News & Analysis as of

Fund Managers

New York & Colorado Propose “New” Cybersecurity Regulations for Broker-Dealers

by Wilson Elser on

In the wake of the promulgation of new cybersecurity regulations by New York State’s Department of Financial Services, Colorado has proposed cybersecurity regulations for broker-dealers, investment advisers and other fund...more

Securities Financing Transactions Regulation—Update

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

What to Know About Increased AIFMD Reporting Requirements in the UK

by Proskauer Rose LLP on

On 29 June 2017, changes to the UK’s Financial Conduct Authority’s rules and guidance on Annex IV reporting under the Alternative Investment Fund Managers Directive (AIFMD) will come into effect....more

"UK Updates Fund Management Law"

On March 29, 2017, the U.K. updated the law pursuant to which U.K. limited partnerships are constituted. It was the same day on which the government began the Brexit process that will fundamentally change the constitution of...more

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

by 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

Maintaining confidentiality in fund documents: a realistic expectation?

by Dechert LLP on

In this context, the English High Court recently granted an interim injunction preventing the disclosure and publication by Reuters of information from confidential documents relating to a fund manager, Brevan Howard Asset...more

Financial Services Quarterly Report - First Quarter 2017: DIFC Lowers Cost of Entry for Fund Managers

by Dechert LLP on

The Dubai International Financial Centre (DIFC) is one of the leading financial hubs in the Middle East. Its funds regime – administered and regulated by the Dubai Financial Services Authority (DFSA) – has been updated a...more

HMRC publishes responses to the consultation on Partnership taxation

by Goodwin on

The result of the HM Revenue & Custom's consultation on UK partnership taxation was released on 20 March, this is important for both fund partnerships and fund managers structured as LLPs which file UK tax returns. Although...more

Infrastructure M&A: Journey to the non-core: Six steps to non-core infrastructure success

by White & Case LLP on

Infrastructure funds are increasing their capital allocations to non-core sectors, although in doing so they will need to take on increased risk and operate outside an established regulatory environment. There are six steps...more

10 Takeaway Points on Luxembourg’s RAIF

by Reed Smith on

The Luxembourg law on reserved alternative investment funds (RAIF) is a welcome addition to the alternative investment funds (AIF) industry and we have seen keen interest from the fund and asset management industry in this...more

Another Court Rejects Excessive Fee Claims Following Trial on Mutual Fund “Manager of Managers” Theory

by Ropes & Gray LLP on

On February 28, 2017, Judge Renée Bumb of the New Jersey federal district court entered judgment in favor of Hartford Funds Management Group, Inc. (“Hartford”) following last November’s four-day bench trial relating to...more

Annex IV Reporting - AIFMD Reporting Changes

by Dechert LLP on

Currently a non European Economic Area (EEA) Alternative Investment Fund Manager (AIFM) which markets a non-EEA feeder fund in the UK only has to report article 24(2) data (which forms part of the Annex IV reporting...more

First Department Allows $45 Million Fraud Claim to Proceed Against Patriarch Partners

In Norddeutsche Landesbank Girozentrale v. Tilton, No. 651695/15, 2017 BL 55790 (App Div, 1st Dep’t Feb. 23, 2017), a divided panel of the Appellate Division, First Department, affirmed a Commercial Division order that denied...more

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

by Dechert LLP on

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

The UK Modern Slavery Act – A Compliance Primer for Fund Managers

by Ropes & Gray LLP on

Starting this year, a significant number of fund managers based all over the world will be among the approximately 12,000 companies that will be required to publish an annual statement under the transparency provisions of the...more

ESMA Publishes Opinion on the Effect of Excluding Fund Managers From the Scope of MiFIR Intervention Powers

On January 12, 2017, the ESMA published an opinion on the impact of exclusion of fund management from the entire scope of MiFIR (Markets in Financial Instruments Regulation) (Regulation 600/2014). Although, under...more

"The New UK Corporate Offence of 'Failure to Prevent the Facilitation of Tax Evasion': Implications for Fund Managers and...

The U.K. government expands its crackdown on tax evaders and the persons who assist them, by targeting businesses who fail to prevent tax evasion....more

Financial Services Quarterly Report - Fourth Quarter 2016: UAE and Saudi Arabia Overhaul Fund Distribution Rules

by Dechert LLP on

Financial services regulators in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) have recently made – independently of each other – extensive changes to the rules governing the regulation and distribution...more

The Management Rights Letter…What Does it Do and Should I Sign it?

In the world of venture capital investment, there certainly is no shortage of paperwork and documentation to accompany every financing. Term sheets, stock purchase agreements, convertible notes, stockholders agreements and...more

Going the Distance: The Expanding Lifecycles of Private Equity Funds

by Pepper Hamilton LLP on

The lifecycles of private equity (PE) funds are lengthening as managers continue to seek longer fundraising periods. This is due to a number of factors, including increases in due diligence and holding periods for investments...more

Squeezed in the Middle

by Pepper Hamilton LLP on

Fund managers are getting squeezed from all directions. Absent raising a larger fund next time, GPs cannot realistically expect to grow top line revenue. At the same time, they bear variable and often unpredictable...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

by Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

China to Allow Foreign Asset Managers to Operate Local Funds

by K&L Gates LLP on

Recently, the Asset Management Association of China (“AMAC”) issued a Q&A on Private Securities Fund Registration (No.10) (“Q&A No.10”), under which foreign asset managers are allowed to form a wholly foreign-owned enterprise...more

Energy Private Equity and the Looming Specter of Clawbacks

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

Financial Services Quarterly Report - Third Quarter 2016: DIFC Funds: 2016 and Beyond

by Dechert LLP on

The Dubai International Financial Centre (DIFC) is a financial free-zone located in Dubai with its own established set of laws and regulations as well as a financial regulator and court system. Established in 2004, the DIFC...more

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Cybersecurity

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