Hedge Funds

What to Ask Potential Investors Beyond “Is Your Money Green”

by Edward Willig | Carr, McClellan, Ingersoll, Thompson & Horn -... on 5/1/2013

Overview - Investment into U.S. venture-backed companies dropped 20% to $6.6 billion in the fourth quarter of 2013 compared to a year earlier, according to Dow Jones VentureSource, and was down 15% to $29.7 billion for...more

Wall Street Sales Tax Reintroduced on Capitol Hill: Likely a Significant Impact on Private Investment Funds

by David Sussman | Duane Morris LLP on 4/19/2013

On April 17, 2013, U.S. Rep. Keith Ellison (D-Minn.) reintroduced the Inclusive Prosperity Act of 2013 (H.R. 1579) (the "Bill"), a financial transaction tax that, according to its supporters, would provide the federal...more

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

by Bloomberg Law on 4/17/2013

April 18 (Bloomberg) -- Why and when U.S.-managed hedge funds can go bankrupt in the Caribbean, not in the U.S., is the first item discussed on the new bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg...more

Staying Ahead Of The Game - Marco Martins And Patrick Colegrave, Of Harney Westwood & Riegels, Explain How Cayman Is Adapting To...

by Patrick Colegrave, Marco Martins | Harney Westwood & Riegels on 4/16/2013

2013 is lining up to be a pivotal and successful year for both the Cayman Islands and the global hedge fund industry. Many of the developments which started in the last decade, ranging from worldwide regulatory and financial...more

The fate of Argentina's debt restructuring is getting closer

by Sheppard Mullin Richter & Hampton LLP on 4/15/2013

In what the Financial Times has called “the sovereign debt restructuring case of the century,” Argentina has timely submitted its proposal as requested by the U.S. Court of Appeals for the Second Circuit, with which it is...more

2013 Mutual Funds and Investment Management Conference

by Ropes & Gray LLP on 4/10/2013

In this presentation: - General Counsel’s Address - Keynote Address - General Session — It’s a Small World After All: How Non-U.S. Regulators Affect Your Business - General Session — Closer to...more

Financial Services Quarterly Report - First Quarter 2013: The UCITS Agenda

by Barbara Cronin, Declan O’Sullivan | Dechert LLP on 3/30/2013

The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more

Financial Services Quarterly Report - First Quarter 2013: The Role of the Depositary Under the AIFM Directive

by Richard Frase | Dechert LLP on 3/28/2013

The Alternative Investment Fund Managers Directive (the “AIFM Directive”) requires that private funds appoint a “depositary”. To date, there has been no cross-border regulatory requirement for hedge or other private funds to...more

Third Circuit Holds Rule 10b-5 Violations May Be Imputed to Investment Management Company on Basis of Apparent Agency

by Mark Kornfeld, Marc Powers, Elizabeth Schutte | BakerHostetler on 3/19/2013

The United States Court of Appeals for the Third Circuit recently issued a decision that highlights the importance of investment management companies using extreme caution when promoting investment products to their clients,...more

In the Money – Puerto Rico Me Encanta! Puerto Rican Hedge Funds

by Gerald Nowotny on 3/18/2013

Overview - Every financial media outlet (including Bloomberg and the Wall Street Journal) in the last several weeks has run an article on the possibility of billionaire hedge fund manager becoming a Puerto Rican...more

SEC Considering Changes To Advertising Rules By Hedge Funds And Private Equity

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/13/2013

Norm Champ, Director, SEC Division of Investment Management, recently noted that SEC rules prohibit certain advertisements by registered advisers. Mr. Champ noted the SEC has heard from advisers to private funds,...more

Order Restored: Court hands down key judgment on BVI hedge fund insolvencies

by Phillip Kite, Ross Munro, Andrew Thorp | Harney Westwood & Riegels on 3/12/2013

Introduction - The Court of Appeal of the Eastern Caribbean Supreme Court on Monday, 11 March handed down an important ruling on the question of where investors stand in the “waterfall” of distributions in the...more

Third Circuit Reinforces Limits to Directors' Exposure for Misconduct by Corporate Employees

by John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/8/2013

In Belmont v. MB Investment Partners, Inc., No. 12-1580, 2013 WL 646344 (3d Cir. Feb. 22, 2013), the United States Court of Appeals for the Third Circuit held that a mere failure by corporate directors to oversee enforcement...more

AIFMD Implementation – What Should Non-EU Private Fund Advisers be doing?

by Andrew Henderson, Katerina Sandford | Ropes & Gray LLP on 3/7/2013

The Alternative Investment Fund Managers Directive (“AIFMD”) has been in the public domain for over two years. However, various legal measures, both at European Union (“EU”) and at individual EU Member State (“Member State”)...more

SEC Finding Some Hedge Funds And Private Equity Groups Are Not Complying With Custody Rule

