Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
In February 2024, the SEC and the Commodity Futures Trading Commission (CFTC) adopted major amendments to Form PF to provide greater transparency into the operations and strategies of private funds, and to assist the...more
Key Takeaways - Following the SEC’s adoption, earlier this year, of changes to Form PF, large hedge fund advisers will face, for the first time, a requirement to report certain events to the SEC within 72 hours. ...more
On May 3, 2023, the Securities and Exchange Commission (the “SEC”) adopted a new rule (the “Rule”) that amends Form PF, the confidential reporting form for certain SEC-registered investment advisers to privately-offered...more
On May 3, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Form PF, the confidential form by which certain SEC-registered investment advisers report information pertaining to the private funds...more
Regulatory Developments - Overdraft Protection Programs: Risk Management Practices - On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more
On August 10, 2022, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint proposal to amend Form PF, a reporting form for SEC-registered reporting private fund...more
On January 26, 2022, the Securities and Exchange Commission (SEC) proposed amendments to private fund reporting rules that would increase the information required to be reported to the SEC on Form PF and the frequency of...more
Private equity funds could find themselves with much greater logistical reporting burdens if the Securities and Exchange Commission’s proposed amendments to Form PF are finalized. Our Securities Group and Investment...more
The U.S. Securities and Exchange Commission (“SEC” and “Commission”) proposed new rules to increase hedge fund and private equity fund disclosures to increase oversight of the industry and to monitor systemic risks...more
As required by President Trump’s Executive Order 13772, the U.S. Department of the Treasury issued a report, “A Financial System That Creates Economic Opportunities, Asset Management and Insurance,” addressing the regulatory...more
Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their...more
Regulatory Developments - FSOC Rescinds GE Capital's SIFI Designation - On June 29, the Financial Stability Oversight Council (FSOC) announced that it had voted unanimously to “rescind its determination that...more
Regulatory Developments - SEC Issues Order Approving Inflation Adjustments to “Qualified Client” Dollar Thresholds for Investment Adviser Performance Fee Rule - On June 14, the SEC issued an order approving...more
Regulatory Developments - DOL Issues Final Fiduciary Rule - On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more
Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more
The proposed rules would require expanded reporting about separately managed accounts and other aspects of an adviser’s business, allow consolidated registrations for certain private fund advisers that operate a single...more
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
Regulatory Developments - SEC Proposes Changes to Exchange Act Registration Requirements to Implement JOBS Act Mandates - The SEC announced that it is proposing rule amendments under the Securities Exchange Act...more
In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Excerpt from Leading the Past Week - The past week could be best described by one word. Chaos. In the House, a scheduled...more