Yesterday, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit vacated the “Private Funds Rules,” which the Securities and Exchange Commission (the “SEC”) adopted on August 23, 2023. The opinion of the...more
As a reminder, the Securities and Exchange Commission (SEC) and the National Association of Private Fund Managers (NAPFM) and the other Petitioners in the Private Funds Rules Litigation1 requested that the three-judge panel...more
5/22/2024
/ Appeals ,
Dodd-Frank ,
Fraud ,
Fund Managers ,
Investment Adviser ,
Private Funds ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Securities Violations
On November 1, 2023, the industry groups (the Petitioners) challenging the new Private Fund Adviser Rules filed in the US Court of Appeals for the Fifth Circuit their opening brief (the Brief) setting forth their legal...more
11/7/2023
/ Audits ,
Custody Rule ,
Dodd-Frank ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Pay-To-Play ,
Private Funds ,
Registered Investment Advisors ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On May 5, 2023, the U.S. Securities & Exchange Commission filed its first enforcement complaint under Rule 22e-4 of the Investment Company Act of 1940, 17 C.F.R. § 270.22e-4 (the Liquidity Rule). The complaint was brought...more
5/11/2023
/ Enforcement Actions ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Liquidity ,
Liquidity Risk Management Rule ,
Open-Ended Fund Companies (OFCs) ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Violations
After years of relative silence related to variable annuity exchanges on the regulatory front, the U.S. Securities and Exchange Commission announced last week settled charges against RiverSource Distributors, Inc...more
Within the last two weeks, a group of plaintiffs’ attorneys have filed derivative lawsuits in U.S. federal court in New York against three separate special purpose acquisition companies (“SPACs”) — Pershing Square Tontine...more