Private Equity Funds

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Private Fund Update - July 2014 #2

In this issue: - The 113th Congress - The Administration - Securities and Exchange Commission - Association for Corporate Growth (ACG) - Small Business Investor Alliance (SBIA) -...more

Private Equity: The Next Wave of SEC Enforcement Actions?

Ever since the Dodd-Frank Wall Street Reform and Consumer Protection Act required many investment advisers to private equity funds to register with the SEC for the first time, fund managers knew that additional scrutiny might...more

Regulators Target Insurance Company Acquisitions by Private Equity Funds

Private equity firms and hedge funds have stepped up efforts to acquire insurance companies in recent years. This has prompted regulators to increasingly air their own unease with the risks they perceive associated with such...more

Foreign Tax-Exempt Organizations Exempt from Withholding Tax

Investment funds, including private equity funds, often receive capital contributions from tax-exempt organizations. These tax-exempt institutions may include U.S. and foreign pension funds, as well as U.S. and foreign...more

Private Fund Update - June 2014 #3

In this issue: - The 113th Congress - The Administration - Securities and Exchange Commission - Securities and Exchange Commission - Association for Corporate Growth (ACG) - Private Equity...more

What Private Equity Fund Managers Need to Know About SEC Examinations

Prior to the passage of the Dodd-Frank Act, a private equity manager was exempt from federal regulation under the Investment Advisers Act of 1940 (the “Advisers Act”) so long as it managed fewer than 15 private equity funds....more

A Developing Trend: Heightened Scrutiny of Private Equity Fund Advisers

The Securities and Exchange Commission has recently increased its efforts in examining private equity fund advisers and the fees and expenses such advisers charge to portfolio companies on top of customary management fees....more

Investment Management Legal + Regulatory Update -- June 2014

In This Issue: - Regulation ..SEC Begins to Scrutinize Registrants’ Cybersecurity Practices ..SEC Staff Sets Boundaries for Adviser Testimonials in Social Media ..Chair White: SEC to Tackle High-Frequency...more

Qatar Amends Regulations and Issues Rules as MSCI Upgrade Comes Into Effect

Qatar, along with the UAE, has been upgraded from “frontier” to “emerging” market status by MSCI (an upgrade that is now in effect), which is among the criteria used by a large number of institutional investors and private...more

An Appreciation for Hedging Your Bets on Deferred Compensation: IRS Issues Revenue Ruling 2014-18 Under Section 457A of the...

Under Section 457A of the Internal Revenue Code of 1986 (the “Code”), certain offshore and other entities are limited in their ability to provide tax-effective deferred compensation to providers of services to those entities....more

Best Practices for Independent Directors of Business Development Companies

As business development companies (BDCs) grow in popularity, the role of their independent directors grows in importance. Here we look at the increasingly important role that BDC independent directors play and how their...more

Business News Digest – June 2014

In this issue: - SEC Warns Private Equity Fund Advisers about Compliance Shortcomings - Why the 50 Percent Rule Deserves 100 Percent Attention - Exactly How Much Omega-3 Is in There? -...more

Why Private Equity Funds Face Employment Risks

Suddenly, the advance sheets show a wave of litigation targeting private equity funds. See, e.g., Guippone v. BH S&B Holdings LLC, 737 F3d. 221 (2d Cir. 2013) (private equity funds potentially liable for WARN Act liability);...more

A Compilation of Enforcement and Non-Enforcement Actions

Concerns Noted During Private Equity Adviser Exams - Routine examinations by the SEC at advisory firms who manage the assets of private equity funds have uncovered some serious concerns about the way such advisers...more

SEC Warns Private Equity Fund Advisers about Compliance Shortcomings

Andrew J. Bowden, Director of the Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) delivered remarks at last week's Private Equity International (PEI) 2014 Compliance Forum that...more

Strengthening Companies: Operational Improvement Trends  [Video]

Pepper Hamilton and The Deal recently released the results of a new survey of private equity executives which demonstrated the importance of operational improvement and the thought that private equity firms put into the...more

U.S. House Approves Volcker CLO Fix

On April 29, the U.S. House of Representatives passed by voice vote HR 4167, a bill that would exclude certain debt securities of collateralized loan obligations (CLOs) from the so-called Volcker Rule’s prohibition against...more

ECCF

Recently, Craig Lewis, the Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis, commented on the economic impact of various JOBS Act reforms, or the effects on “efficiency, competition, and...more

Insights for Driving Value Through Operational Performance of Private Equity Investments

The 13th annual Beecken Petty O’Keefe & Company Private Equity Conference took place on Friday, February 21st. McDermott, a lead sponsor of the event, hosted a panel of leading, mid-market private equity (PE) funds to...more

Implications for Private Equity Funds of Canada’s Budget 2014 Proposed Anti-Treaty-Shopping Measures

This Update concerns a measure proposed in Canada’s federal budget for 2014, tabled by the Minister of Finance on February 11, 2014 (Budget 2014), relating to treaty shopping that may affect private equity (PE) funds...more

An Overview of The Up-C Structure in Energy Deals

The UP-C structure — which offers tax benefits to pre-IPO investors and sponsors — likely will expand among energy companies. In 2013, several energy companies went public using a so-called UP-C structure. In using...more

The Volcker Rule: Overview and Compliance Requirements

Background on the Final Rule - On December 10, 2013, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange...more

Joining the Crowd - Investing profitably in equity crowdfunding

Crowdfunding is a word you’ve heard a lot since the passage of the JOBS Act in 2012. But what is crowdfunding, and, more importantly, how you can use it to invest profitably? What Is Crowdfunding? - Crowdfunding...more

Financial Services Quarterly Report - Fourth Quarter 2013: UK Autumn Statement Brings Mixed Blessings

This year’s Autumn Statement delivered by the Chancellor of the Exchequer in Parliament on 5 December 2013, and the subsequent draft Finance Bill and H.M. Revenue & Customs (HMRC) and H.M. Treasury press releases of 10...more

Key Provisions of the Volcker Rule Final Regulations for Non-US Banking Entities

The five US financial agencies (“Agencies”) have approved jointly prepared final regulations (“Final Rules”) to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private...more

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