In this issue:
- Sun Capital Partners Decision
- Legislation to Exempt PE Fund Advisers from IAA Registration
- Mergers and Acquisition Brokers Legislation
- Broker-Dealer Registration for Private Equity Funds
- General Solicitation Rulemaking
- Financial Stability Oversight Council
- Small Business Investment Company Reform
- Volcker Rule
- Guidance on IAA Regulations
- Tax Reform
- Excerpt from Volcker Rule:
Last month five federal agencies approved the Volcker Rule, which in addition to banning proprietary trading by banks, also severely restricts the ability of banks to invest in private funds. Under the rule, banks will be prohibited from investing more than 3% of their tier-one capital in “covered funds,” which includes private equity funds, hedge funds, and venture capital funds. In addition, banks are prohibited from owning more than 3% of any individual covered fund. However, investments in SBICs are exempt from the rule, as are investments in business development companies (BDCs), provided that the bank owns or controls less than 25% of the company’s voting stock.
Please see full newsletter below for more information.
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