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Financial Markets and Funds Quick Take | Issue 21

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

What to Worry About With the SEC's Move to Regulate Private Funds

The Securities and Exchange Commission (SEC) has been very busy these last few weeks as evidenced by a series of rule proposals released as part of what looks like an ambitious agenda for 2022. This includes tackling areas...more

SEC Staff Observes Practices of Private Fund Advisers That Raise Concerns

Investment advisers that manage private funds should promptly review their compliance policies and procedures, practices and disclosures to ensure these address, and are not inconsistent with, the areas of concern raised in a...more

SEC Proposes Radical Changes to Practices for Private Funds

On February 9, by a vote of three to one, the Securities and Exchange Commission (SEC) proposed five sweeping new rules governing private funds. The comment period on the proposal expires 60 days from February 9 or 30 days...more

It's Time Once Again: SHC Report of US Ownership of Foreign Securities Due March 4

Every five years, the Department of the Treasury conducts a benchmark survey on the ownership of foreign securities by US residents. Data is collected on Form SHC. Reporting is mandatory for all US resident custodians and US...more

SEC Increases Registered Investment Adviser Performance Compensation Net-Worth and Assets-Under-Management Tests

Key Points - Effective as of August 16, the dollar amount tests specified in the definition of “Qualified Client” in Rule 205-3 under the Investment Advisers Act of 1940 (Advisers Act) will increase for the net-worth...more

Family Offices Receive Increased Regulatory Scrutiny

The recent defaults by Archegos caused several large broker-dealers to incur significant losses. Archegos represented that it operated as a single-family office, which made it exempt from many provisions of the federal...more

ESG Issues Become Leading Concern for SEC and CFTC: SEC Warns Investment Advisers and Funds About ESG Disclosures

Recent initiatives by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) evidence the agencies' increasing intent to play significant roles in the ESG space....more

New York Adopts New Registration and Examination Requirements for Certain Investment Adviser Related Personnel and Solicitors

Key Points - - Beginning February 1, new and amended rules will go into effect in New York that require certain individuals associated with investment advisers to register with the state and to meet examination...more

SEC Proposal to Exempt Certain "Finders" from Broker-Dealer Registration May Allow Significant Capital Raising Activities by...

The Securities and Exchange Commission issued a proposed order that, if adopted, would provide an exemption to certain "finders," persons who connect potential buyers and sellers of securities for a fee, from broker-dealer...more

ILPA Releases Deal-By-Deal Model LPA

Earlier this year the Institutional Limited Partners Association (ILPA) released a Delaware-law based Model Limited Partnership Agreement (Model II LPA) for use by private equity fund sponsors wishing to implement a...more

SEC Proposes Principles-Based Changes to Investment Adviser Advertising and Solicitation Rules, Seeks Industry Reaction by...

Key Points - SEC proposes significant changes to the Advisers Act “Advertising Rule” and “Cash Solicitation” Rule. - The proposed definition of “Advertisements” expands the types of communications that are considered...more

ILPA Publishes Model Limited Partnership Agreement Applying Principles 3.0

On October 30, the Institutional Limited Partners Association (ILPA) published a comprehensive, Delaware-law based European style "fund as a whole" waterfall Model Limited Partnership Agreement (LPA) that can be used to...more

Hybrid Funds and the Administrative Quandary

Hedge funds have evolved far beyond traditional structures and exotic instruments. Today, hedge funds seek new ways to generate returns by partially reigning in exposure to early investor withdrawals. ...more

ILPA Principles 3.0: Focusing on Enhancing Transparency in Private Equity Funds and Alternative Investments

The Institutional Limited Partners Association (ILPA) recently published the third edition of the ILPA Principles (Principles 3.0). ILPA originally published the principles in 2009 to encourage discussion between general...more

Not So Secure: OCIE Identifies Regulation S-P Compliance Issues

On April 16, the SEC's Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert outlining issues related to compliance with Regulation S-P that it identified in its inspections of SEC-registered...more

Corporate & Financial Weekly Digest, Featuring Articles on SEC "Test-the-Water" Communications, CFTC Meetings, Third-Party Civil...

SEC/CORPORATE - SEC Proposes To Expand “Test-the-Waters” Reforms to All Issuers - On February 19, the Securities and Exchange Commission proposed Rule 163B under the Securities Act of 1933, which would permit any...more

The EU PRIIPs Regulation for Fund Managers

With the vast majority of European Union (EU) regulatory focus recently having been on the Markets in Financial Instruments Directive (MiFID II), it is important not to overlook the impending implementation of the EU's...more

Department of Labor Finalizes 18-Month Extension for Simplified Compliance With the BIC Exemption Under the ERISA Fiduciary Advice...

On November 29, the US Department of Labor (DOL) finalized its 18-month extension of the transition period under the Best Interest Contract Exemption (the "BIC Exemption"). As described in Katten's earlier advisory,...more

Sign of Future Changes? DOL Proposes 18-Month Extension of Transition Period for Compliance With ERISA "Fiduciary Investment...

On August 9, the US Department of Labor (DOL) announced in a court filing that it has proposed an 18-month extension of the full implementation of the Best Interest Contract Exemption (the "BIC Exemption") under the ERISA...more

SEC Warns That Digital Tokens May Be Securities

On July 25, the Securities and Exchange Commission (SEC or the Commission) published a Report of Investigation (Report) pursuant to Section 21(a) of the Securities Exchange Act of 19341 concluding that digital tokens issued...more

Compliance With the ERISA Fiduciary Advice Rule for Private Investment Fund Managers and Sponsors and Managed Account Advisers:...

The DOL's "fiduciary advice rule" (the "Rule") will take effect on June 9, 2017. The DOL has published FAQs on the implementation of the Rule applicable to the period between June 9th and December 31st (the "Transition...more

Registered Investment Advisers Take Note: New SEC Custody Rule Guidance

Registered investment advisers should take note of recent pronouncements by the staff of the SEC's Division of Investment Management (the "Division") regarding Rule 206(4)-2 (the "Custody Rule") of the Investment Advisers Act...more

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