation of a Resident Entity233
    • § 8:2.2 : Exemption Under the Doctrine of Sovereign Immunity233
      • [A] : Generally233
      • [B] : Investor Is a Foreign Government234
      • [C] : Government Moneys235
      • [D] : Commercial and Non-Commercial Activity236
        • [D][1] : Generally236
        • [D][2] : Income Derived from Dividends and Interest238
          • [D][2][a] : Generally238
          • [D][2][b] : Investment in Shares Amounting toa Business—Categories of Cases239
        • [D][3] : Current State of Law241
  • § 8:3 : Issues Raised in the Consultation Paper243
    • § 8:3.1 : Generally243
    • § 8:3.2 : Defining a SWF244
      • [A] : Generally244
      • [B] : Ordinary Meaning of “Foreign Government”245
      • [C] : New Definition—List of Types of Exempted Entities245
      • [D] : Use the Current Meaning of “Exempt Foreign Government Agency”245
      • [E] : Issues Not Addressed in the Consultation Paper247
    • § 8:3.3 : Scope of Exempted Activities248
      • [A] : Generally248
      • [B] : Defining Commercial Activities Positively248
        • [B][1] : Generally248
        • [B][2] : Ordinary Meaning of “Commercial Activities”249
        • [B][3] : Relying on Current Active Income Exemption249
      • [C] : Defining Non-Commercial Activities Positively249
        • [C][1] : Generally249
        • [C][2] : Ordinary Meaning of Non-Commercial Activity250
        • [C][3] : Relying on Existing Definitions250
          • [C][3][a] : Generally250
          • [C][3][b] : “Eligible Investment Business”251
          • [C][3][c] : “Passive Income”251
          • [C][3][d] : Definitions Too Broad252
        • [C][4] : Creating a “White List” of Non-Commercial Activities254
    • § 8:3.4 : Impact of Deriving Active Income—“Tainting”254
    • § 8:3.5 : Integrity Rules256
    • § 8:3.6 : Other Taxes256
  • § 8:4 : Impact of Tax Treaties257
  • § 8:5 : Conclusion258
  • Appendix 8A : Greater Certainty for Sovereign Investments259
Chapter 9: An Economist's View--"Taxing the Bandit Kings" Dhammika Dharmapala ~ University of Illinois
Mihir A Desai ~ Harvard Business School
  • § 9:1 : Introduction277
  • § 9:2 : Taxation and the Portfolio Choices of SWFs279
  • § 9:3 : Potential Negative Consequences of Taxing SWFs282
  • § 9:4 : Conclusion283
Chapter 10: Appendix A: Sovereign Wealth Funds--A Work Agenda
Chapter 11: Appendix B: Essential Readings on Sovereign Wealth Funds
Chapter 12: Index to Sovereign Wealth Funds

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