Nonprofits Securities Finance & Banking

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IRS Affirms Treatment of Short Sales for UBTI Purposes

Since there are many hedge funds that utilize short selling as part of their investment strategy, it is important for hedge fund investors, including tax exempt organizations, to understand the U.S. tax treatment of these...more

The Clock is Ticking on the SEC’s MCDC Initiative - Limited Self Reporting Window Closes September 9, 2014

The U.S. Securities and Exchange Commission (the “SEC”) has announced its Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”) for municipal issuers, conduit borrowers, other obligated persons...more

Reminder: September 9th Effective Deadline for Issuers and Underwriters to Participate in SEC’s Municipalities Continuing...

If your organization has participated in a municipal bond or other municipal security financing in the past five years, you should be aware of the Securities and Exchange Commission’s (“SEC”) Municipalities Continuing...more

SEC's MCDC Initiative - The Clock is Ticking

Not-for-profit health care providers that have borrowed on a tax-exempt basis within the last five years should be aware of the Securities and Exchange Commission’s (SEC) Municipalities Continuing Disclosure Cooperation...more

A Setback for Mandated Political Spending Disclosure

One of the hottest SEC rulemaking topics over the past two years—disclosure of corporate political spending—quietly took a significant hit a few weeks ago when the SEC removed it from its rulemaking agenda. The clamor for...more

Southern District of New York Dismisses Complaint Against Madoff-Invested Fund

The US District Court for the Southern District of New York dismissed a complaint against J. Ezra Merkin and Gabriel Capital Corporation (together, Defendants), which together managed Ascot Fund Limited (Ascot), an offshore...more

Exemptive Relief from the Ontario Securities Commission Permits a Limited Crowdfunding Platform

On June 17, 2013, the Ontario Securities Commission (OSC) rendered a decision granting exemptive relief (the Decision) to MaRS Social Venture Connection (MaRS VX), a not-for-profit entity, effectively allowing it to operate...more

Regulatory Developments: Proposed Order to Exempt Certain Non-Financial Energy Derivative Transactions That Affect the Delivery of...

On August 17, 2012, the Commodity Futures Trading Commission (CFTC) unanimously approved a Proposed Order to exempt certain non-financial energy derivative transactions between not-for-profit electric utilities from many of...more

GAO Reports on the Feasibility of SRO for Private Fund Advisers

On July 11, the U.S. Government Accountability Office (GAO) released a report on the feasibility of forming a self-regulatory organization (SRO) to provide primary oversight of private fund advisers. The report was part of a...more

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