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Dodd-Frank Wall Street Reform and Consumer Protection Act › Fund Managers

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Cole Schotz

Fifth Circuit Strikes Down SEC Rule Regulating Private Investment Funds

Cole Schotz on

On June 5, 2024, a three judge panel of the U.S. Fifth Circuit Court of Appeals unanimously struck down the Securities and Exchange Commission’s (“SEC”) final rule, which created onerous restrictions for managers of private...more

Seyfarth Shaw LLP

SEC's Private Fund Advisers Rule Struck Down by Fifth Circuit

Seyfarth Shaw LLP on

The Fifth Circuit Court of Appeals (Fifth Circuit) today issued its ruling striking down the “Private Fund Advisers Rule” (the “PFA”). The proposed PFA was introduced on February 9, 2022 (“Proposed Rule”). The Securities and...more

Goodwin

Key Questions for the Upcoming Private Funds Rules Fifth Circuit Decision

Goodwin on

As a reminder, the Securities and Exchange Commission (SEC) and the National Association of Private Fund Managers (NAPFM) and the other Petitioners in the Private Funds Rules Litigation1 requested that the three-judge panel...more

White & Case LLP

The INDEX Act: A challenge to the voting influence of institutional investors that may yield unintended consequences

White & Case LLP on

The Act's supporters say it would shift voting power from large investment advisers to individual investors, but the reality could be far more complex - The INDEX Act arrives at a moment of increasing resistance to ESG...more

Proskauer - The Capital Commitment

The Trend of Increasing Disclosure Obligations for Private Funds Continues in 2022

Proskauer - The Capital Commitment on

Last month, the SEC proposed new rules under the Advisers Act that, if implemented, would be the most significant enhancement of disclosure obligations for private fund managers since the Dodd-Frank Act.Citing investor...more

Dechert LLP

DC Circuit Court Newsflash: “Transfer” means “Transfer”

Dechert LLP on

In an eagerly anticipated (and much speculated upon) decision, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit Court”) issued a unanimous opinion on Friday, February...more

A&O Shearman

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

A&O Shearman on

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2017: New Singapore Regulatory Regime for Venture Capital Managers Takes...

Dechert LLP on

The Monetary Authority of Singapore (MAS) on 20 October 2017 announced a lighter-touch regulatory regime for qualifying venture capital (VC) fund managers in Singapore. The new regime is aimed at promoting the fund management...more

Foley & Lardner LLP

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

Foley & Lardner LLP on

The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

Akin Gump Strauss Hauer & Feld LLP

Energy Private Equity and the Looming Specter of Clawbacks

Akin Gump Strauss Hauer & Feld LLP on

In recent months, managers of private equity funds in the energy sector have been facing a scenario they likely never imagined: having to return millions of dollars of their “carried interest” earnings back to investors....more

Proskauer - The Capital Commitment

Whistleblower Concerns for Private Fund Advisers – Seven Mistakes To Avoid

Proskauer - The Capital Commitment on

As we have previously observed, private fund advisers face a difficult challenge when SEC guidance (in the form of a speech or a public enforcement order) indicates that certain long-standing practices may be contrary to the...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2016: Lessons for PE Managers from the SEC’s Ongoing Scrutiny of Private...

Dechert LLP on

A large number of private equity managers were required to register for the first time with the U.S. Securities and Exchange Commission (SEC) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act)....more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2015: And a Partridge in a Pear Tree: Top 12 Regulatory Heads-up for the...

Dechert LLP on

1st Day of Christmas – UCITS V* - The UCITS V Directive (UCITS V) introduces specific provisions on: - (i) eligibility, liability and delegation of depositaries; - (ii) remuneration policies; and ...more

McGuireWoods LLP

SEC Enforcement Continues to Pursue Hedge Fund Advisers

McGuireWoods LLP on

The SEC continues to pursue enforcement actions against hedge fund managers for alleged self-dealing, undisclosed conflicts of interest, and valuation issues. As we’ve previously reported (here and here), the SEC has stepped...more

Carlton Fields

FSOC Presses SEC on Money Managers’ Systemic Risks

Carlton Fields on

The SEC is stepping lively to preserve a role in formulating any additional requirements for money managers—such as mutual funds and investment advisers—to limit perceived risks to the financial system. Although the...more

Latham & Watkins LLP

Private Equity Fund Managers: Annual Compliance Reminders and New Developments

Latham & Watkins LLP on

A summary of a private equity firm’s compliance obligations, a discussion of notable developments in 2014 and highlights of the SEC’s examination priorities for 2015. US federal laws and regulations, as well as the...more

Carlton Fields

Private Equity: The Next Wave of SEC Enforcement Actions?

Carlton Fields on

Ever since the Dodd-Frank Wall Street Reform and Consumer Protection Act required many investment advisers to private equity funds to register with the SEC for the first time, fund managers knew that additional scrutiny might...more

Akerman LLP

SEC Notes Growing Concern About Private Equity Fee Disclosures

Akerman LLP on

Recent comments by Andrew Bowden, Director of the Office of Compliance Inspections and Examinations for the Securities and Exchange Commission (SEC), highlight the growing tension between Dodd-Frank compliance and fund...more

Holland & Knight LLP

Strategic Considerations for Start-Up Private Equity Fund Managers

Holland & Knight LLP on

Unprecedented barriers of entry — from the uncertainty of Dodd-Frank reforms to the economic downturn — have presented roadblocks to aspiring private equity fund managers in recent years. ...more

Dechert LLP

SEC Amends Rule 5b-3 and Fund Registration Forms to Eliminate References to NRSRO Ratings

Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) recently adopted final amendments to certain rules and forms under the Investment Company Act of 1940 (1940 Act) and the Securities Act of 1933 (1933 Act) to implement a...more

Dechert LLP

Financial Services Quarterly Report - Third Quarter 2013: The Long Arm of U.S. OTC Derivatives Reform and Non-U.S. Fund Managers

Dechert LLP on

Dodd-Frank upended the status quo of the global OTC derivatives markets, imposing a host of clearing, margin and other requirements on market participants. But as these reforms began to take effect in the United States in the...more

Stinson - Corporate & Securities Law Blog

SEC Charges Private Equity Fund Manager With Misleading Investors About Valuation And Performance

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The SEC has charged a former portfolio manager at Oppenheimer & Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds. ...more

Dechert LLP

SEC Approves Final Rules that (1) Permit General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings and (2)...

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The SEC has amended Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 (Securities Act) to (1) permit, in certain circumstances, an issuer to engage in general solicitation and general advertising in...more

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