Hedge Funds

News & Analysis as of

Trends for Early-Stage Investing in Emerging Managers

The current environment for early-stage investing with emerging managers reflects an increasing number and variety of early-stage investments firms, an increasing pool of talented emerging managers, and a growing number and...more

House Committee Advances Competing Patent Reform Legislation

With yesterday’s House Judiciary Committee vote, there are now competing, and in some respects significantly different, patent reform proposals under serious consideration in the House and the Senate. Among the most important...more

Unpacking the Australian OTC Derivative Reporting Regime

The Australian government has released draft regulations implementing a single sided exemption from the trade reporting regime for over-the-counter (OTC) derivatives. Consultation on the regulations closed in late June and...more

U.S. Treasury Department Requests Information on Online Marketplace Lending

On Monday, July 20, 2015, the United States Treasury Department (UST) published a notice and request for information (RFI) in the Federal Register in order to request public comment on online marketplace lending. The RFI...more

Private Equity and Hedge Fund Managers Take Caution - Proposed Treasury Regulations Threaten Management Fee Waivers

On July 23, 2015, the Internal Revenue Service ("IRS") issued long-awaited proposed regulations discussing the taxation of management fee arrangements commonly used by private equity funds and their management. The proposed...more

Focus on Private Equity - July 2015

What Private Equity Funds Should Know About ERISA: Basics of ERISA Coverage - The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit...more

Rating Agency Developments

On July 8, Moody’s issued Rating Methodology – Moody’s Approach to Rating Transactions Backed by Portfolios of Hedge Fund Investments. On July 9, Moody’s issued Rating Methodology – Moody’s Approach to Rating Asset-Backed...more

Shadow Banking Remains on Regulatory Radar

The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more

SEC Steps Up Scrutiny On Private Fund Fee Allocation Practices

In two recent cases, the Securities and Exchange Commission (the SEC) has made clear that it has increased its focus on private funds and their allocation of fees and expenses. In the most recent, the SEC entered an order on...more

IRS Issues Notices Regarding Certain Structured Transactions

Parties that enter into “basket option contracts” and “basket contracts” should be aware that the IRS is likely to challenge such transactions and that they have a new obligation to report the transactions to the IRS or face...more

The Circuits Are Split: Are Tangible Benefits Required for Insider Trading Liability?

The Ninth Circuit’s recent decision calls into question the Second Circuit’s definition of “personal benefit” for insider trading liability in criminal prosecutions. On July 6, 2015, United States District Court Judge...more

The Fair and Effective Markets Review: The Final Report

Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more

Fund Managers, Welcome to the Hotel California - When It Comes to Certain Taxes, It's Possible You Can Never Leave - Tax Update...

Fund Managers May Be Taxable in California, Even if the Manager Has No Property or Payroll in California and All of the Management Services Are Performed Outside of the State. Several recent law changes in California,...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Preparing a Company to Deal With Activist Investors [Video]

It does not matter whether a company is approached by a single activist investor or a group of activist hedge funds, a company and its board should have a strategy prepared. In this video, Foley Partner Deepak Nanda discusses...more

Blog: Executive Compensation — A Trigger For Hedge Fund Activism?

Is executive pay becoming a hot button issue for activist hedge funds? While executive pay has long been under scrutiny from standard-issue corporate governance activists, such as union pension funds, the interest of some...more

Recent Investment Management Developments - June 2015

In This Issue: - SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers - SEC Charges Hedge Fund Executives and External Auditor for Improper Disclosure of Expense...more

Massachusetts Supreme Judicial Court Takes Expansive View of Investment Advisor’s Liability Under Blue Sky Law in Hays v. Ellrich

Last week, the Massachusetts Supreme Judicial Court (SJC) handed down Hays v. Ellrich, a decision with important implications for the investor advising community. The case is significant for two reasons. First, even though...more

Litigation Finance on the Rise — But Questions Abound

Increasingly, lawyers are identifying a purportedly injured plaintiff, a theory of liability, and a defendant, and then turning to a hedge fund to finance the lawsuit, perhaps with the help of a litigation finance specialist....more

Wolf Pack Activism: A Quick Look

Recently, a lot of media attention has been devoted to the growth in hedge fund activism and the question of whether rules regarding disclosure should be changed with respect to the number of days within which active...more

The FCA Publishes Its Bi-Annual Hedge Fund Survey

On June 2, the Financial Conduct Authority (FCA) published its bi-annual hedge fund survey (Survey) concerning the investment activities of hedge funds managed by a sample of hedge fund managers operating in the United...more

The IRS Turns Up the Heat on Hedge Fund-Backed Reinsurance

After years of inaction, the Internal Revenue Service (IRS) is throwing up obstacles to enjoying the tax advantages of hedge fund-backed reinsurance. On April 24, 2015, the IRS issued a notice of proposed rulemaking titled...more

What’s Driving the Rise of Shareholder Activism in Europe?

Düsseldorf-based Dr. Harald Selzner is a partner at Latham & Watkins and Co-chair of the firm’s global M&A Practice. He has extensive experience in domestic and cross-border M&A transactions, including corporate...more

Blog: WSJ Reports SEC Enforcement Looking At Failures To Disclose Alliances Among Hedge Fund Activists

The WSJ reports that the SEC is investigating whether some hedge fund activists formed 13D “groups” but failed to make appropriate disclosure of their alliances. Under Rule 13d-5, when two or more persons agree to act...more

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