This alert will be of interest to U.K.-authorised investment management firms preparing to submit applications for variation of permission (VOP) to the Financial Conduct Authority (FCA) in connection with the implementation...more
On November 5, 2013, the Commodity Futures Trading Commission (CFTC) re-proposed speculative position limits relating to certain U.S. exchange-listed physical commodity futures contracts as well as to swaps that reference the...more
This alert will be of particular relevance to U.K. alternative asset managers, preparing to submit variation of permission applications to the U.K. Financial Conduct Authority in relation to the Alternative Investment Fund...more
The staff of the Securities and Exchange Commission’s Division of Corporation Finance published “Compliance and Disclosure Interpretations” (CDIs) on Wednesday, December 4, 2013, that provide important clarification regarding...more
Summary -
The UK’s Financial Conduct Authority (“FCA”) has published draft guidance on the application of rules on remuneration (the “AIFMD Remuneration Rules”) to FCA-authorized firms, once they become authorized as...more
Swaps market participants that are not “U.S. persons” may not be subject to the full requirements of the Commodity Futures Trading Commission’s (CFTC) swaps regulation, depending on with whom they enter into a swap. Also,...more
On August 13, 2013, the Commodity Futures Trading Commission (CFTC) adopted amendments to certain provisions of Part 4 of the CFTC regulations that are applicable to all commodity pool operators (CPOs) and commodity trading...more
8/21/2013
/ CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPO ,
Disclosure Requirements ,
Distribution Rules ,
Documentation ,
Investment Company Act of 1940 ,
Recordkeeping Requirements ,
RICs ,
Securities and Exchange Commission (SEC)
The U.K. Financial Conduct Authority (FCA) has written to the European Securities and Markets Authority (ESMA) to confirm that the FCA will comply with the ESMA guidelines relating to remuneration policies under the...more
On July 10, 2013, the Securities and Exchange Commission (SEC) adopted amendments to its safe harbor rule for private placements of securities, Rule 506 of Regulation D under the Securities Act of 1933 (the “Securities Act”)....more
7/26/2013
/ Accredited Investors ,
Advertising ,
Bad Actors ,
General Solicitation ,
Marketing ,
Regulation D ,
Rule 144A ,
Rule 506 Offerings ,
Safe Harbors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Verification Requirements
The Alternative Investment Fund Managers Directive (AIFMD) is due to take effect in member states of the European Economic Area (EEA) on July 22, 2013. Some EEA member states (including Germany, Ireland, Luxembourg,...more
Our Investment Funds group has received an update on the changes to the private placement rules for marketing of alternative investment funds (“AIFs”) in Germany following the implementation of the Alternative Investment Fund...more
7/5/2013
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Banks ,
Compliance ,
EU ,
Foreign Banks ,
Foreign Investment ,
Investment Funds ,
Private Equity ,
Private Equity Funds ,
Private Placements
The U.K.’s Financial Conduct Authority (FCA) has published today, a policy statement that sets out its responses to the various consultations that have been undertaken in respect of the rules to be adopted by the FCA to...more
In their joint swap definitions release in July 2012, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) made a distinction between (i) a “compo” equity total return swap, in...more