News & Analysis as of

Fund Managers

House Bill and Senate Republicans' Bill: Impact on Hedge and Commodity Fund Investors and Managers

by Katten Muchin Rosenman LLP on

The "official" House tax reform bill was released by the House Ways and Means Committee on November 9. For the most part, the provisions summarized in Katten's advisory, "Tax Reform: Hedge Funds/Commodity Funds/Fund...more

The MAS’s New Regulatory Regime for Venture Capital Fund Managers Comes into Force

by K&L Gates LLP on

As part of the Singapore government’s drive to attract more venture capital fund managers (“VCFM”) and venture capital (“VC”) funding into Singapore to boost the growth of startups and growth-stage enterprises, following a...more

Venture Capital fund managers may begin operations in record time in Singapore - New MAS regulations reduce the qualifying...

by Dentons on

Although a venture capital fund may be prepared to invest in a new country, lengthy requirements to set up operations may risk the loss of valuable business opportunities. In Singapore, however, the criteria for operating a...more

SFC Highlights Deficiencies in Asset Management Industry

• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts. • The SFC urged licensed corporations to review their existing internal control procedures and operational...more

New Regulatory Regime for VC Fund Managers Takes Effect

by Morgan Lewis on

The Monetary Authority of Singapore simplifies and reduces the regulatory compliance burden for venture capital fund managers in Singapore....more

New Freedom of Information Law in Kentucky

by Goodwin on

Freedom of information legislation has been an issue that private fund managers have had to deal with for some time. Public pension funds invest a significant amount of capital into private funds and most, as public bodies,...more

A Strategic Approach To Launching A New Fund

by Pepper Hamilton LLP on

Many managers have portable track records from prior firms that they can legally use to market their new funds. This means that the manager owns the rights to the supporting data and that the strategy and decision-makers are...more

SEC Scrutinizes Multi-Manager Arrangements

by Carlton Fields on

Many mutual funds implement their investment strategies through "multi-manager" (also called "manager of manager") arrangements, particularly funds used to support variable life insurance and annuity products. Among other...more

ESMA to review its Guidelines on ETFs and Other UCITS Issues

by Dechert LLP on

The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (the Programme), which sets out ESMA's priorities and areas of focus for 2018. Supervisory convergence and the assessment of risks are...more

Funds Talk: October 2017 - Far-Reaching U.K. Law Creates Corporate Criminal Offense for Failure to Prevent the Criminal...

The U.K.’s Criminal Finances Act 2017 (the “Act”), which went into effect on Sept. 30, 2017, significantly expands the U.K.’s ability to prosecute the criminal facilitation of tax evasion....more

Early Partial Exits Pose Opportunities and Challenges for Private Equity

by Latham & Watkins LLP on

The exit environment recently ranked as the second greatest challenge facing global PE fund managers, according to Preqin’s H1 2017 Outlook report. As buyout firms weigh an uncertain exit outlook, they are increasingly...more

Dealing with 'Broken-Deal' Expenses: SEC Recent Action Shows Its Continued Focus on Fee and Expense Practices of Fund Managers

by Reed Smith on

The Securities and Exchange Commission (the “SEC”) has been scrutinizing transparency of fees and expense allocations by fund managers for several years. Such transparency is required of any fund manager in the United States,...more

Veil-Piercing Under California Law – Heightened Risks for Fund Managers

We recently posted about the risks associated with veil-piercing claims and the ways in which fund managers can protect themselves from exposure to these claims. Our first post on veil-piercing focused on Delaware standards,...more

FMA issues guidance on substantial product holder disclosures

by DLA Piper on

In our May 2017 update, we discussed FMA's proposed guidance on substantial product holder (SPH) disclosures on which it was seeking feedback from the market - in particular, in relation to its proposed treatment of...more

Veil Piercing/Alter Ego Determinations – How Fund Managers Can Protect Themselves

A veil piercing claim can be a worst-case scenario for a private fund manager dealing with a struggling portfolio company investment – the company fails, and ensuing legal claims are brought not only against the portfolio...more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

Senior Managers and Certification Regime: Implications for Fund Managers

by Goodwin on

The UK Government and the Financial Conduct Authority (FCA) have decided to replace the existing Approved Persons Regime with a new Senior Managers and Certification Regime. This will have significant implications for all UK...more

Corporate Collective Investment Vehicles Introduced

by K&L Gates LLP on

The Government has today released an exposure draft of legislation introducing corporate collective investment vehicles into the Australian market for the first time. This is the result of significant collaboration between...more

Developments in New York and Colorado Cybersecurity Regulations

by Wilson Elser on

New York - For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist...more

Sign of Future Changes? DOL Proposes 18-Month Extension of Transition Period for Compliance With ERISA "Fiduciary Investment...

On August 9, the US Department of Labor (DOL) announced in a court filing that it has proposed an 18-month extension of the full implementation of the Best Interest Contract Exemption (the "BIC Exemption") under the ERISA...more

The Markets in Financial Instruments Directive II – the UK Rules for Investment Managers

by Goodwin on

Separate account managers and fund managers in the EU will need to comply with the regulatory rules under the new Markets in Financial Instruments Directive (MiFID II) with effect from 3 January 2018. There has been...more

ILPA Issues Guidance on Use of Subscription Credit Facilities

by Dechert LLP on

The Institutional Limited Partners Association (“ILPA”), the body that represents the international limited partner community, has recently issued a best practice guide to assist both investors and managers1 with the use of...more

UK Asset Management Study - FCA’s Final Report and Package of Remedies

by K&L Gates LLP on

On 28 June 2017 the UK Financial Conduct Authority (FCA) published the final report for its study into the UK asset management market. The report describes the FCA’s final findings and sets out the regulatory changes and...more

Subscription Lines: Growing Tensions Between Fund Managers and Investors

by Bryan Cave on

The use of subscription lines to cover capital calls has evolved from short term bridge facilities (generally paid off within 90 days) into longer term facilities used by fund managers for cash management and greater...more

Bond Connect – The Fast and Furious Way to the China Interbank Bond Market

by Dechert LLP on

Following announcement of the proposed launch of a bond trading link between China and Hong Kong (Bond Connect) earlier this year, Bond Connect officially launched on July 3, 2017. Bond Connect allows foreign institutional...more

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