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Investment Funds Fees

Proskauer - Employee Benefits & Executive...

Second Circuit Establishes Practical Pleading Requirement for Prohibited Transaction Claims Under ERISA Section 406(a)(1)(C)

The Second Circuit recently held that in order to state a claim for a prohibited transaction pursuant to ERISA section 406(a)(1)(C), it is not enough to allege that a fiduciary caused the plan to compensate a service provider...more

Cadwalader, Wickersham & Taft LLP

The UK Funds Review Response: Steps Forward But a Key Opportunity Missed

On 10 February 2022, the UK government published its response to the input received from various stakeholders into the UK funds regime review. The response document summarises the responses received and, in acknowledging that...more

Proskauer - The Capital Commitment

SEC Is Exploring Reforms Regarding Private Fund Disclosure Of Conflicts Of Interest And Fees and Expenses

On September 14, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs. During his testimony, he stated that the SEC is exploring...more

K&L Gates LLP

SEC Proposes Major Changes to Prospectus and Shareholder Report Disclosure Scheme

K&L Gates LLP on

I. INTRODUCTION AND SUMMARY - The Securities and Exchange Commission (SEC) has proposed a bold new approach to shareholder and investor communications by investment companies registered on Form N-1A under the Investment...more

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

Dechert LLP

ESMA Increases Focus On European Fund Fees

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In this OnPoint, we report on the recent Supervisory Briefing issued by the European Securities and Markets Authority (“ESMA”) on the supervision of costs in UCITS and AIFs published 4 June 2020....more

Groom Law Group, Chartered

Fidelity Wins Dismissal from ERISA Claims Based on “Infrastructure” Fees

Several highly publicized lawsuits were brought against the Fidelity organization in 2019 in connection with Fidelity’s receipt of “infrastructure fees” from mutual fund families and other investment providers made available...more

Troutman Pepper

Allocating Co-Investments Rights

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For most private equity managers, co-investments are an essential part of attracting limited partner investors and funding investments. Originally published in Middle Market Growth, the official publication of the...more

White & Case LLP

Proposed bill to reform the Retirement Savings Systems Law

White & Case LLP on

On January 23, 2019, a bill proposed by the Mexican Federal Executive branch was published in the House of Representatives Parliamentary Gazette, with the purpose to amend, add and repeal various provisions of the Retirement...more

Troutman Pepper

Fees and Expenses Survey 2018: Everything Is Becoming More Granular

Troutman Pepper on

Pepper is pleased to announce the release of the 2018 pfm Fees and Expenses Benchmarking Survey, produced in partnership with PEF Services and WithumSmith+Brown. The survey was launched in 2014 in response to fund managers’...more

Troutman Pepper

If It's Not Disclosed, It Can't Be Charged - Pepper Hamilton Commentary from the 2018 pfm Fees and Expenses Benchmarking Survey

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Expense provisions in fund documents are getting longer and longer, amid pressure on GPs to be more transparent....more

Dechert LLP

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

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Grand Ducal Regulation on CSSF fees published - The Grand Ducal Regulation of 2 July 2018 amending the Grand Ducal Regulation of 21 December 2017 on fees levied by the Commission de Surveillance du Secteur Financier....more

Dechert LLP

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

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BaFin Publishes Interpretative Notice Regarding the Qualification of Tokens and Cryptocurrencies Offered Through Initial Coin Offerings to Investors - BaFin published its new interpretative notice on 20 February regarding...more

Dechert LLP

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

Dechert LLP on

AMF Study on Fees Charged in 2015 by UCITS Distributed in France - The Autorité des Marchés Financiers (the French financial regulator, AMF) conducted a study based on the fees disclosed in the KIID distributed to...more

Troutman Pepper

Squeezed in the Middle

Troutman Pepper on

Fund managers are getting squeezed from all directions. Absent raising a larger fund next time, GPs cannot realistically expect to grow top line revenue. At the same time, they bear variable and often unpredictable expenses. ...more

Proskauer Rose LLP

New California Law Requires Increased Private Fund Fee and Expense Disclosure

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

Dechert LLP

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

Dechert LLP on

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

Stinson - Corporate & Securities Law Blog

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

Morrison & Foerster LLP

SEC Staff Guidance on Fund Distribution and Sub-Accounting Fees: Emphasis on Process and Fully Informed Directors

In regulatory guidance published on January 6, 2016, the SEC’s Division of Investment Management tackled the knotty issue of how mutual funds, their investment advisers and independent fund directors should evaluate...more

Kelley Drye & Warren LLP

SEC Continues to Scrutinize the Adequacy and Transparency of Private Equity Fees and Conflicts of Interest

Kelley Drye & Warren LLP on

The Securities and Exchange Commission (“SEC”) has continued to scrutinize the fees and expenses charged by private equity funds to investors, as evidenced by the recent enforcement action against three private equity funds...more

Adler Pollock & Sheehan P.C.

U.S. Supreme Court Rules That Employers Must Periodically Review Investment Options In 401(k) Plans And Remove Imprudent Funds

An employer has fiduciary duties with respect to the 401(k) plan it provides its employees. Those duties include the obligation to choose prudent investment options and to consider the fees associated with service providers...more

King & Spalding

SEC Brings Heightened Scrutiny to the Real Estate Fund Industry

King & Spalding on

The Securities and Exchange Commission (SEC) has expanded its focus on private equity funds to ancillary asset classes, including specifically private equity real estate funds, with its Private Funds Unit (“PFU”) undertaking...more

Dechert LLP

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

Dechert LLP on

Update of the AMF Doctrine on French Professional Specialized Funds - The AMF updated its Instruction n° 2012-06 specifying the rules to be followed (i) for the drafting of the prospectus of a French Professional...more

Katten Muchin Rosenman LLP

SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds

In February 2014, the Securities and Exchange Commission’s Division of Investment Management released a Guidance Update to clarify when a mutual fund using a “multi-manager structure” must obtain shareholder approval for...more

Poyner Spruill LLP

Paying Fees from the Plan is Not a "No-Brainer"!

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Although using the revenue generated by the Plan’s investment funds to pay investment, advisory or recordkeeping fees may seem at first a “no-brainer”, this decision requires financial analysis, assessment of fiduciary...more

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