Private Funds

News & Analysis as of

SEC Staff Provides Guidance on Custody Rule Compliance When Private Funds Use SPVs and Escrow Accounts

The staff of the SEC’s Division of Investment Management issued IM Guidance Update No. 2014-7 (the “Guidance Update”) to provide guidance on how Rule 206(4)-2 under the Investment Advisers Act of 1940 (the “Custody Rule”)...more

SEC Focuses on Burgeoning Liquid Alternative Funds Market

Registered investment companies that pursue alternative investment strategies (also referred to as "liquid alts") are a relatively new form of offering for investment managers accustomed to operating private investment funds....more

The SEC Provides Guidance on Custody Rule Compliance for Private Fund SPVs and Escrow Accounts

In June 2014, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Investment Management provided guidance (the Guidance Update) on how private fund managers using special purpose vehicles (SPVs) and...more

Fifth Circuit: FCA Inapplicable to Claims Involving Private Funds Administered by Government-Created Programs

In United States of America ex rel Rene Shupe v. Cisco Systems, Inc. and Avnet, Inc., No. 13-40807 (5th Cir. July 7, 2014), the Fifth Circuit reversed a district court’s order denying a motion to dismiss a qui tam...more

Private Fund Update - June 2014 #2

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

Cayman Islands Director Registration and Licensing Law

The Cayman Islands Director Registration and Licensing Law (2014) (the Law) was recently gazetted along with the related regulations which set out in more detail the registration requirements and fees. The Law came into...more

Is U.S. Regulatory Guidance Driving Leveraged Lending into the Shadows? - Potential Opportunity for Certain Non-U.S. Lenders and...

Since U.S. regulators published the Interagency Guidance on Leveraged Lending (Guidance), in March 2013, commentators have speculated on its likely market impact (the guidance is discussed in detail in an April 2013 Osler...more

Private Fund Update - June 2014

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

Private Fund Update - May 2014

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

AIFMD – What Actions Should Non-EEA Private Fund Managers Be Taking Now?

The Alternative Investment Fund Managers Directive (“AIFMD”), which governs alternative investment fund managers (“AIFMs”), required EU Member States (“Member States”) to implement the AIFMD into national law as of 22 July...more

Spreading Sunshine or Shining a Spotlight?

In a recent speech, Andrew Bowden, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) “spread sunshine” on private equity industry practices gathered through so-called “presence exams” of newly...more

Private Fund Update

In this issue: - The 113th Congress - The Administration - Securities and Exchange Commission - Association for Corporate Growth (ACG) - Excerpt from The Administration: Last week,...more

More Due Diligence For Investments In Private Funds

The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a January 28, 2014 Risk Alert summarizing current practices and trends in how investment advisers conduct due diligence on private funds they recommend...more

SEC Establishes Dedicated Group to Focus on Private Funds

Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, private funds have become the subject of heightened scrutiny by both the SEC’s Division of Enforcement and the Office of Compliance...more

Securities And Exchange Commission Creates New Private Fund Unit Dedicated To Examination Of Private Equity And Hedge Funds

On April 7, 2014, it was announced that the United States Securities and Exchange Commission (SEC) has created a new private fund unit dedicated to the examination of private equity and hedge funds....more

Private Fund Update - April 7, 2014

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

Private Fund Update - March 31, 2014

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

Financial Regulatory Developments Focus - March 25, 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Market Infrastructure - Funds Enforcement - Events Hearings - People - Excerpt from...more

FINRA’s Proposed Limited Broker Regime Falls Short of Private Fund Needs

FINRA proposes a new “lite” registration regime for private placements and M&A activity. The Financial Industry Regulatory Authority’s (FINRA) recently issued Regulatory Notice regarding proposed rules (Proposed...more

Private Fund Update - March 18, 2014

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

The SEC’s Never-Before Examined Initiative: Are You Ready?

The SEC’s Never-Before Examined Initiative: Are You Ready? On January 9, 2014, the Securities and Exchange Commission’s (the “SEC’s”) Office of Compliance Inspections and Examinations (“OCIE”) published its 2014 National Exam...more

Private Fund Update - March 3, 2014

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

Financial Services Bulletin: Action At The SEC And FRB

SEC releases Guidance Expanding Knowledgeable Employee Categories - On Thursday, February 6, 2014, the Securities and Exchange Commission (the “SEC”) released guidance regarding who qualifies as a “knowledgeable...more

SEC Staff Provides Additional Guidance for Private Fund Advisers on “Knowledgeable Employees”

The staff of the SEC’s Division of Investment Management (the “Staff”) provided additional guidance (the “Guidance”) on the scope of the “knowledgeable employee” category of investors who may be disregarded in determining...more

FINRA Amends Its Rule 5131 to Ease "New Issues" Compliance Related to Certain Funds-of-Funds

FINRA, the Financial Industry Regulatory Authority, has amended Rule 5131, which addresses new issue allocations and accommodations, to provide certain compliance accommodations related to certain fund-of-funds. In the...more

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