Earlier this year, the US Congress passed the Corporate Transparency Act (CTA). The CTA will require thousands of privately held US and non-US entities to report beneficial ownership to the US Treasury Department’s Financial...more
On 5 January 2023, the Federal Trade Commission (the FTC) published a proposed rule (the “Proposed Rule”) that would broadly ban companies from entering into noncompete agreements with their workers, rescind substantially all...more
The Securities and Exchange Commission (the SEC) on 9 February 2022 proposed new rules and amendments (collectively, the Proposed Rules) under the Investment Advisers Act of 1940, as amended (the Advisers Act)....more
An Introduction to the SPAC IPO Process: In our initial alert (Part I), we provided an overview of key considerations for private equity (PE) mid-sized and emerging managers when deciding whether to launch a SPAC. In this...more
SPAC initial public offerings (IPOs) were all the rage in 2020, and they have picked up even more steam in 2021—reaching new heights. Private equity sponsors have emerged as key players in the SPAC sponsorship space, and...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
The private equity industry has seen substantial growth and success since the global financial crisis of 2008. For the first time in over a decade, private equity sponsors are now entering what may be an extended period of...more
Almost exactly two years after enactment in the Tax Cuts and Jobs Act, Treasury has released final regulations on the Opportunity Zone (“OZ”) tax incentive. ...more
DEVELOPMENTS IN SEEDING ARRANGEMENTS – OVERVIEW -
- Seeding Arrangements Fall Along a Spectrum, with Features Including:
- Making a Significant Capital Commitment to a Fund Manager at the Initial Closing of the Fund
-...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
INTRODUCTION -
On July 15, 2019, the staffs of the Securities and Exchange Commission (“SEC”) and the North American Securities Administrators Association issued a joint statement (the “Staff Statement”) to assist...more
Restoring accountability measures stripped during tax reform could be good news for those concerned about gentrification but may result in reputational risks and additional costs for OZ Funds -
As we anticipated in our...more
After a lengthy drafting and protracted review process, the Department of Treasury (“Treasury”) has released its second set of proposed regulations (the “Second Round Regs”) providing guidance on the implementation of the...more
5/6/2019
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning
Yesterday, the Treasury Department rolled out proposed Opportunity Zone (“OZ”) regulations (the “Proposed Regulations”) and President Trump noted the progress made by his Opportunity and Revitalization Council to eliminate...more
In December 2017, Congress enacted The Tax Cuts and Jobs Act (the “Tax Cuts Act”). Included in that tax legislation is what has come to be called the opportunity zone incentive (“OZ Incentive”): a host of dramatic new tax...more
Long-awaited guidance expected to trigger a surge of green-lighted projects as investors race to meet holding periods, creating competition for investment dollars and desirable OZ developments and businesses -
The...more
The global private equity fund industry remained strong in 2017, as both established and first-time fund managers launched new funds and deployed the capital of existing ones. We saw a diverse range of managers and strategies...more
If 2017 was the year that cryptocurrencies came to the forefront of public attention, 2018 will be the year that this emerging medium of exchange enters a new phase of regulatory scrutiny. As an example, on January 4, 2018,...more
Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more
10/31/2017
/ Anti-Money Laundering ,
Bitcoin ,
Broker-Dealer ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Digital Currency ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
IRS ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Virtual Currency
Innovations in financial technology (“fintech”) are transforming the provision of financial services to consumers and small businesses in ways that are at once profound and mundane. The nascent online lending – or...more
Marketplace lending has grown dramatically over the last several years, but it still remains a nascent industry. As it continues to expand its reach, players in the industry and the traditional banking/investment sector are...more
Online lending marketplaces have recently emerged as a prominent feature in credit markets. The rapid growth of the marketplace lending industry is reflected in the profusion of names that have been used to describe this type...more
Marketplace loans are the most exciting securitization asset class to emerge since credit cards and student loans. Securitization provides marketplace loan investors with liquidity, diversified funding and interest rate...more