Private Equity Funds Hedge Funds

News & Analysis as of

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Partnership Tax Audit Reform and Private Funds

The Bipartisan Budget Act of 2015 that was signed into law on November 2, 2015, made extensive changes to the rules that apply to partnership audits and the mechanics for collecting taxes resulting from an audit. These...more

FCPA Enforcement Ramping Up Against Private Equity and Hedge Funds (Part III)

The Och-Ziff settlement has now set the stage for the Justice Department and the SEC to focus its enforcement eye on the private equity and hedge fund industry. The Och-Ziff action was initiated in response to the SEC’s...more

Major FCPA Enforcement Action Against Nation’s Largest Publicly Traded Hedge Fund

In one of the largest FCPA settlements in history, hedge fund Och-Ziff Capital Management Group LLC (“Och-Ziff”) recently resolved a long-running government inquiry by agreeing to $413 million in financial penalties and a...more

DOJ and SEC Deliver Body Blow to Private Equity and Hedge Funds: Och-Ziff Settles FCPA Violations for $412 Million (Part I)

The Justice Department and the Securities Exchange Commission delivered a powerful FCPA enforcement message to private equity and hedge funds. Och-Ziff settled with the DOJ and SEC for total penalties of $412 million....more

New Law Mandates Disclosure of Alternative Fund Fees By California Public Pensions

To increase the transparency of fees and expenses paid to alternative funds, every California public pension plan must require each alternative fund in which they invest to make various disclosures, and California public...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

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

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 Reserve Officially Extends Volcker Rule Conformance Period with Respect to “Legacy Covered Funds” to July 21, 2017

The Board of Governors of the Federal Reserve System (“Federal Reserve”), consistent with its previously announced intention, extended the conformance period with respect to investments in and relationships with covered funds...more

Regulatory Update and Recent SEC Enforcement Actions

Securities and Exchange Commission (“SEC”) Hosts National Compliance Outreach Seminar for Investment Companies and Investment Advisers In April 2016, the Office of Compliance Inspections and Examinations (“OCIE”), the...more

New Year: New Regulatory Developments Affecting Managers of Hedge Funds, Private Equity Funds and Other Private Funds

Regulators were busy at the end of 2015, especially in the United States, perhaps being motivated to push forward new rule proposals in anticipation of a change in administration after the presidential elections later this...more

SEC Staff Announces 2016 OCIE Examination Priorities

On January 11, 2016, 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

Proposal of significant tightening of the rules on tax credits regarding German equities

On 17 December 2015 the German Ministry of Finance (Bundesfinanzministerium) circulated its consultation draft bill on the reform of fund taxation (‘Ministry’s Draft’). The Ministry’s Draft still contains a complete revision...more

Bipartisan Budget Act of 2015 Changes Audit Rules for Private Equity and Hedge Funds

On November 2, 2015, the United States Congress enacted the Bipartisan Budget Act of 2015 (the Act) to fund the federal government. Among other provisions, the Act significantly modifies how the Internal Revenue Service (IRS)...more

SEC Chair White Complains of Poor Hedge Fund and Private Equity Practices

SEC Chair Mary Jo White recently delivered pointed remarks to a conference attended by hedge fund and private equity advisors. One portion of her remarks was directed at operational risks of private funds, such as...more

SEC Report: Private Fund Assets Grew by 25 Percent over Past Two Years; Private Fund Leverage Revealed

The SEC’s “Private Funds Statistics” report, published October 16, 2016, reveals that the number of private funds and private fund assets has grown significantly over the past two years. The data show that private funds, as a...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

SEC Begins Publishing Statistics on Hedge Funds and Private Equity Advisors

The SEC published a report that provides private fund industry statistics and trends, reflecting aggregated data reported by private fund advisers on Form ADV and Form PF. Most of the data in the more than 50 separate tables...more

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

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

BE-180: Another BEA Benchmark Survey for Financial Services Providers, Including Managers of Hedge, Private Equity and Other...

The U.S. Commerce Department's Bureau of Economic Analysis (the "BEA") recently released the final version of the BE-180 report, a five-year benchmark survey that collects data on transactions between U.S. persons that are...more

Volcker Rule – Five Years On

After years of delays, changes and significant debate, the Volcker Rule is now, largely, in full effect. Sold to a sometimes intellectually incurious Congress and the electorate as a central piece of legislation to limit...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - States are Accommodating Crowdfunding Offerings While the SEC Continues to Ponder Crowdfunding Rules - The SEC first proposed rules in October 2013 for the crowdfunding exemption which was included in...more

Focus on Private Equity - July 2015

What Private Equity Funds Should Know About ERISA: Basics of ERISA Coverage - The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit...more

SEC Steps Up Scrutiny On Private Fund Fee Allocation Practices

In two recent cases, the Securities and Exchange Commission (the SEC) has made clear that it has increased its focus on private funds and their allocation of fees and expenses. In the most recent, the SEC entered an order on...more

Deadline Looming for BE-10 Filing

- Mandatory reporting required by the Bureau of Economic Analysis on Form BE-10 – 2014 Benchmark Survey of U.S. Direct Investment Abroad - Investment managers, general partners, hedge funds and private equity funds are...more

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