Hedge Funds

News & Analysis as of

Section 16(b) Decision Provides Important Guidance

A recent opinion by the US District Court for the Southern District of New York denying a motion to dismiss “short-swing” profit claims under Section 16(b) of the Securities Exchange Act of 1934 against members of an alleged...more

Deadline Looming for BE-10 Filing

- Mandatory reporting required by the Bureau of Economic Analysis on Form BE-10 – 2014 Benchmark Survey of U.S. Direct Investment Abroad - Investment managers, general partners, hedge funds and private equity funds are...more

Whistle While You Work: SEC Announces First Retaliation Whistleblower Award

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

Analysis of Inter Partes Review and Post-Grant Review in the Life Sciences Industry Through First Quarter 2015

The recently established inter partes review (IPR) and post-grant review (PGR) of the America Invents Act have been in the spotlight lately, especially now that the life sciences industry has begun to utilize these...more

IRS Proposes Regulations Directed To “Passive” Hedge Fund Foreign Insurance Entities

On April 24, 2015, the Internal Revenue Service proposed regulations directed to “situations in which a hedge fund establishes a purported foreign reinsurance company in order to defer and reduce the tax that otherwise would...more

Financial Services Weekly News Roundup - May 2015

In This Issue – More on the SEC Whistleblower Program. In the April 8 issue of the Roundup we reported on the SEC’s administrative proceedings based on findings that restrictive language in a form confidentiality...more

Settlement with Large Firm Audit Partner Reaffirms SEC’s Emphasis on Related Party Disclosures

The SEC’s Division of Enforcement has made a concerted effort in recent months to warn auditors and other corporate “gatekeepers” that it intends to scrutinize the adequacy of related party disclosures in financial filings. ...more

Blog: They Spurred The Stock Buyback Phenomenon. Will Hedge Fund Activists Now Eviscerate R&D?

It is widely recognized that one of the primary causes of the current stock buyback phenomenon has been pressure from hedge fund activists....more

Locke Lord QuickStudy: Proposed Regulations Issued On Hedge Fund Reinsurance Transactions

The Internal Revenue Service (IRS) recently issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (PFIC) rules (the...more

SEC Sanctions Adviser, and its CEO, GC and Auditor Based on Conflicts

Conflicts of interest are a central focus for the SEC. Indeed, conflicts are at the core of many of the actions brought against regulated entities. And, an undisclosed conflict was at the center of actions brought against a...more

Investment Funds Update - Asia: Legal and regulatory updates for the funds industry from the key jurisdictions in Asia: Hong Kong

Hong Kong – China Mutual Recognition Scheme (the “Scheme”) - An opportunity to market HK-domiciled and authorized funds to Mainland retail investors is starting to take shape. There is keen expectation that this Scheme...more

New Volcker Rule FAQ Allows Non-U.S. Banks to Make Certain Investments Despite Offerings to U.S. Residents

Federal regulators recently issued a new interpretation of Title VI of the Dodd-Frank Wall Street Reform and Consumer Protection Act — commonly referred to as the "Volcker Rule" — that makes it significantly easier for...more

A Further Harbinger on the Application of SLUSA

On March 30, 2015, the U.S. District Court for the Southern District of New York dismissed claims in a putative class action against New York-based hedge fund manager Philip A. Falcone (“Falcone”), his advisory firm Harbinger...more

Blog: Will Congress Shorten The 10-Day Window Applicable To Filing Schedule 13D?

Several public watchdog organizations have sent a letter to the leaders of two congressional committees urging that Congress take action to shorten the 10-day filing period applicable to Schedule 13D....more

Court Finds Lenders to Hedge Fund Not Liable as ERISA Fiduciaries

A federal court recently dismissed ERISA breach of fiduciary duty claims asserted by Delphi Beta Fund, LLC, a hedge fund, against two of its bank lenders, because there was no precedent for applying ERISA’s fiduciary duties...more

Multitudes, Multitudes: The SEC’s Asset Management Unit Delivers Important Messages for Investment Advisers

The SEC signals continued scrutiny of asset management firms for all manner of violations — including technical violations first identified in exams. On February 26, Julie Riewe, the Co-Chief of the SEC’s Asset...more

Starting a Hedge Fund: A Review of 2014 and Themes for 2015 and Beyond

Introduction - This is a follow up to our recent publication on Starting a Hedge Fund in 2015 and provides an overview of our thoughts on the start-up market in 2014 and themes for 2015 and beyond....more

Pharmaceutical Filings on the Upswing as Power of IPR Becomes More Well-Known

The Wall Street Journal has taken note of recent IPR filings by hedge fund manager Kyle Bass against certain pharmaceutical patent portfolios. Our Matt Cutler was quoted in one of the articles. ...more

A Guide to the UK Disguised Investment Management Fee Rules

New rules effective from today in the U.K. are likely to have material impact on the tax treatment of payments by a fund to its U.K.-based management executives and service providers. The rules cover many areas of fund...more

BEA Reporting Requirements for US Direct Investment Abroad and New Foreign Direct Investment in the United States

The US Department of Commerce’s Bureau of Economic Analysis (BEA) has announced changes to the reporting requirements for the 2014 BE-10 Benchmark Survey of US Direct Investment Abroad and the BE-13 Survey of New Foreign...more

Second Circuit Denies Petition to Reconsider Newman Decision

April 3, 2015, the Second Circuit handed a significant victory to prospective defendants in insider trading cases — as well as the two defendants whose convictions had been reversed — by denying U.S. Attorney Preet Bharara’s...more

Second Circuit Denies DOJ’s Request for En Banc Review of Newman; Leaves Landmark Insider Trading Decision in Place

The Second Circuit today denied the request by the U.S. Attorney’s office for the Southern District of New York for panel or en banc rehearing of the landmark U.S. v. Newman decision, which overturned insider-trading...more

More Insider Trading Clarity for Money Managers

It is plainly illegal to bribe a corporate insider for non-public information and then trade that company’s stock. But what if the briber shares that information with a money manager, who then trades on that inside...more

South African Hedge Fund Regulation – Here At Last

After five years of talking about the need to regulate hedge funds as a type of financial institution in South Africa, the Minister of Finance in his budget speech stated that with effect from 1 April 2015 “hedge funds will...more

Starting a Hedge Fund in 2015

Hedge funds are well into the transition from bastions of alternative investment to being accepted into the mainstream investment marketplace. It is now estimated that global hedge fund assets under management amount to in...more

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