Private Investment Funds

Capital Infusion - May 2013: Policy Spotlight: Affordable Care Act

by Adam Connatser, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, David McLean | Patton Boggs LLP on 5/10/2013

EMPLOYER RESPONSIBILITIES UNDER THE AFFORDABLE CARE ACT AND THE IMPACT on PRIVATE INVESTMENT FUNDS - Implementation of the Affordable Care Act (“ACA”) continues at an accelerated pace. Some of its most important...more

Capital Infusion: Private Equity Update - May 2013

by Sean Clancy, Adam Connatser, Lindsay Faine, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, Robert Johnston III, Amy Kaufman, David McLean, Ryan Mitchell, George Schutzer, Akash Sethi | Patton Boggs LLP on 5/8/2013

In This Issue: - DIGGING DEEPER: A Guide to Health Care Regulatory Due Diligence in Private Equity Deals 1 - Policy Spotlight: Affordable Care Act 6 - Case Spotlight: Best Practices in Down-Round Financings &...more

Wall Street Sales Tax Reintroduced on Capitol Hill: Likely a Significant Impact on Private Investment Funds

by David Sussman | Duane Morris LLP on 4/19/2013

On April 17, 2013, U.S. Rep. Keith Ellison (D-Minn.) reintroduced the Inclusive Prosperity Act of 2013 (H.R. 1579) (the "Bill"), a financial transaction tax that, according to its supporters, would provide the federal...more

AIFMD Implementation – What Should Non-EU Private Fund Advisers be doing?

by Andrew Henderson, Katerina Sandford | Ropes & Gray LLP on 3/7/2013

The Alternative Investment Fund Managers Directive (“AIFMD”) has been in the public domain for over two years. However, various legal measures, both at European Union (“EU”) and at individual EU Member State (“Member State”)...more

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

by Thomas M. Devaney | Morrison & Foerster LLP on 2/22/2013

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

Massachusetts Securities Division Sending Letters Requiring Documentation from MA Exempt Reporting Advisers

by Jeffrey D. Collins, Meredith Haviland | Foley Hoag LLP on 2/1/2013

The Massachusetts Securities Division ("the Division") is currently sending letters to exempt reporting advisers in Massachusetts ("MA ERAs") who manage private funds which rely on the exclusion from the definition of...more

Year-End Developments And Compliance Checklists

by Cole Beaubouef, Richard Bernstein, George Danenhauer, Marie DeFalco, David Goret, Peter Greene, Elaine Hughes, Allen Levithan, Matthew Magidson, Robert Minion, Scott H. Moss | Lowenstein Sandler LLP on 1/17/2013

Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) a summary of recent legislative and regulatory developments that impact the investment management community; and (ii) checklists of year-end...more

The North Carolina Qualified Business Tax Credit Program

by James O'Brien III, Stephanie Sanders | Poyner Spruill LLP on 1/9/2013

Investors and businesses that are seeking to raise capital should be aware of North Carolina’s Qualified Business Tax Credit Program, which provides significant tax benefits to North Carolina taxpayers in connection with...more

UK Tax Law Changes May Affect Fund Industry

by Proskauer Rose LLP on 1/8/2013

Recently proposed changes in UK law could affect private investment funds that operate or have partners, employees or investments in the UK. Many of the proposed changes are included in the draft Finance Bill 2013, which was...more

Final SBIR Rules Published

by Jonathan Cain, Alexander Hecht, Abby Matousek | Mintz Levin on 1/5/2013

On December 27, 2012, the US Small Business Administration (SBA) published a final rule to amend regulations governing eligibility for the Small Business Innovation Research (SBIR) and Small Business Technology Transfer...more

New FINRA Rule 5123 Regarding Private Placements of Securities Effective December 3, 2012

by Julia Gaffin, Steve Ganis | Mintz Levin - Corporate & Securities on 1/4/2013

In an effort to enhance oversight and investor protection over private placement activity of firms on behalf of other issuers, new Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5123 became effective on December...more

Financial Regulatory Update - December 2012

by Carmen Reynolds, Stuart Willey | White & Case LLP on 12/29/2012

This newsletter highlights some of the key financial regulatory measures affecting the UK and EU during the period from 1 August to 14 December 2012. In This Issue: - Regulation of Banks and Investment...more

The Family Pension Plan - An Innovative Strategy to Minimize the Impact of Tax Hikes

by Gerald Nowotny on 12/28/2012

Overview - Most of us are about ready to fall off the Fiscal cliff. Is there an 11th hour idea that can make some impact in the taxpayer’s situation. The situation may be even worse for a W2 employee. The following idea...more

FINRA Rule Relating to Private Placements of Securities Effective December 3

by Janet M. Angstadt, Tanja Samardzija | Katten Muchin Rosenman LLP on 12/27/2012

In the September 14, 2012, edition of Corporate and Financial Weekly Digest, the firm published a summary of the Financial Industry Regulatory Authority’s Rule 5123 regarding private placement of securities...more

FINRA Releases FAQs On Private Placement Notice Filing Rule

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 12/10/2012

On December 3, 2012, FINRA released a set of FAQs relating to new Rule 5123, which went into effect on December 3 and requires FINRA members to file with FINRA copies of the private placement memorandum, term sheet, or other...more

NY PSC Acts on Energy Highway Initiative

by Jeffrey R. Greenblatt, David T. Metcalfe | Cullen and Dykman LLP on 12/5/2012

New York’s “Energy Highway” continues to move forward. On October 22, 2012, the Energy Highway Task Force presented Governor Andrew Cuomo with its New York Energy Highway Blueprint (Blueprint), a comprehensive plan to upgrade...more

No Nukes! - Using Tax-Advantaged Investments to Enhance Investment Returns in Nuclear Decommissioning Trusts

by Gerald Nowotny on 12/4/2012

A.Overview - This executive summary is intended to outline the use of private placement insurance contracts as a funding vehicle for nuclear decommissioning trusts (NDT). As of the end of 28 investor-owned and 28...more

Using Private Placement Insurance Products to Achieve Tax Efficiency for High Net Worth

by Gerald Nowotny on 12/3/2012

Originally published in the Journal of Taxation of Investments in December 2012. Introduction - This article is designed to provide an overview of the benefits of private placement life insurance (PPLI) and private...more

A Compilation of Enforcement and Non-Enforcement Actions - November 30, 2012

by Michael G. Dana, Peter D. Fetzer, Terry D. Nelson | Foley & Lardner LLP on 12/1/2012

In This Issue: Non-Enforcement Matters - SEC Approves New FINRA Rule on Private Placement Offerings - Private Fund Advisers Come Into Compliance With Dodd-Frank Requirements Enforcement Matters - ...more

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

by Peter J. Hunt, Susan P. Serota | Pillsbury Winthrop Shaw Pittman LLP on 11/26/2012

In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for...more

Pryor Cashman Attorneys Fry, Campoli and Dwyer Author Legal Update Discussing Elements of CFTC Regulations Applicable to Private...

by Pryor Cashman LLP on 11/12/2012

After December 31, 2012, the Commodity Futures Trading Commission (the “CFTC”) will no longer exempt managers of “pools” under Rule 4.13(a)(4) from registration as “commodity pool advisors” (“CPOs”). Consequently, managers of...more

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