Last month, the SEC proposed new rules under the Advisers Act that, if implemented, would be the most significant enhancement of disclosure obligations for private fund managers since the Dodd-Frank Act.Citing investor...more
Over the past few years, the SEC has brought fewer insider trading and Material Non-Public Information (MNPI)-related cases compared to historical numbers. We expect to see a reversal of that trend in 2022.
The SEC has...more
2021 continued the trend of increased regulatory focus on privacy and cybersecurity for private investment funds in the U.S. and abroad. There are no signs of the trend leveling off any time soon. One of the topics that...more
Sanctions continue to be a dynamic area of regulation and enforcement. In its first year, the Biden Administration has already undertaken a number of different sanctions initiatives. The three examples below highlight the...more
3/9/2022
/ Anti-Corruption ,
Asset Management ,
Asset Seizure ,
Biden Administration ,
Economic Sanctions ,
Enforcement Priorities ,
Financial Transactions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Policy ,
Foreign Relations ,
Global Magnitsky Act ,
Office of Foreign Assets Control (OFAC) ,
Private Investment Funds ,
Russia ,
SDN List ,
Ukraine ,
Virtual Currency
A threshold question in many cryptocurrency inquiries is whether the digital assets qualify as securities under the federal securities laws. If so, then they are subject to a full suite of federal securities regulations....more
3/1/2022
/ Anti-Money Laundering ,
BSA/AML ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Financial Services Industry ,
Financial Transactions ,
Howey ,
Investment Contract ,
Non-Fungible Tokens (NFTs) ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities
If 2021 was the year in which regulators and investors enthusiastically embraced environmental, social and governance (“ESG”) considerations, by creating new legal and regulatory frameworks, then 2022 will be the year for...more
2/25/2022
/ Business Plans ,
Business Strategies ,
Capital Investments ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Cryptocurrency ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment ,
Private Funds ,
Publicly-Traded Companies ,
Sustainability
We reported last year that unprecedented SPAC deal volume signaled an increased risk for disputes given their unique structure, including risks associated with disclosure requirements, material non-public information,...more
The SEC’s push to regulate the next generation of blockchain-based applications will likely give rise to disputes and enforcement actions, particularly in the developing decentralized finance (DeFi) space....more
Last year, we wrote, “The regulatory and litigation risks for private funds are greater than at any time since the financial crisis in 2008.” That statement is even more true today....more
2/2/2022
/ Decentralized Finance (DeFi) ,
Digital Assets ,
Environmental Social & Governance (ESG) ,
Insider Trading ,
Investment Funds ,
Investment Management ,
Investment Portfolios ,
Private Equity ,
Private Funds ,
Risk Management ,
Special Purpose Acquisition Companies (SPACs)
Privacy and cybersecurity issues continue to garner significant attention in the U.S. and abroad. Private investment funds registered with the SEC and their portfolio companies will likely see increased regulatory scrutiny...more
8/30/2021
/ Cybersecurity ,
International Data Transfers ,
Popular ,
Portfolio Companies ,
Privacy Concerns ,
Private Investment Funds ,
Ransomware ,
Regulatory Oversight ,
Regulatory Standards ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Viewed as involving fewer regulatory hurdles than an IPO, SPACs became the most popular way to take a company public in 2020, and deal volume continued to rise in 2021. This increase in popularity brings increased attention...more