INTRODUCTION - On 17 June 2021, the U.S. Securities and Exchange Commission (the SEC) issued an order to: (i) increase the net worth threshold for “qualified clients” under Rule 205-3 of the Investment Advisers Act of 1940,...more
INTRODUCTION - On 26 August 2020, the U.S. Securities and Exchange Commission (the SEC) adopted amendments to Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the Securities Act), which...more
On 10 July 2020, the Securities and Exchange Commission (SEC) proposed amending Form 13F and Rule 13f-1 to raise the reporting threshold at which institutional investment managers are required to complete and file Form 13F...more
On May 12, 2020, the Federal Reserve Bank of New York (the “Fed”) released its initial draft of frequently asked questions (the “Initial FAQs”) relating to the Term Asset-Backed Securities Loan Facility program (“TALF 2.0”)...more
On May 12, 2020, the Federal Reserve Bank of New York (the “Fed”) released its initial draft of frequently-asked questions (“FAQs”) relating to the Term Asset-Backed Securities Loan Facility program under the CARES Act (“TALF...more
On March 13, 2020, the staff of the Division of Corporation Finance and the Division of Investment Management of the U.S. Securities and Exchange Commission (“SEC”) issued guidance to provide flexibility and assist issuers...more
On January 30, 2020, the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange...more
OVERVIEW -
- An estimated $350 trillion of financial contracts and securities tied to LIBOR
- End of 2021: LIBOR to be discontinued
- Prior to End of 2021:
- Pre-cessation trigger
- If LIBOR becomes...more
OVERVIEW OF OZ RULES -
- The OZ program was created by the Tax Cuts and Jobs Act, enacted in December 2017 to help direct economic resources to low income communities, spurring economic growth and job creation.
- The...more
OPEN MEETING OUTCOME -
At an Open Meeting on August 21, 2019, the Securities and Exchange Commission (the “Commission” or “SEC”) voted three to two in favor of publishing guidance (the “Guidance”) addressing the...more
On August 20, 2019, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) approved amendments to regulations implementing Section 13 of the Bank...more
The Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert on October 31, 2018 identifying the most frequent deficiencies that OCIE staff (the “Staff”)...more
The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers both inside and outside the European Union (“EU”). While the precise scope of these obligations will depend, in many...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers that, to date, have avoided substantive regulation in the European Union ("EU"). While the precise scope of these...more
On March 8, 2017, the staff of the Securities and Exchange Commission (“SEC”) granted no-action relief that potentially will permit global investment management firms to offer U.S. registered open-end management investment...more
On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules in the form of Regulation Crowdfunding to implement the securities-based crowdfunding exemption in Section 4(a)(6) of the Securities Act...more
1/26/2016
/ Crowdfunding ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
Intermediaries ,
JOBS Act ,
Offerings ,
Policies and Procedures ,
Popular ,
Registration Requirement ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Young Lawyers
U.S.-registered investment companies (“RICs”) historically have had limited success attracting investments from non-U.S. investors, in large part due to U.S. withholding taxes on fund distributions. This has allowed funds...more
On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules, in the form of Regulation Crowdfunding, to implement the securities-based crowdfunding exemption contained in Section 4(a)(6) of the...more
On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted its long-anticipated Regulation Crowdfunding, as mandated by Title III of the Jumpstart Our Business Startups Act (“JOBS Act”). Regulation...more
On 23 July 2015, the European Securities and Markets Authority (ESMA) launched a consultation on proposed guidelines on sound remuneration policies under the EU’s UCITS V Directive (the UCITS Remuneration Guidelines) and the...more
10/26/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Requirements ,
Disclosure ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Markets ,
Investment Funds ,
Investment Management ,
Proposed Standards ,
Remuneration ,
UCITS
Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more
10/15/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Banking Sector ,
Banks ,
Bernie Madoff ,
Compliance ,
Consumer Financial Products ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Instruments ,
Financial Markets ,
Hedge Funds ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Lehman Brothers ,
Member State ,
Regulatory Standards ,
Risk Management ,
UCITS
On July 30, the European Securities and Markets Authority (ESMA) provided its advice and opinion to the European Commission, Council and Parliament with respect to the extension of the EU’s Alternative Investment Fund...more