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
I. Advertising Rule Compliance Issues - On September 14, 2017, the staff of the SEC's Office of Compliance Inspections and Examinations (OCIE) issued a National Examination Program Risk Alert on the most frequent advertising...more
As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise...more
8/23/2016
/ Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Government Officials ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
MSRB ,
Municipal Advisers ,
PACs ,
Pay-To-Play ,
Political Campaigns ,
Political Contributions ,
Presidential Elections ,
Private Funds ,
Recordkeeping Requirements ,
Rule 206(4)-5 ,
Securities and Exchange Commission (SEC)
As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise...more
8/22/2016
/ Business Associates ,
Financial Industry Regulatory Authority (FINRA) ,
Fund Managers ,
Government Officials ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
MSRB ,
PACs ,
Pay-To-Play ,
Political Contributions ,
Private Funds ,
Public Pension ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
In an order dated June 14, 2016, the Securities and Exchange Commission (SEC) adopted its prior proposal to increase the net worth threshold for "qualified clients" under Rule 205-3 of the Investment Advisers Act of 1940 (the...more
On June 1, 2016, the SEC announced a settlement with Blackstreet Capital Management, LLC and Murry N. Gunty, Blackstreet's managing member and principal owner. As a registered investment adviser based in Chevy Chase,...more
On Wednesday, May 18, 2016, the U.S. Securities and Exchange Commission (SEC) proposed to increase the net worth threshold for qualified clients from $2 million to $2.1 million. This proposed adjustment is being made...more
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
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
On November 5, 2015, the Securities and Exchange Commission (SEC) announced that it had reached a settlement with Cherokee Investment Partners, LLC (CIP) and Cherokee Advisers, LLC (CA), affiliated private equity fund...more
On November 3, 2015, the Securities and Exchange Commission (SEC) announced that it had reached a settlement with Fenway Partners, LLC, a New York-based private equity firm, and several of the firm's executives (the...more
11/5/2015
/ Advisory Board ,
Affiliated-Business Arrangements ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Corporate Executives ,
Disgorgement ,
Enforcement Actions ,
Failure To Disclose ,
Investors ,
Portfolio Companies ,
Private Equity ,
Private Equity Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On September 15, 2015, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) issued a Risk Alert announcing its second round of examinations of registered investment...more
9/17/2015
/ Broker-Dealer ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Due Diligence ,
Internal Controls ,
Investment Adviser ,
OCIE ,
Popular ,
Risk Alert ,
Risk Assessment ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Training ,
Vendors
On June 25, 2015, the Securities and Exchange Commission (SEC) set a compliance date of July 31, 2015 for the ban on payments to third parties for the solicitation of advisory business from any government entity under Rule...more
7/17/2015
/ Broker-Dealer ,
Compliance ,
Financial Industry Regulatory Authority (FINRA) ,
Government Entities ,
Investment Adviser ,
MSRB ,
Municipal Advisers ,
Pay-To-Play ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Third-Party
On June 26, 2015, the Securities and Exchange Commission (SEC) issued a guidance update on Rule 204A-1 of the Investment Advisers Act of 1940 (Advisers Act). Rule 204A-1 requires, among other things, certain advisory...more
On April 1, 2015, the Securities and Exchange Commission (SEC) announced that it had settled its first enforcement action under SEC Rule 21F-17, which prohibits companies from taking actions or using confidentiality...more
On May 20, 2015, the Securities and Exchange Commission (SEC) released proposed amendments to Form ADV and Rule 204-2 under the Investment Advisers Act of 1940 (Advisers Act). The proposed amendments, if adopted, would...more
On April 28, the Securities and Exchange Commission (SEC) released a Guidance Update addressing the importance of cybersecurity and the steps registered investment advisers (and registered investment companies) may wish to...more
On April 28, the Securities and Exchange Commission (SEC) released a Guidance Update addressing the importance of cybersecurity and the steps registered investment advisers (and registered investment companies) may wish to...more
On November 5, 2014, the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter granting relief from registration as a commodity trading advisor (CTA) to family offices that qualify for the family office...more