News & Analysis as of

Valuation Investment Advisers Act of 1940

Ankura

SEC Private Fund Rule Reforms – GP Led Secondaries: Mandatory Fairness Opinion vs Valuation Report

Ankura on

What Is the Difference? On August 23, 2023, the Securities and Exchange Commission (SEC) adopted new rules (and amendments to existing rules) under the Investment Advisers Act of 1940 (Advisers Act) that enforce the SEC’s...more

Holland & Hart LLP

New SEC Rules Enhance Regulation of Private Fund Advisers

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Recently, the Securities and Exchange Commission (the “SEC”) adopted much anticipated rules under the Investment Advisers Act of 1940 (the “Advisers Act”) aimed at (i) bolstering the regulation of private fund advisers and...more

Dechert LLP

Newsflash: SEC Adopts Fund Fair Valuation Rule

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On December 3, 2020, the U.S. Securities and Exchange Commission adopted a long-anticipated rule for the fair valuation of fund investments. Rule 2a-5 under the Investment Company Act of 1940 (final rule) establishes...more

Proskauer - The Capital Commitment

Fund Sponsor’s Fee Calculation Mistake Leads to SEC Enforcement

A settlement last week involving a private equity fund sponsor is a reminder that compliance with fee calculation provisions and valuation policies and procedures are crucially important for fund managers. Even when an error...more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2018: U.S. SEC Focus Areas in the Registered Funds Industry

Dechert LLP on

In November of last year, the Securities and Exchange Commission's Office of Compliance Inspections and Examinations issued an alert announcing a series of risk-based examinations focused on mutual funds and exchange-traded...more

Proskauer - The Capital Commitment

Putting a Premium on Illiquidity: Some Reflections on the SEC’s Scrutiny of Valuation Practices and Disclosures

Valuation is typically near the top of the list when the SEC’s enforcement division and exam staff disclose their priority topics for private funds.  We expect that trend to continue and, if anything, the focus on valuation...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

K&L Gates LLP

SEC Enforcement Actions Against Investment Advisers

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According to the SEC’s most recent financial report, as of August 2014, SEC-registered investment advisers managed $62.3 trillion in assets. Not surprisingly, investment advisers attract a great deal of attention from the...more

Proskauer - Corporate Defense and Disputes

SEC Sanctions Hedge Fund Advisory Firm For Improper Valuations of Illiquid Securities

Returning to an enforcement priority repeatedly articulated over the years, the SEC recently imposed sanctions on a registered investment advisory firm and two principals arising out of an alleged scheme to inflate the...more

Troutman Pepper

Lessons Learned From The Morgan Keegan Case, Part I – Valuation

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The U.S. Securities and Exchange Commission (SEC)’s recent settlement in the latest chapter of the enforcement proceeding involving Morgan Keegan provides important guideposts on two of the hottest regulatory topics in the...more

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