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Treasury Subjects Investment Advisers to Anti-Money Laundering Requirements

On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rule requiring certain investment advisers to implement anti-money laundering (“AML”) compliance...more

The Corporate Transparency Act: Impact on Private Fund Managers

Private fund managers are reminded that the Corporate Transparency Act (CTA) may trigger reporting obligations to the Department of the Treasury’s Financial Crimes Enforcement Network for private fund managers and the private...more

SEC Updates “Qualifying Venture Capital Fund” Threshold for Section 3(c)(1) Exemption Under the Investment Company Act

The two most common exemptions from registration under the Investment Company Act of 1940 (the “Act”) utilized by private funds are under Section 3(c)(7) and Section 3(c)(1). Funds that do not qualify for an exemption under...more

Fifth Circuit Vacates New Private Funds Rules

In a 3-0 decision issued today, June 5, 2024, the Fifth Circuit Court of Appeals (the “Court”) vacated the new private funds rule adopted by the Securities and Exchange Commission (the “SEC”) on August 23, 2023 (the “Rule”)....more

SEC Adopts New Marketing Rule FAQ

On February 6, 2024, the U.S. Securities and Exchange Commission (“SEC”) issued an updated FAQ for investment advisers relating to SEC Rule 206(4)-1 (the “Marketing Rule”), and the reporting of gross and net performance...more

The Corporate Transparency Act: An Overview of the Impact on Private Funds

What is the purpose of the Corporate Transparency Act (“CTA”)? Effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) imposed new federal reporting obligations on certain companies, including potentially...more

DOL Issues Proposed Amendment to Investment Advice Fiduciary Regulation

On October 31, 2023, the Department of Labor (“DOL”) issued a much-anticipated proposal to amend its 1975 “investment advice fiduciary” regulation, which defines when a person who provides investment advice for a fee or other...more

Reminder: Renewal and Notice Filing Fees for Investment Advisers due by December 11, 2023

As a reminder, investment advisers who are subject to any state registration, renewal or notice filing fees must have funded their IARD accounts by December 11, 2023 in order to cover such fees (with a recommendation from...more

Small Business Administration and Department of Defense Launch Small Business Investment Company Critical Technologies Initiative

On September 29, 2023, the U.S. Small Business Administration (SBA) and the Department of Defense (DoD) announced the rollout of the Small Business Investment Company Critical Technology (SBICCT) Initiative, a joint effort...more

Final Private Fund Adviser Rules

On August 23, 2023, the Securities and Exchange Commission (the “SEC”) approved by a 3-2 vote a final rule enacting a series of wide-sweeping changes to the regulation of the private funds industry (the “Final Rule”). While...more

Massachusetts Issues Marketing Rule Reminder

On November 4, 2022, the U.S. Securities and Exchange Commission (the “SEC”) began enforcing its updated advertising requirements for federally registered advisers. Those rules, described in greater detail here, represented a...more

Marketing Rule's Transition Period Set to Expire; SEC Enforcement to Follow

On December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced that it was adopting amendments under the Advisers Act of 1940 (the “Advisers Act”) to implement a revised Rule 206(4)-1 (the “Marketing...more

SEC Proposes New ESG Disclosure Requirements Affecting Investment Advisers

On May 25, 2022, the U.S. Securities and Exchange Commission (the “SEC”) issued a release containing a proposed rule (the “ESG Proposed Rule”) which, if enacted, would require certain exempt and registered investment...more

SEC Division of Examinations Issues 2022 Examination Priorities

On March 30, 2022, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) (formerly the Office of Compliance Inspections and Examinations) published its annual examination priorities for...more

SEC Proposal - Private Fund Adviser Rules

On February 9, 2022, more than a decade after the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the Securities and Exchange Commission’s (the “SEC”) oversight of advisers to private funds (pooled...more

SBA Institutes Inflation Adjustments to SBIC Program Fees

The U.S. Small Business Administration has announced increases to licensing and examination fees relating to the Small Business Investment Company program by way of an annual inflation adjustment. The new fees, set forth in...more

9/3/2021  /  Fees , Licensees , Licenses , SBA , SBIC , Small Business

SEC Adopts New Marketing Rule for Investment Advisers

On December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments under the Investment Advisers Act of 1940 modernizing the rules governing investment adviser marketing. The amendments replace and...more

Reminder: Renewal and Notice Filing Fees for Investment Advisers Due by December 14, 2020

As a reminder, investment advisers who are subject to any state registration, renewal or notice filing fees must have funded their IARD accounts by December 14, 2020 in order to cover such fees (with a recommendation from...more

SBA’s Office of Investment and Innovation Semi-Monthly Draw Application Schedule

SBA’s Office of Investment and Innovation has revised the semi-monthly draw application schedule for the 2020 holiday season with the first revised deadline occurring on Tuesday, November 3, 2020...more

SEC Office of Compliance Inspections and Examinations Issues COVID-19 Risk Alert to Broker-Dealers and Investment Advisers

On August 12, 2020, the SEC Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert that identifies potential issues related to the COVID-19 pandemic for SEC-registered investment advisers and...more

SEC Amends “Accredited Investor” Definition

On August 26, 2020, the Securities and Exchange Commission (“SEC”) amended the definition of “accredited investor,” one of the principal tests for determining eligibility for participation in private placements of securities....more

DOL Reinstates Five-Part-Test for Investment Advice Fiduciaries and Proposes New Exemption

After several years of uncertainty as to the appropriate standard for determining when an investment adviser will be deemed to be a fiduciary under ERISA, the U.S. Department of Labor (the “DOL”) has finally issued clear...more

Form CRS Due Date Reminder

In accordance with SEC rules, all registered investment advisers with clients that are “retail investors” are required to file Part 3 of Form ADV (Form CRS) with the SEC, and deliver a current Form CRS to clients that are...more

Paycheck Protection Program Flexibility Act – Updates to the PPP

On June 5, 2020, the President signed the Paycheck Protection Flexibility Act of 2020 (the “Act”), which modifies certain provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted on March...more

New Federal COVID-19 Small Business Relief: More CARES Act Funding and Updated Eligibility Guidance

On April 23, 2020, Congress passed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which provides approximately $484 billion in relief in addition to the Coronavirus Aid, Relief and Economic...more

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