On December 22, 2020, the U.S. Securities and Exchange Commission adopted rule and form amendments to modernize the regulatory framework governing investment adviser advertising and payments to solicitors....more
The Securities and Exchange Commission voted 3-2 on October 7, 2020 to publish for comment a proposed conditional exemption (Proposed Exemption), which would allow a natural person to act as a “finder” to connect accredited...more
The Securities and Exchange Commission on August 26, 2020 adopted amendments to the definition of “accredited investor” to: add new categories of investors (both for individuals and entities); codify long-standing SEC staff...more
The Securities and Exchange Commission on August 26, 2020 adopted amendments to the definition of “accredited investor” to: add new categories of investors (both for individuals and entities); codify long-standing SEC staff...more
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading...more
7/21/2020
/ Amended Regulation ,
CFTC ,
Covered Funds ,
Credit Funds ,
Exclusions ,
FDIC ,
Federal Reserve ,
Financial Regulatory Agencies ,
Foreign Excluded Funds ,
Investment Schemes ,
OCC ,
Ownership Interest ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
The staff of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (staff) issued a National Exam Program Risk Alert on June 23, 2020 (Risk Alert). The Risk Alert focuses on advisers that...more
7/17/2020
/ Conflicts of Interest ,
Ethics ,
Excessive Fees ,
Fee Disclosure ,
Investment Adviser ,
MNPI ,
OCIE ,
Private Funds ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
The Institutional Limited Partners Association (“ILPA”) has recently issued a publicly available model private equity limited partnership agreement (the “Model LPA”) as part of its simplification initiative. ILPA is an...more
The U.S. Securities and Exchange Commission has proposed amendments to Rule 206(4)-1 – Advertisements by Investment Advisers (Current Advertising Rule) and Rule 206(4)-3 – Cash Payments for Client Solicitations (Current...more
2/3/2020
/ Advertising ,
Cash Solicitation Rule ,
Form ADV ,
Institutional Investors ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Amendments ,
Publicly-Traded Companies ,
Recordkeeping Requirements ,
Retail Investors ,
SEC Advertising Rule ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The U.S. Securities and Exchange Commission published a concept release on June 18, 2019 (Release), seeking public comment “on ways to simplify, harmonize, and improve” the framework for exemptions from registration under the...more
9/20/2019
/ Accredited Investors ,
Deadlines ,
Exemptions ,
Harmonization Rules ,
Micro Entity Status ,
Offerings ,
Pooled Investment Vehicles ,
Private Placements ,
Public Comment ,
Registration Requirement ,
Regulation D ,
Rule 506 Offerings ,
Safe Harbors ,
Secondary Listings ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
Private equity funds raised the second-highest level of capital for investments in secondary private equity interests in 2016. According to Preqin, 19 funds secured $23 billion in investor capital.1 This level was surpassed...more
4/28/2017
/ Borrowers ,
Credit ,
Hedge Funds ,
Investors ,
Lenders ,
Limited Partnerships ,
Loans ,
Private Equity ,
Secondary Markets ,
Securities ,
Special Purpose Vehicles ,
Uniform Commercial Code (UCC)
Despite a challenging environment for the hedge fund industry, many institutional investors continue to allocate to hedge funds in a market environment otherwise devoid of promising investment opportunities. While the hedge...more