News & Analysis as of

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

Private Fund Update - December 16, 2013

In this issue: - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission (CFTC) - The Administration - Association for Corporate Growth (ACG) -...more

Summary of the Volcker Rule

On December 10, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity...more

Private Fund Update - September 9, 2013

In this issue: - The President - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission - Association for Corporate Growth (ACG) - Private...more

The Impact Of Rule 506(c) On Private Funds And Their Managers Who Are Legally Avoiding Full Registration As Commodity Pool...

The Jumpstart Our Business Startups Act (JOBS Act) directed the U.S. Securities and Exchange Commission (SEC) to eliminate the prohibition against general solicitation or general advertising in any offering of securities...more

SEC Charges Private Equity Fund Manager With Misleading Investors About Valuation And Performance

The SEC has charged a former portfolio manager at Oppenheimer & Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds. ...more

SEC Offers Custody Rule Relief to Venture Capital and Private Equity Funds

Following the adoption of the Dodd-Frank Act and amendments to the rules under the Investment Advisers Act of 1940 (the “Advisers Act”) adopted by the SEC, many previously unregistered managers to private funds, including...more

Operational Regulatory Risks Facing Private Equity Firms

If you work in the private equity world, you probably know that you are already exposed to a variety of regulatory risks and obligations that can have a significant impact on your firm’s operations and financial rate of...more

Reminder: Deadline for Form PF Annual Filers is April 30, 2013

As a reminder, smaller private fund advisers registered with the SEC and “large private equity fund advisers” with a fiscal year-end of December 31 must file their Form PF with the SEC by April 30, 2013....more

SEC Staffer Highlights Private Fund and Private Equity Broker-Dealer Issues

On April 5, 2013, David Blass, Chief Counsel of the SEC’s Division of Trading and Markets (which regulates broker-dealers), gave an important speech highlighting two “significant areas of concern” about broker-dealer...more

SEC Comments On Broker-Dealer Registration By Private Fund Advisers

David W. Blass, Chief Counsel, Division of Trading and Markets, SEC, recently gave a speech before the American Bar Association Trading and Markets Subcommittee on April 5, 2013. The topic of the speech was whether and when...more

SEC Considering Changes To Advertising Rules By Hedge Funds And Private Equity

Norm Champ, Director, SEC Division of Investment Management, recently noted that SEC rules prohibit certain advertisements by registered advisers. Mr. Champ noted the SEC has heard from advisers to private funds,...more

SEC Charges Private Equity Fund Advisers With Misleading Investors About Valuation And Performance

The SEC has charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance of a private equity fund they manage. The SEC recently hinted at potential increased...more

SEC Finding Some Hedge Funds And Private Equity Groups Are Not Complying With Custody Rule

The SEC has issued a Risk Alert on compliance with its custody rule for investment. It notes that with respect to advisers to audited pooled investment vehicles, its examinations found some failed to meet requirements to...more

Private Equity: Blindsided by the FCPA — Hedging Against Anti-Corruption Deal Risk

Until a few years ago, private equity firms enjoyed relative insulation from regulatory scrutiny of overseas acquisitions and the operations of multi-national portfolio companies. No longer is that the case. Spurred by the...more

SEC Announces 2013 Examination Priorities for the Investment Management Industry

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has published its list and discussion of examination priorities for the investment management industry in 2013, which includes both market-wide initiatives...more

Hedge Funds And Private Equity Groups On SEC Examination Priority List

The Office of Compliance Inspections and Examinations, or OCIE, administers the SEC’s nationwide examination and inspection program. The National Examination Program, or NEP, has published its examination priorities to...more

New Freedoms & Heightened Scrutiny Complicate the US Private Fund Marketing Environment

Originally published in CorporateLiveWire on February 21, 2013. The last few years have witnessed tectonic shifts in U.S. laws and regulations that effect the management and operations of hedge funds, private equity...more

SEC Official Describes Enforcement Priorities For Hedge Funds

Bruce Karpati, Chief, SEC Enforcement Division’s Asset Management Unit, recently described enforcement priorities with respect to hedge funds. He noted the Asset Management Unit, comprised of 75 staff across 11 offices,...more

Private Equity Valuations: Standards and Recent Developments

Originally published in the American Bar Association's Commercial & Business Litigation: Summer 2012, Vol. 13 No. 4 – Delaware Corporations & Private Equity - August 16, 2012. It has been widely reported that in late...more

Insights Special Edition: "Dodd-Frank Rulemaking: Volcker Rule and SIFI Proposals"

Dear Clients and Friends: In October, federal agencies proposed two new sets of regulations under the Dodd-Frank Act. The proposals — to implement the Volcker Rule and to create standards to designate certain nonbanks...more

Dodd-Frank Update: New Private Fund Rules Released

Update on the new rules governing private funds under Dodd-Frank....more

White Paper: Impact of Dodd-Frank on Investment Advisers

On June 22, 2011, the Securities and Exchange Commission ("SEC") adopted final rules under the Private Fund Investment Advisers Registration Act of 2010 (the “Act”), contained in the Dodd-Frank Wall Street Reform and Consumer...more

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