Investment Funds

News & Analysis as of

European Commission Calls for Acceleration of Capital Markets Union

The European Commission published a Communication calling for implementation of the Capital Markets Union to be accelerated. The CMU is part of the third pillar of the Commission Investment Plan for Europe. The CMU Action...more

PE investments into oil and gas in the low oil price environment

Over the past 24 months, the low oil price environment has led to increased interest in the hydrocarbon sector from private equity investors. However, this has not translated into the anticipated avalanche of PE investments...more

California’s New Fee Disclosure Law For Public Pension Plans Investing In Alternative Investment Vehicles

On September 14, 2016, California Governor Jerry Brown signed into law a bill intended to provide transparency with respect to fees and expenses paid by California public pension or retirement systems (“PPPs”) to private...more

Federal Court Issues Trial Ruling in Section 36(b) “Manager of Managers” Lawsuit: AXA Advisory and Administrative Fees Held Not to...

The U.S. District Court for the District of New Jersey issued its post-trial ruling on August 25, 2016 in Sivolella v. AXA Equitable Life Insurance Company—the first Section 36(b) trial decision since 2009. The Court...more

SEC Charges Private Equity Advisor with Conflicts for Law Firm Discounts

In a settled enforcement action, the SEC charged a private equity advisor, First Reserve Management, L.P., with conflicts of interest and other matters. First Reserve did not admit or deny the SEC’s findings....more

Investment Funds Update - Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

BaFin Plans to Prohibit Retail Distribution of Credit-Linked Notes - BaFin announced on its website that the regulator intends to prohibit the marketing, distribution and sale of credit-linked notes...more

Be Careful Not to Withhold Key Information When Courting a Potential New Hire or Business Partner

So your company is considering getting into a new area of business, and to do so, it will have to hire a variety of talent. While the launch of the new venture is not a certainty, the prospects of it are enticing, and time is...more

Mass. District Court Holds Private Equity Funds Liable for a Portfolio Entity’s Pension Benefits

The Private Equity Practice has been getting an increasing number of calls related to the decision made earlier this spring (Sun Capital Partners III, LP v. New Eng. Teamsters & Trucking Indus. Pension Fund, 2016 US Dist....more

Investment Funds Update - Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

Central Bank Personnel Update - The Central Bank of Ireland (the “CBI”) announced that Gareth Murphy, Director of Markets Supervision, has resigned his position on 22 August 2016. He will remain with the CBI until...more

Investment Funds Update - Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

CSSF Newsletter – August 2016 - The CSSF published its August 2016 newsletter (number 187), which provides updates in relation to recent national regulation and statistics....more

New Countries Eligible for Italy's White List

In the Official Gazette No. 195 of 22 August 2016, the Italian Government published the Ministerial Decree of 9 August 2016 (the "Decree") that amended the list of countries and territories "allowing an adequate exchange of...more

Common Deficiencies Noted in Exams of Minnesota Registered Investment Advisers

The Minnesota Department of Commerce recently conducted a series of routine exams of investment adviser firms registered in Minnesota to analyze their compliance with certain regulations applicable to investment advisers. ...more

District Court Dismisses 401(k) Plan Investment Claims Against Chevron Fiduciaries

A federal district court in California granted defendants’ motion to dismiss claims asserted by Chevron 401(k) plan participants that the plan fiduciaries breached their ERISA fiduciary duties by selecting underperforming...more

Social Links: Instagram’s & Pinterest’s new features; the per-post premium paid to top influencers; a successful social media...

Instagram now allows users to zoom in on photos in their feeds and at least 11 brands are already capitalizing on the new feature. Pinterest acquired Instapaper, a tool that allows you to cache webpages for reading at a...more

Investment in Biotechnology Companies -- Nature Biotechnology Report

Despite an understandable amount of gloom and doom in patenting circles regarding the effects of the recent Supreme Court and Federal Circuit jurisprudence on life sciences patents (Mayo v. Prometheus; AMP v. Myriad Genetics;...more

The ERISA Litigation Newsletter - August 2016

Editor's Overview - This month’s newsletter features an article on the DOL’s recently published interim final rule that increases penalties for notice and disclosure violations, which generally became effective on...more

The risks of co-employment liability in France

Against a background of financial crisis and corporate restructurings, French workers have taken to the ramparts. Employees dismissed "for economic reasons" have, in increasing numbers, been filing complaints under the Labor...more

International Consultation on Good Practices for the Termination of Investment Funds

The International Organization of Securities Commissions published a report outlining a proposed set of good practices on the voluntary termination of investment funds. The decision to terminate an investment fund can have a...more

European Commission Adopts Technical Standards Detailing the Reporting of Transactions Obligations under MiFIR

The European Commission adopted a Commission Delegated Regulation in the form of Regulatory Technical Standards supplementing the Markets in Financial Instruments Regulation. MiFIR will, from January 3, 2018, require an...more

Three Immigration Lawyers Sanctioned by the SEC for Brokering EB-5 Investments

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has...more

This Week In Securities Litigation

An investment banker who repeatedly tipped his father on about pending mergers was found guilty of insider trading by a jury this week. The Commission brought another action based on the whistleblower protections where the...more

A Case for NMTCs in US Territories

Annually, following the release of the New Markets Tax Credit (“NMTC”) Application, the Community Development Financial Institutions (“CDFI”) Fund identifies ten states, plus US territories, that have not received as much...more

European Commission Implementing Regulation Establishing a List of Critical Benchmarks Used in Financial Markets under Benchmarks...

On August 12, 2016, the European Commission Implementing Regulation (EU) 2016/1368 establishing a list of critical benchmarks used in financial markets pursuant to the Regulation on indices used as benchmarks in financial...more

Proposed changes to UK lease taxation

HMRC published a discussion paper on 8 August 2016 setting out how the UK’s plant and machinery lease taxation rules might be changed in light of IFRS 16, the new accounting standard for leases. Responses to the paper...more

Your daily dose of financial news - The Brief – 8.15.16

More details have emerged from the February cyberheist that resulted in the theft of more than $81 million from Bangladesh’s account at the NY Fed, including a pretty significant lack of critical concern from the bank itself....more

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