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Investment Adviser › Dodd-Frank Wall Street Reform and Consumer Protection Act › Custody Rule

Goodwin

Reviewing the Industry Groups’ Opening Brief Challenging the Private Funds Rules

Goodwin on

On November 1, 2023, the industry groups (the Petitioners) challenging the new Private Fund Adviser Rules filed in the US Court of Appeals for the Fifth Circuit their opening brief (the Brief) setting forth their legal...more

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

McCarter & English, LLP

Private Equity: SEC Custody Rule—One Size Does Not Fit All

McCarter & English, LLP on

As a result of the Dodd-Frank Act, since 2012 investment advisers that operate pooled investment vehicles such as hedge funds and private equity funds with $150 million of assets under management became subject to the...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - Assets Under Management by Registered Investment Advisers Have Increased Substantially - Will “Accredited Investor” Definition Be Changed? - Excessive Fee Case Withstands Dismissal -...more

Stinson - Corporate & Securities Law Blog

Providing Audited Financial Statements Late Leads to Charges of Custody Rule Violations

Stinson - Corporate & Securities Law Blog on

The SEC announced charges against an investment advisory firm and three of its top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money...more

Foley Hoag LLP

SEC Offers Custody Rule Relief to Venture Capital and Private Equity Funds

Foley Hoag LLP on

Following the adoption of the Dodd-Frank Act and amendments to the rules under the Investment Advisers Act of 1940 (the “Advisers Act”) adopted by the SEC, many previously unregistered managers to private funds, including...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Recent Developments"

Skadden, Arps, Slate, Meagher & Flom LLP on

Below is a summary of certain recent guidance from the Securities and Exchange Commission (the “SEC”) that is applicable to investment advisers and broker-dealers, namely: (i) an SEC Risk Alert regarding the Custody Rule...more

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