News & Analysis as of

View From McDermott: What Private Equity and Hedge Funds (and Their Benefit Plan Investors) Should Know About ERISA

ERISA imposes numerous obligations on fiduciaries holding assets of employee benefit plans. In addition to discharging its duties prudently and for the exclusive purpose of providing benefits to benefit plan participants and...more

Private Equity And The SEC: A Brave New World Of Scrutiny And Compliance

In early April 2014, the Securities and Exchange Commission (SEC) announced the formation of a new unit within its Office of Compliance Inspections and Examinations (OCIE) that will be dedicated to the examination of private...more

Are Distressed Loan Fund Investors “Financial Institutions” And Why Does It Matter?

Once again, those of us in the commercial finance world are reminded of the age-old adage caveat emptor. This time the warning is directed at hedge funds and other investors with a penchant for purchasing distressed debt from...more

The Financial Report - Volume 3, No. 8 • April 2014 (Global)

Discussion and Analysis - According to various media sources summarizing the findings of a recently published “Progress Report,” as of April 1, 2014, of the 398 total rulemaking requirements under the Dodd-Frank Act,...more

NAIC Report: 2014 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Spring National Meeting in Orlando, Florida from March 29 through April 1. Typical for the first national meeting of the year, much activity was focused...more

Securities And Exchange Commission Creates New Private Fund Unit Dedicated To Examination Of Private Equity And Hedge Funds

On April 7, 2014, it was announced that the United States Securities and Exchange Commission (SEC) has created a new private fund unit dedicated to the examination of private equity and hedge funds....more

New Capital, New Regulations? U.S. Insurance Regulators Continue to React to Influx of Private Equity/Hedge/Pension Fund Capital

Last week, in Orlando, the NAIC’s Private Equity Issues Working Group (the Working Group) held its second meeting. At meetings of most of the other NAIC working groups formed in recent decades to address specific industry...more

New Manager Forum Panel III – Post-launch Matters [Video]

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing...more

New Manager Forum Panel II – Launch Issues [Video]

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing...more

New Manager Forum Panel I - Critical Pre-launch Considerations [Video]

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing...more

SEC Issues Risk Alert on Investment Advisers’ Due Diligence Processes for Selecting Alternative Investments

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert on January 28 regarding the due diligence practices of investment advisers when they recommend or place...more

The Financial Industry – Life Is Getting Tough

Financial institutions, investment banks, private equity firms and hedge funds are having a rough time. Things are just not going well for them. While the economic outlook is turning positive, the enforcement atmosphere is...more

Dodd-Frank: The Volcker Vortex

In its simplest form, the Dodd-Frank Act's Volcker Rule prohibits U.S. bank holding companies and their affiliates from engaging in "proprietary trading" and from sponsoring hedge funds and private equity funds. While the...more

“Interim Final” Volcker Rule Approved

On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more

Observation 1.2 On The Volcker Rule: Foreign Banking Entities – Location, Location, Location

On December 10, 2013, the Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and...more

SEC Announces Examination Priorities for 2014

On January 9, the SEC announced its examination priorities for 2014, which cover a wide range of issues at financial institutions, including investment advisers and investment companies, broker-dealers, clearing agencies,...more

SEC Exam Priorities Include Newly Registered Hedge Fund And Private Equity Advisors

The SEC has announced its examination priorities for 2014, which cover a wide range of issues at financial institutions, including investment advisers and investment companies, broker-dealers, clearing agencies, exchanges and...more

Hedge Fund and Private Equity Fund Secured Loans and the Volcker Rule

Loans secured by interests in hedge funds and, to a lesser extent, private equity funds have been a staple of many banks’ credit offerings for years. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

Federal Regulatory Agencies Issue Final Rule Implementing Volcker Rule

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Securities and Exchange Commission jointly adopted and the Commodity Futures Trading Commission...more

Regulators Approve Final Volcker Rule

After several years and 18,000 comments, yesterday regulators braved a “snow covered” Washington and voted to approve a final rule to prohibit banks from engaging in proprietary trading, known as the Volcker rule. As industry...more

Federal regulators release Volcker Rule final regulations

Five federal financial regulatory agencies have released final rules implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 619 created Section 13 in the Bank Holding Company Act...more

The Volcker Rule: A First Look at Key Changes

On December 10, 2013, five U.S. financial regulators (the Agencies) adopted a final rule implementing the Volcker Rule. The text of the final rule and its accompanying preamble are available here. The Volcker Rule was created...more

Private Equity FCPA Risks: Growing Rapidly

Several years ago, the SEC sent shockwaves through the private equity and hedge fund industries. The SEC launched an industry investigation focused on the legal principle that foreign sovereign wealth funds were a part of...more

Moving Investment Operations to Puerto Rico: Tax Benefits for Hedge Fund and Private Equity Managers

Introduction - While the battles over the extension of the Bush tax cuts raged in Congress in 2012, the Puerto Rican government without much fanfare passed significant tax legislation which has the potential to...more

Capital Infusion: A Recommendation for Clarifying LLC Fiduciary Duties

Delaware has gained some notoriety of late with the uncertainty surrounding fiduciary duties in governance of limited liability companies (LLCs). LLCs are born from statutory law, and governed by the Delaware Limited...more

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