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CFTC Registration Relief for Non-U.S. CPOs

On October 15, 2020, the CFTC unanimously adopted amendments to Rule 3.10(c) that will be of assistance to foreign-located persons acting as commodity pool operators on behalf of offshore commodity pools. Rule 3.10(c) will...more

SEC Enforcement Actions Impacting Private Fund Advisers for Fiscal Year 2020

On November 2, 2020, the SEC’s Division of Enforcement issued its 2020 Annual Report for the fiscal year ending September 30, 2020. While the Enforcement Division filed 405 standalone enforcement actions – the lowest total in...more

Advisers Act Custody Rule Dear CFO Letter

On October 23, 2020, the SEC Division of Investment Management’s Chief Accountant’s Office (“IMCAO”) issued three separate “Dear CFO” letters addressing (i) the determination of when a fund commences operations, (ii)...more

Private Offering Exemptions Expanded to Facilitate Capital Formation

On November 2, 2020, the Securities and Exchange Commission (SEC) voted to amend its rules in order to harmonize, simplify, and improve the multilayered and overly complex exempt offering framework. The SEC believes the...more

Foley Governance and Regulatory Alert: Use of Derivatives by Registered Investment Companies and BDCs

On October 28, 2020, the Securities and Exchange Commission (referred to as SEC or Commission) voted to adopt new rules, and rule and form amendments, designed to provide an updated, comprehensive approach to the regulation...more

2021 SEC Priorities in the Fund Space

SEC Speaks, the annual PLI conference that gives practitioners the chance to hear directly from SEC Staff, was held on October 8 and 9 in a virtual setting. While the conference (like everything else) felt a bit different...more

Supreme Court Recognizes, Limits SEC’s Disgorgement Power

Three years ago, the Supreme Court ruled in Kokesh v. SEC that disgorgement in the context of an SEC enforcement action functions as a “penalty” for purposes of 28 U.S.C. § 2462 and is therefore subject to a five-year statute...more

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