We have separately discussed the common exemptions from registration of a fund manager with the Securities and Exchange Commission (SEC) as an investment adviser and from registration with the Commodity Future Trading...more
6/13/2024
/ Advertising ,
Blue Sky Laws ,
CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Exemptions ,
Hedge Funds ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Investors ,
Mutual Funds ,
Private Funds ,
Qualified Purchaser ,
Regulation D ,
Securities and Exchange Commission (SEC)
An initial question faced by a new hedge fund manager is whether or not registration with the U.S. Commodity Futures Trading Commission (CFTC) will be required.
Limited Trading Exemption -
CFTC Rule 4.13(a)(3), which...more
5/7/2024
/ CFTC ,
Commodity Exchange Act (CEA) ,
Foreign Currency ,
Fund Managers ,
Futures ,
Hedge Funds ,
Investment Adviser ,
NDFs ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Virtual Currency
An initial question faced by any manager launching a hedge fund is whether or not registration as an investment adviser with the U.S. Secutiries and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as...more
5/7/2024
/ Foreign Investment ,
Fund Managers ,
Hedge Funds ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Policies and Procedures ,
Portfolio Managers ,
Private Funds ,
RAUM ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements
A key initial decision for a manager launching a new hedge fund is to decide between:
A “master-feeder” fund structure: In a typical “master-feeder” structure, an onshore “feeder” fund and an offshore “feeder” fund both...more
Seed investment deals between a new hedge fund manager and a seed investor can be a key first step to launching a first fund. In a typical seed investment deal, the seed investor commits to make a founding investment in a new...more
Different hedge fund investors have different tax concerns that must be taken into account when structuring a hedge fund and its portfolio investments. Hedge fund investors generally fall into three categories:...more
5/7/2024
/ Blocker Corporations ,
Dividends ,
Fees ,
Foreign Investment ,
Hedge Funds ,
Holding Companies ,
Investment Portfolios ,
Investors ,
Lending ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Offshore Funds ,
REIT ,
REMIC ,
Tax Exemptions ,
UBTI
Hedge Start: Key Hedge Fund Terms -
One of the first decisions faced by a new hedge fund manager is what terms to offer. The key terms to consider are liquidity terms (the terms of permitted redemptions or withdrawals...more
Hybrid funds offer managers the flexibility to invest in a range of assets and to offer various liquidity structures to their investors. Though not a new phenomenon, hybrid funds gained in popularity after the 2008 financial...more
If adopted, the proposals will likely impact market practices -
In a trinity of proposing releases rolled out in less than three months, the SEC has comprehensively proposed to regulate the use of derivatives and short...more
4/15/2022
/ Beneficial Owner ,
Derivatives ,
Family Offices ,
Financial Markets ,
Hedge Funds ,
Private Funds ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Short Sales ,
Swaps
This yearly report provides a summary of some of the significant changes and developments that occurred in the past year in the hedge fund and private equity spaces, as well as certain recommended practices that investment...more
Hybrid fund structures, which can combine elements of both open-ended hedge funds and closed-end private equity funds, have become increasingly common in the current market environment. Their more flexible terms as to...more
Overview -
The BE-180 report issued by the U.S. Commerce Department’s Bureau of Economic Analysis (the “BEA”) is a five-year benchmark survey that collects data on transactions between U.S. financial services providers...more
9/29/2020
/ BE-180 ,
Benchmarks ,
Broker-Dealer ,
Bureau of Economic Analysis ,
Filing Deadlines ,
Financial Institutions ,
Financial Services Industry ,
Fund Managers ,
Hedge Funds ,
Investment Adviser ,
U.S. Commerce Department
The California Consumer Privacy Act of 2018 (CCPA) will take effect on January 1, 2020, and hedge fund firms may be subject to the CCPA even if they are already compliant with the Gramm-Leach-Bliley Act (GLBA), do not have a...more
12/13/2019
/ California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Data Collection ,
Employee Privacy Rights ,
Gramm-Leach-Blilely Act ,
Hedge Funds ,
Job Applicants ,
Opt-Outs ,
Personal Information ,
Privacy Policy ,
Right To Know
The trading activities of hedge funds raise a number of complex issues under the federal securities laws. Proskauer’s Practical Guide to the Regulation of Hedge Fund Trading Activities offers a concise, easy-to-read overview...more
6/6/2018
/ Activist Hedge Funds ,
Disclosure Requirements ,
EU Market Abuse Regulation (EU MAR) ,
Federal Trade Commission (FTC) ,
Filing Requirements ,
Hart-Scott-Rodino Act ,
Hedge Funds ,
Rule 10b-5 ,
Schedule 13D ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
Hedge funds and other private investment funds can take advantage of the exemption for registered investment advisers (RIAs) under Exchange Act Rule 16a-1(a)(1)(v), the "RIA Exemption." While the exemption can be helpful, it...more
Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more
9/27/2016
/ Disclosure Requirements ,
Fees ,
Hedge Funds ,
Investment Adviser ,
Investment Funds ,
Investment Portfolios ,
New Legislation ,
Pensions ,
Private Equity Funds ,
Private Investment Funds ,
Public Pension ,
Public Records Act ,
Retirement Plan ,
University of California ,
Venture Capital
Regulators were busy at the end of 2015, especially in the United States, perhaps being motivated to push forward new rule proposals in anticipation of a change in administration after the presidential elections later this...more
On January 11, 2016, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more
Proskauer has released the 2015 Proskauer Annual Review and Outlook for Hedge, Private Equity and Other Private Funds. The 88-page report is a summary of significant legal changes and developments in the private funds space...more
11/25/2015
/ China ,
Cybersecurity ,
EU ,
Gift Tax ,
Hedge Funds ,
Hong Kong ,
Internships ,
Popular ,
Private Equity ,
Private Funds ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
UK ,
Volcker Rule ,
Whistleblowers
The U.S. Commerce Department's Bureau of Economic Analysis (the "BEA") recently released the final version of the BE-180 report, a five-year benchmark survey that collects data on transactions between U.S. persons that are...more
9/1/2015
/ Benchmarks ,
Broker-Dealer ,
Bureau of Economic Analysis ,
Filing Deadlines ,
Financial Institutions ,
Foreign Nationals ,
Hedge Funds ,
Investors ,
Private Equity Funds ,
Private Funds ,
Reporting Requirements ,
Surveys ,
Threshold Requirements ,
Time Extensions ,
U.S. Commerce Department