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/5/2013

The SEC has issued a Risk Alert on compliance with its custody rule for investment. It notes that with respect to advisers to audited pooled investment vehicles, its examinations found some failed to meet requirements to...more

Investors Purchasing Distressed Florida Properties

by Schecter Law on 3/4/2013

Investment firms are buying distressed properties nationwide. Florida foreclosures are among the most popular with these firms. The popularity of Florida properties may have to do with speculation that cities like Miami will...more

Bernstein Shur Business and Commercial Litigation Newsletter #25

by Paul McDonald, Daniel J. Murphy | Bernstein Shur on 2/28/2013

We are pleased to present the 25th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight financial services industry news and developments, including continued support for...more

Hedge Funds And Private Equity Groups On SEC Examination Priority List

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 2/25/2013

The Office of Compliance Inspections and Examinations, or OCIE, administers the SEC’s nationwide examination and inspection program. The National Examination Program, or NEP, has published its examination priorities to...more

Insider Trading Cases Continue to Mount Against Hedge Funds

by Bettina Eckerle on 2/24/2013

Insider trading is increasingly becoming a top compliance concern for hedge fund managers and their firms. In total, the SEC brought 58 insider trading actions in FY 2012 against 131 individuals and entities. According to the...more

SBA Rules: Investment Funds Can Now Be Majority Owners of SBIR Companies

by G. Matthew Barnard, Joel Ephross | Duane Morris LLP on 2/22/2013

The Small Business Administration (SBA) recently amended the rules relating to its Small Business Innovation Research (SBIR) program and Small Business Technology Transfer (STTR) program. The new SBA rules implement the...more

Insider Trading Cases Continue to Mount Against Hedge Funds

by Bettina Eckerle on 2/21/2013

Insider trading is increasingly becoming a top compliance concern for hedge fund managers and their firms. In total, the SEC brought 58 insider trading actions in FY 2012 against 131 individuals and entities. According to the...more

CFTCs Gensler Says Hedge Funds May Skirt Trade Rules

by Elan Mendel | Shipkevich PLLC on 2/18/2013

Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that banks may be allowing hedge funds avoid rules meant to reduce market risks by routing trades through overseas offices. The top U.S....more

ESMA Publishes Final AIFMD Remuneration Guidelines

by Proskauer Rose LLP on 2/15/2013

On 11 February 2013, the European Securities and Markets Authority (ESMA) published its final Guidelines on remuneration of alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive...more

Investment Management Legal + Regulatory Update -- February 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 2/14/2013

In This Issue: Regulatory Updates - FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling. Enforcement + Litigation - Enforcement Division priorities target hedge...more

New Rule Could Force Hedge Funds to Snitch

by Bettina Eckerle on 2/12/2013

Hedge funds could soon be faced with additional reporting obligations. The Financial Crimes Enforcement Network (FinCEN) will reportedly propose a new rule that would require hedge funds to file formal reports upon detecting...more

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What to Ask Potential Investors Beyond “Is Your Money Green”

Wall Street Sales Tax Reintroduced on Capitol Hill: Likely a Significant Impact on Private Investment Funds

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

Staying Ahead Of The Game - Marco Martins And Patrick Colegrave, Of Harney Westwood & Riegels, Explain How Cayman Is Adapting To...

The fate of Argentina's debt restructuring is getting closer

2013 Mutual Funds and Investment Management Conference

Financial Services Quarterly Report - First Quarter 2013: The UCITS Agenda

Financial Services Quarterly Report - First Quarter 2013: The Role of the Depositary Under the AIFM Directive

Third Circuit Holds Rule 10b-5 Violations May Be Imputed to Investment Management Company on Basis of Apparent Agency

In the Money – Puerto Rico Me Encanta! Puerto Rican Hedge Funds

SEC Considering Changes To Advertising Rules By Hedge Funds And Private Equity

Order Restored: Court hands down key judgment on BVI hedge fund insolvencies

Third Circuit Reinforces Limits to Directors' Exposure for Misconduct by Corporate Employees

AIFMD Implementation – What Should Non-EU Private Fund Advisers be doing?

SEC Finding Some Hedge Funds And Private Equity Groups Are Not Complying With Custody Rule

Investors Purchasing Distressed Florida Properties

Bernstein Shur Business and Commercial Litigation Newsletter #25

Hedge Funds And Private Equity Groups On SEC Examination Priority List

Insider Trading Cases Continue to Mount Against Hedge Funds

SBA Rules: Investment Funds Can Now Be Majority Owners of SBIR Companies

Insider Trading Cases Continue to Mount Against Hedge Funds

CFTCs Gensler Says Hedge Funds May Skirt Trade Rules

ESMA Publishes Final AIFMD Remuneration Guidelines

Investment Management Legal + Regulatory Update -- February 2013

New Rule Could Force Hedge Funds to Snitch

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

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