News & Analysis as of

Investment Funds Securities & Exchange Commission

SEC Staff Reports On “Real Estate Funds”, But What Exactly Are They?

by Allen Matkins on

Yesterday, the SEC staff announced that it had published a suite of new data and analyses of private fund statistics and trends. These data include information with respect to “real estate funds”. But what exactly is a...more

SEC Staff Relaxes Limitations under 1940 Act to Permit Certain Global “Master-Feeder” Arrangements, Although Obstacles Remain

by Dechert LLP on

The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more

What Do the SEC’s Recent Bitcoin Disapproval Orders Really Mean for Investors?

by Latham & Watkins LLP on

Regulators responded to a narrow question about trading bitcoin-based securities, with orders that should not limit innovation in bitcoin technologies. On March 10, 2017, the US Securities and Exchange Commission (SEC)...more

Capital Formation Bills Approved by House and Senate Committees

On March 9, 2017, a number of bipartisan bills designed to promote capital raising for companies were approved by the House Financial Services Committee and the Senate Committee on Banking, Housing and Urban Affairs. ...more

The Bitcoin Blockchain: SEC May Approve Winklevoss Twins’ Bitcoin ETF

by Poyner Spruill LLP on

Blockchain has been compared to the early days of the Internet: nearly everyone believes that it’s a world-changing technology with tremendous potential, but no-one can predict who the ultimate winners will be or what impacts...more

Interval Funds - at the Intersection of Liquidity, Transparency, and Valuation DLA Piper's handbook

by DLA Piper on

As yet another demonstration of the investment management industry's ability to develop products to meet the demands of investors and their advisers, we have the "interval fund." These funds are SEC-registered closed-end...more

What to do if you suspect your EB-5 project is in trouble

Managers and Investors in EB-5 Investment Funds should regularly monitor their investments in EB-5 Projects and be ready to take protective actions if their EB-5 Projects show signs of trouble. It is vitally important...more

SEC Staff Issues Guidance Regarding Open-End Fund Investments in Closed-End Funds

by Dechert LLP on

The staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) recently issued guidance regarding open-end fund investments in closed-end funds....more

DOL Fiduciary Rule Compliance—SEC Says Brokers Can Impose Their Own Commissions on Sales of “Clean” Fund Shares

by Ropes & Gray LLP on

On January 11, 2017, the SEC staff issued a no-action letter (the “Letter”) to Capital Research and Management Company in which the staff confirmed that the restrictions of Section 22(d) of the 1940 Act do not apply to a...more

SEC Staff Announces 2017 OCIE Examination Priorities

On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

Global Private Equity Newsletter - Winter 2017 Edition: Use by Private Equity Funds of Subscription Credit Facilities as a Form of...

by Dechert LLP on

Subscription credit facilities, or subscription lines, are typically revolving credit facilities secured on the capital commitments of investors. Interest rates on subscription lines are often similar to those for first lien...more

The Only Color in Gambling is Green—Why Staking is a Security

by Burr & Forman on

The Securities Act of 1933’s catchall for defining a security is the “investment contract.” The landmark case, SEC v Howey, explained that “an investment contract for the purposes of the Securities Act means a contract,...more

SEC Issues Guidance on Fund Changes Intended to Simplify Compliance with the Department of Labor’s “Conflict of Interest” Rule

by Ropes & Gray LLP on

On December 15, 2016, the SEC’s Division of Investment Management issued a Guidance Update titled, Mutual Fund Fee Structures. The Guidance focuses on disclosure issues and procedural requirements arising from (i) funds...more

SEC Staff Issues Guidance on Fund Fee Structure Disclosures

by Dechert LLP on

In a Guidance Update published on December 15, 2016, the staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) articulated its views as to certain disclosure issues and...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

by Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

SEC Finalizes Rules Requiring Liquidity Risk Management by Open-End Funds

by Ropes & Gray LLP on

In an October 13, 2016 release (the “Release”), the SEC adopted Rule 22e-4 (the “Rule”) and published new disclosure and data reporting requirements. Most notably...more

SFC Circular to Managers of SFC Authorised Funds Addressing Liquidity Risk Management

Key Points - - All managers of SFC authorised funds (including overseas managers of SFC authorised funds) are required to enhance internal liquidity risk management processes and procedures in order to implement...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

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

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

by Dorsey & Whitney LLP on

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

Your daily dose of financial news - The Brief – 7.6.16

by Robins Kaplan LLP on

How often are we going to be hearing about Brexit aftershocks? I’d expect you better get used to it. Today’s edition: two other real estate funds (these run by Aviva ad M&G) have joined Standard Life in freezing withdrawals...more

SEC Proposes Business Continuity and Transition Rules for Advisers While Staff Publishes Similar Guidance for Funds

The SEC’s Division of Investment Management published regulatory guidance on June 28, 2016, highlighting the need for registered investment company complexes to review their business continuity plans to ensure they are...more

Practice Pointers on Shelf Offerings by Business Development Companies

by Morrison & Foerster LLP on

Overview - Business development companies (“BDCs”) are U.S. publicly held investment funds that invest primarily in private and thinly traded public U.S. businesses. BDCs have generally faced capital raising challenges...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

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