Fund Managers

News & Analysis as of

Whistleblower Concerns for Private Fund Advisers – Seven Mistakes To Avoid

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

Brexit: What to Expect and How to Prepare for the ‘New Normal'

The U.K. has voted, in a popular referendum, to leave the EU. The referendum is not legally binding and the result was extremely narrow: 51.9 percent in favor of leaving, 48.1 percent in favor of remaining. This partly...more

UK Votes to Leave the European Union: What Does it Mean for Fund Managers?

Following the so-called “Brexit” referendum held on 23 June 2016, the UK has narrowly voted to leave the European Union (EU). This note briefly discusses the consequences of the vote to leave, with a particular focus on fund...more

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

MAR for Premium Listed Issuers

The Market Abuse Regulation (MAR) has direct effect as law in the United Kingdom from 3 July 2016. Broadly, it replaces the current regime in relation to the disclosure of and delaying the disclosure of inside information,...more

SEC Staff Throws Funds a Lifeline on Auditor Independence (For Now)

The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being...more

SEC Announces Settlement with Adviser Found to Have Acted as an Unregistered Broker

The SEC is continuing its pattern of establishing “standards of conduct” for the private equity industry through speeches, enforcement actions, and public settlements. After foreshadowing its concerns in various speeches over...more

SEC Announces Settlement with Adviser Found to Have Acted as an Unregistered Broker and Engaged in Conflicted Transactions

On June 1, 2016, the SEC announced a settlement with Blackstreet Capital Management, LLC and Murry N. Gunty, Blackstreet's managing member and principal owner. As a registered investment adviser based in Chevy Chase,...more

Blog: ESMA Publishes Updated Q&As On The Application Of The AIFMD

The European Securities & Markets Authority has published its updated questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&As include 4 new questions...more

MAS Withdraws Fund Manager’s Regulatory Approval

Financial institutions in Singapore, whether licensed or exempt, are reminded to comply with all relevant regulatory obligations. The Monetary Authority of Singapore (MAS) recently withdrew a fund manager’s status in...more

The UK Modern Slavery Act 2015 and Supply Chain Transparency: The Impact on Private Investment Funds

The Modern Slavery Act 2015 is new legislation introduced in the UK with the intention of combatting slavery and human trafficking. Continuing the trend for legislation to have extra-territorial reach, as illustrated by the...more

SEC Issues Notice of Intent to Increase Performance Fee Thresholds

On May 24, 2016, the Securities and Exchange Commission published in the Federal Register a notice of the Commission’s intent to issue an order (the “Proposed Order”) amending SEC Rule 205-3 (the “Performance Fee Rule”) under...more

Blog: Commissioner Hill On The Review Of The EU Regulatory Framework For Financial Services – What Fund Managers Need To Know

European Commissioner Jonathan Hill has delivered a speech at a public hearing on the “‘Call for Evidence’ – a review of the EU regulatory framework for financial services” which could herald good news for fund managers....more

Portfolio Company Litigation: Some Practical Considerations for Board-Designees of Private Funds

Individuals affiliated with private fund managers are increasingly being named as defendants in lawsuits involving fund portfolio companies, particularly where the fund controls one or more seats on the portfolio company’s...more

Carried Interest: Belgian Ruling Commission Confirms Application Of Stock Option Law

The Belgian Stock Option Law sets out the tax treatment of stock options, thereby eliminating the uncertainty as to the taxable value of the stock options. In the past, the Belgian Ruling Commission has been reluctant to...more

A Commonsense Explanation of the SEC’s Regulation of Private Investment Funds

The SEC’s regulation of the private investment funds industry has generated significant attention and commentary, as well as a fair amount of hand-wringing. From our perspective as lawyers, however, there is a relatively...more

New Collective Investment Vehicles

This week's Federal Budget ushered in a new era in investment management in Australia with the announcement that the Federal Government will introduce a new tax and regulatory framework for two new types of collective...more

A&O Decision Report: Fund Manager Challenges FCA's Decision To Impose Prohibition Order

In this decision report we consider the recent decision notice published by the FCA, in which the FCA detailed its reasons for proposing to impose a prohibition order on a fund manager. The Upper Tribunal previously held that...more

FCA Assesses Whether Fund Managers are Meeting Investor Expectations

On April 7, 2016, the United Kingdom (UK) Financial Conduct Authority (FCA) published a report (Thematic Review TR16/3: Meeting investors' expectations) (Report) containing its conclusions regarding a thematic review...more

Financial Conduct Authority Publishes Thematic Review on Investor Expectation Satisfaction

The Financial Conduct Authority published its thematic review on how firms in the fund management sector meet investors' expectations. The FCA considered whether UK authorized investment funds and segregated mandates were...more

Financial Services Quarterly Report First Quarter 2016: Fighting Currency Outflows, China Proposes Further Opening its Securities...

Faced with redemptions and currency outflows from the country, Chinese regulators have taken welcome steps to make it easier for fund managers and other institutional investors to invest in China. Fund managers, in...more

Financial Services Quarterly Report - First Quarter 2016: Singapore Continues Global Trend in Derivatives Regulation: Reporting...

The Monetary Authority of Singapore (MAS) continues to develop and strengthen its regulation of derivatives markets, most recently focusing its attention on the formulation and completion of a comprehensive reporting regime....more

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

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

SEC Staff Publishes Guidance on Fund Disclosure of Current Market Conditions

The Guidance emphasizes the importance of reviewing market conditions and the related effect on fund investments on an ongoing basis and ensuring that fund disclosure is appropriately up-to-date....more

Corporate Venture Funds: Friend or Foe?

Many large corporations have set up, or are in the process of setting up, in-house venture funds. At the same time, early and later-stage companies are looking for “smart money” investors – funds that bring strategic and...more

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