News & Analysis as of

Investment Adviser Private Investment Funds

New Developments on the Scope of the Registered Investment Adviser Exemption under Section 16 of Exchange Act

by Proskauer Rose LLP on

Hedge funds and other private investment funds can take advantage of the exemption for registered investment advisers (RIAs) under Exchange Act Rule 16a-1(a)(1)(v), the "RIA Exemption." While the exemption can be helpful, it...more

The Adviser: A Quarterly Update for Private Funds

by Bryan Cave on

Jay Clayton Appointed Chairman of the SEC; Increased Examinations of Investment Advisers - Mr. Clayton was confirmed by the Senate on May 2, 2017 and sworn in as Chairman of the SEC on May 4, 2017....more

Colorado to Enact Private Fund Exemption to Investment Adviser Registration

by Bryan Cave on

Colorado is catching up with many other states that have adopted state-level investment adviser registration exemptions for certain private fund advisers. Under new rules Colorado’s Division of Securities adopted on May...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

by Proskauer Rose LLP on

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

by Proskauer Rose LLP on

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

Cease and Desist Proceedings Against an Asset Manager for Acting as an Unlicensed Broker-Dealer

by Pepper Hamilton LLP on

Industry participants are well-advised to review their practices to ensure compliance with the Advisers Act, and the SEC’s and SEC’s Staff’s interpretations of when registration as a broker-dealer is required....more

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

by Goodwin on

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

BEA Report May Need To Be Filed by Managers of Offshore Funds by November 1

by Reed Smith on

The U.S. Bureau of Economic Analysis (the “BEA”) requires U.S. financial institutions to file a benchmark survey – the BE-180 – once every five years. Although the BE-180 survey is not new, the BEA recently revised its...more

FinCEN Proposes AML Requirements for Registered Investment Advisers

by WilmerHale on

The Financial Crimes Enforcement Network (FinCEN) has proposed long-expected regulations that would extend anti-money laundering (AML) requirements to federally registered investment advisers (RIA). The August 25, 2015...more

SEC Sanctions Hedge Fund Advisory Firm For Improper Valuations of Illiquid Securities

Returning to an enforcement priority repeatedly articulated over the years, the SEC recently imposed sanctions on a registered investment advisory firm and two principals arising out of an alleged scheme to inflate the...more

SEC Staff Report Relating To The Use Of Data Collected From Form PF

The Dodd-Frank Act provided the SEC with new authority, and directed it to use this authority to require registered investment advisers to maintain records and file reports regarding the hedge funds, private equity funds and...more

New Freedoms & Heightened Scrutiny Complicate the US Private Fund Marketing Environment

by Morrison & Foerster LLP on

Originally published in CorporateLiveWire on February 21, 2013. The last few years have witnessed tectonic shifts in U.S. laws and regulations that effect the management and operations of hedge funds, private equity...more

Massachusetts Securities Division Sending Letters Requiring Documentation from MA Exempt Reporting Advisers

by Foley Hoag LLP on

The Massachusetts Securities Division ("the Division") is currently sending letters to exempt reporting advisers in Massachusetts ("MA ERAs") who manage private funds which rely on the exclusion from the definition of...more

A Compilation of Enforcement and Non-Enforcement Actions - November 30, 2012

by Foley & Lardner LLP on

In This Issue: Non-Enforcement Matters - SEC Approves New FINRA Rule on Private Placement Offerings - Private Fund Advisers Come Into Compliance With Dodd-Frank Requirements Enforcement Matters - ...more

July, 21, 2010: Dodd-Frank Act Signed into Law & SEC Commissioners Approve Amendments to Form ADV, Part 2

by Foley Hoag LLP on

In This Issue: *Dodd-Frank Act Signed into Law *SEC Commissioners Approve Amendments to Form ADV, Part 2 Please see full alert below for more information....more

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