News & Analysis as of

Alternative Investment Fund Managers Directive (AIFMD) Investment Adviser

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

by Robinson & Cole LLP on

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

US Hedge Fund Managers: Accessing Capital and Marketing in Europe

by Dechert LLP on

Recent regulatory change has made the marketing of hedge funds in the European Economic Area (the “EEA”) more involved, particularly for managers based outside the EEA. This appears to have led some US investment advisors to...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

by DLA Piper on

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

Fund Manager Annual Update

by Mintz Levin on

The SEC brought a record number of enforcement actions against investment advisers in 2015, resulting in approximately $4.2 billion in sanctions.1 This alert highlights current issues for private equity, venture capital and...more

2015-16 Compliance Developments & Calendar for Private Fund Advisers

Registered investment advisers (RIAs) are required to review their policies and procedures on at least an annual basis. As an aid to the required review and to assist with timely completion of required compliance tasks, below...more

UCITS V Directive—Overview and Practical Implications

by K&L Gates LLP on

Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Implementation of the European Transparency Directive 2013/50/EU in Germany - All market participants investing in German stocks and other equity shares with voting rights traded on an exchange will be subject to new...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Capital Markets Union - New Resolution from European Parliament - The European Parliament published a press release on 9 July 2015 announcing the adoption of a non-binding resolution on building a capital markets union...more

"AIFMD Passport: Europe Must Try Harder"

On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more

2014-15 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Registered investment advisers are required to review their policies and procedures on at least an annual basis. As aid to the required review, below is a summary of material developments during the past...more

AIFMD: Renewed Focus on Its Impact on Non-EU Managers of Private Funds

by Morgan Lewis on

Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more

AIFMD: Impact on US Investment Advisers

by Dechert LLP on

In This Issue: - Introduction - Overview: Four key ways that US investment advisers are affected by AIFMD - Marketing funds in the EEA - Managing EEA domiciled funds - Sub-adviser to an EEA manager...more

AIFMD: Impact on US Investment Advisers - June 2013: Marketing Q&A

by Dechert LLP on

What if co-operation arrangements are not in place in time? We expect that most will be. However, without a co-operation arrangement in place between all relevant regulatory authorities, the manager will need...more

AIFMD: Impact on US Investment Advisers - June 2013: Delegating to an EEA based sub-adviser

by Dechert LLP on

In cases where a US investment adviser appoints an EEA sub-adviser, the parties concerned will need to analyse which entity will be the AIFM. Whether such arrangements relate to group entities or third parties, the parties...more

AIFMD: Impact on US Investment Advisers - June 2013: Sub-adviser to an EEA manager

by Dechert LLP on

AIFMD will affect the operations of US investment advisers which undertake investment management functions and certain other so-called collective management functions in respect of the portfolios of EEA or non-EEA AIF under...more

AIFMD: Impact on US Investment Advisers - June 2013: Managing EEA domiciled funds

by Dechert LLP on

There has been some uncertainty as to the terms on which non-EEA managers (including US investment advisers) will be able to continue to directly manage the portfolios of EEA domiciled AIFs (e.g. Irish or Luxembourg domiciled...more

AIFMD: Impact on US Investment Advisers - June 2013: Marketing funds in the EEA

by Dechert LLP on

From 22 July 2013, subject to certain transitional arrangements, new rules will apply in relation to the “marketing” of AIFs to investors domiciled in or with a registered office in the EEA....more

AIFMD: Impact on US Investment Advisers - June 2013: Overview: Four key ways that US investment advisers are affected by AIFMD

by Dechert LLP on

AIFMD starts to take effect from 22 July 2013, subject to certain transitional arrangements. In broad terms, it will affect US investment advisers engaged in the following activities....more

Corporate and Financial Weekly Digest - March 22, 2013

In this issue: - NASDAQ Proposes Internal Audit Function Requirement for Listed Issuers - FINRA’s Frequently Asked Questions on Electronic Blue Sheet Submissions Updated Regarding Order Execution Time -...more

Hedge Funds And Private Equity Groups On SEC Examination Priority List

The Office of Compliance Inspections and Examinations, or OCIE, administers the SEC’s nationwide examination and inspection program. The National Examination Program, or NEP, has published its examination priorities to...more

UK Treasury Publishes First Consultation on AIFMD Implementation

by Proskauer Rose LLP on

On 11 January 2013, HM Treasury published its first consultation on Alternative Investment Fund Managers Directive (AIFMD) implementation in the UK, entitled "Transposition of the Alternative Investment Fund Managers...more

European Commission Publishes AIFMD, Level 2, Implementing Regulation

by Morgan Lewis on

Adoption of the regulation accelerates implementation of the Alternative Investment Fund Managers Directive throughout the EU. The European Commission adopted the long-heralded Alternative Investment Fund Managers...more

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