News & Analysis as of

Conflicts of Interest Investors

A&O Shearman

Great Fund Insights: Co-Investing 101: shared risk, shared reward

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A challenging fundraising environment, the rise in M&A activity and the capital requirements necessary to bridge funding gaps are key developments which have led fund managers to increase their offering of co-investment...more

Proskauer - Regulatory & Compliance

FCA’s Private Market Valuations Review – Good Practice but Room for Improvement

On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”).  The Review covered a firms operating...more

Hogan Lovells

Increased UK regulatory scrutiny: FCA taking a closer look at conflicts and valuations, including on GP leds

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The FCA has published a report on private market valuation practices, after recently indicating that this area will be one of its supervisory priorities this year. Managers and advisers involved with private assets (in...more

Ankura

Addressing Valuation Challenges in the Expanding Private Credit Market

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The rapid expansion of the private credit market has highlighted concerns regarding the accuracy and reliability of valuations within this asset class. Unlike publicly traded companies, which must adhere to stringent...more

Tonkon Torp LLP

Optimizing the Value of a GP Advisory Board for Private Equity Funds

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Launching a private equity fund is an exciting yet daunting endeavor; and a General Partner (GP) Advisory Board can be a critical asset in navigating the complexities. Thoughtfully designing and engaging a GP Advisory Board...more

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

Lowenstein Sandler LLP

SEC Settlement Reflects Continued Scrutiny Regarding Conflicts and Preferential Treatment

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On May 14, 2024, the U.S. Securities and Exchange Commission (SEC) announced a settlement with a registered investment adviser (Adviser) that found the Adviser had (a) failed to adequately disclose conflicts pertaining to...more

Mintz - Energy & Sustainability Viewpoints

Understanding ESG Ratings: Legal Insights & Perspectives

With environmental, social, and governance (ESG) principles garnering increased attention in corporate circles in recent years, there has been an accompanying rise in demand for analytical products that evaluate companies’...more

Lowenstein Sandler LLP

SEC Settlements Highlight Governing Document Amendment Considerations for Private Funds

Limited partnership agreements and similar documents that govern private funds are often amended over the course of a fund’s life cycle. For example, many funds may be currently going through the amendment process in...more

Walkers

Central Bank's Regulatory and Supervisory Outlook Report 2004 Key trends, risks and priorities facing funds and the asset...

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On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial...more

Proskauer Rose LLP

Under The Hood Of The SEC Securitization Conflict Rule

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Following the financial crisis of 2007-2009 and congressional investigations into the securitization market, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 prohibited securitization participants from...more

King & Spalding

NAIC's Focus on Investment Management Agreements (IMAs) involving Private Equity-Owned Insurers

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As private equity investors continue to increase their presence in the insurance industry with acquisitions of insurers and reinsurance of blocks of insurance contracts through insurer portfolio companies and segregated...more

Holland & Knight LLP

A Summary and Early Analysis of SEC Final SPAC Rules

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By vote of 3 to 2, the U.S. Securities and Exchange Commission (SEC or Commission) on Jan. 24, 2024, adopted new rules and amendments (SPAC Rules) pertaining to special purpose acquisition companies (SPACs), with the stated...more

Latham & Watkins LLP

Constrained Markets Drive Creative Continuation Vehicle Solutions but Conflict Challenges Remain

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Deals require more transactional, advisory, and regulatory experience in the increasingly complex continuation vehicle market. As the GP-led secondary market continues to evolve and reacts to new SEC rules and growing...more

Vinson & Elkins LLP

When Contractors Become Project Owners: Opportunities, Risks and Conflicts for Japanese Contractors to Consider When Taking Equity...

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Japanese heavy-industries companies that typically act as contractors or suppliers on projects are increasingly invited to contribute as equity investors in the projects they construct or supply major equipment to, thereby...more

DarrowEverett LLP

Danger, Does Not Compute: SEC Takes Aim at Predictive Data Analytics Per Proposed Rules

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On July 26, 2023, the Securities and Exchange Commission (“SEC”), in a 3-2 vote, issued a release (the “Release”) containing proposed rules to address conflicts of interest associated with broker dealers’ and investment...more

ArentFox Schiff

Significant New Private Fund Rules Adopted by SEC

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On August 23, 2023, in its efforts to promote transparency for investors by increasing visibility into compensation schemes, sales practices, and conflicts of interest, the US Securities and Exchange Commission (SEC) adopted...more

Woods Rogers

Real Estate Syndications: Legal Considerations for Syndicators (and Investors)

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Real estate syndication involves pooling funds from multiple investors to finance a real estate project. While syndication can be a profitable investment strategy, it also comes with various legal considerations and potential...more

Morrison & Foerster LLP

SEC Adopts Expansive Private Fund Adviser Rules

On August 23, 2023, the SEC adopted new rules and amendments to existing rules (collectively, the “New Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The New Rules are designed to increase...more

K&L Gates LLP

A New Frontier: The SEC Addresses Artificial Intelligence (and a Whole Lot More)

K&L Gates LLP on

Executive Summary - Newly proposed rules (the Predictive Analytics Rules) will, if adopted as proposed, require broker-dealers and investment advisers (firms) to: (i) identify conflicts of interests when using certain...more

WilmerHale

Broker-Dealers and Advisers Beware: The SEC’s “PDA” Proposal Could Upend Firms’ Interactions With Customers, Clients and Investors

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On July 26, 2023, the Securities and Exchange Commission (SEC or Commission) narrowly approved (3-2) a proposed rulemaking under the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940...more

Walkers

Cayman fund governance in times of market turbulence – 2023 update

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While standard governance principles continue to apply (and should be followed) throughout the lifetime of a fund, the board of directors must be prepared to adapt governance practices and, for example, revisit discussions...more

Foley & Lardner LLP

Delaware Public Benefit Corporations

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Delaware Public Benefit Corporations (PBCs) are a relatively new type of business entity that have gained popularity in recent years as social and environmental issues have taken center stage. With more businesses looking...more

Mayer Brown Free Writings + Perspectives

SEC Investor Advisory Committee Panel Discusses Digital Engagement Practices

On June 22, 2023, the Investor Advisory Committee (“IAC”) of the US Securities and Exchange Commission (“SEC” or “Commission”) held a panel discussion regarding current challenges and potential improvements to the use of...more

DarrowEverett LLP

Proposed SEC Rules Aim at Putting Private Funds More in Public View

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Whether everyday Americans saving for retirement, college tuition, or their forever homes know it or not, there’s a chance that their money is tied, directly or indirectly, to private funds. Moreover, those Americans probably...more

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