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Hedge Funds Portfolio Managers

Proskauer Rose LLP

Proskauer's Hedge Start: When Is SEC Registration Necessary?

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An initial question faced by any manager launching a hedge fund is whether or not registration as an investment adviser with the U.S. Secutiries and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as...more

Seward & Kissel LLP

Building a Scalable Hedge Fund Business

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As new portfolio managers enter the hedge fund space with dreams of running billions of dollars in a traditional US/offshore master-feeder structure, many of these managers are encountering the asset raising headwinds that...more

Lowenstein Sandler LLP

Investment Organizations Continue to Find Value in Alternative Data, Despite Challenges and Cost

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Findings from a survey by Lowenstein Sandler LLP suggest increased use and a maturing landscape when it comes to alternative data. Ninety-two percent of investment organizations—including hedge funds, private equity, and...more

Blank Rome LLP

Regulatory Update and Recent SEC Enforcement Actions

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Securities and Exchange Commission (“SEC”) Hosts National Compliance Outreach Seminar for Investment Companies and Investment Advisers In April 2016, the Office of Compliance Inspections and Examinations (“OCIE”), the...more

K&L Gates LLP

U.S. SEC Proposes Liquidity Risk Management Programs, Optional “Swing Pricing,” and Liquidity Reporting for Mutual Funds and...

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On September 22, 2015, the Securities and Exchange Commission (“SEC”) proposed a new rule and amendments to rules and reporting forms under the Investment Company Act of 1940 (the “1940 Act”), designed to standardize...more

Stinson - Corporate & Securities Law Blog

SEC Begins Publishing Statistics on Hedge Funds and Private Equity Advisors

The SEC published a report that provides private fund industry statistics and trends, reflecting aggregated data reported by private fund advisers on Form ADV and Form PF. Most of the data in the more than 50 separate tables...more

Katten Muchin Rosenman LLP

Bharara Appeals Second Circuit’s Decision Vacating Insider Trading Convictions

Preet Bharara, United States Attorney for the Southern District of New York, has petitioned the United States Court of Appeals for the Second Circuit for a rehearing en banc of last month’s landmark decision vacating multiple...more

McGuireWoods LLP

Tippee Liability for Insider Trading Remains Focus in Second Circuit Following Newman, Conradt

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The significant impact on insider trading prosecutions following the Second Circuit’s landmark ruling in United States v. Newman, 773 F.3d 438 (2d Cir. 2014) continues. ...more

Dorsey & Whitney LLP

USAO Wants Newman Insider Trading Case Reheard

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The Second Circuit’s decision in U.S. v. Newman, Nos. 13-1837-cr. 13-1917-cr (2nd Cir. Dec. 10, 2014) continues to be the key focus in insider trading cases. There the Court held that remote tippees must not only know that...more

Proskauer - Corporate Defense and Disputes

Personal Benefit Required Under Misappropriation Theory of Insider Trading

Yesterday, U.S. District Judge Andrew L. Carter, Jr. rejected the argument by the U.S. Attorney’s Office for the Southern District of New York to limit the Second Circuit’s decision in United States v. Newman to classical...more

Proskauer - Corporate Defense and Disputes

Government Seeks Rehearing in Landmark Insider-Trading Case

The U.S. Government filed a petition seeking panel and en banc rehearing of the Second Circuit’s December 2014 decision in United States v. Newman and Chiasson, ___ F.3d ___, 2014 WL 6911278 (2d Cir. Dec. 10, 2014). That...more

Dorsey & Whitney LLP

Personal Benefit Test Does Not Apply To Misappropriation Theory of Insider Trading — USAO

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In U.S. v. Newman, Nos. 13-1837-cr, 13-1917, 2014 WL 6911278 (2nd Cir. Decided Dec. 10, 2014) the Second Circuit handed prosecutors perhaps the only defeat they have suffered in recent years in an insider trading cases. After...more

Lawline.com

Insider Trading News - Ralph Siciliano discusses US v. Newman

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In the recent 2nd circuit decision, US vs Newman, the court placed a higher standard on what is considered insider trading. If you look at the Court of Appeals opinion, it seemed to suggest that US Attorney Preet Bharara had...more

Brooks Pierce

Three More Thoughts about United States v. Newman

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In the wake of the Second Circuit’s huge remote tippee insider trading decision from two weeks ago in United States v. Newman, three more things occur to me. To recap, the court held that to be liable for insider trading in...more

Proskauer - Corporate Defense and Disputes

Reversing Convictions, Second Circuit Clarifies Scope of Tippee’s Required Knowledge in Insider Trading Cases

On December 10, 2014, the Second Circuit reversed insider trading convictions of two former hedge fund managers, holding that, to sustain a conviction for insider trading, the government must prove a tippee who trades on the...more

Foley Hoag LLP

Second Circuit Issues Landmark Decision Limiting Insider Trading Liability of "Remote Tippees"

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On December 10, 2014, the Second Circuit Court of Appeals in New York reversed a set of insider trading convictions and reined in government prosecutions of insider traders who are outside the company in which stock is traded...more

Parker Poe Adams & Bernstein LLP

What’s New with Insider Trading…and What’s Not

Much has already been written about the Second Circuit Court of Appeals’ December 10th insider trading decision: in United States v. Newman, et al., the Court significantly trimmed back the circumstances in which tippees of...more

BakerHostetler

The Boundaries for Insider Trading Prosecutions See a Resurgence: The 1980s Are Back!

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In a closely followed appeal, the United States Court of Appeals for the Second Circuit on December 10, 2014, delivered an important decision in United States v. Newman by vacating the insider trading convictions of two...more

Akin Gump Strauss Hauer & Feld LLP

Court Of Appeals Reins in Prosecutors in Insider Trading Cases

In a landmark insider trading decision issued on December 10, 2014, the U.S. Court of Appeals for the 2nd Circuit made important pronouncements favorable to the defense on two recurring and important legal issues: (1) what is...more

Mintz - Securities & Capital Markets...

Hello Newman! (and Chiasson): Second Circuit Decision Raises the Bar for Government to Prove Liability of “Remote Tippees” in...

In a groundbreaking decision, the United States Court of Appeals for the Second Circuit has reversed the 2013 insider trading convictions of Todd Newman and Anthony Chiasson. The decision in United States v. Newman, No....more

Goodwin

Second Circuit Raises the Bar for Government Insider Trading Prosecutions – Practical Implications for the Business Community

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On December 10, 2014, the U.S. Court of Appeals for the Second Circuit issued a much publicized decision, reversing two high-profile insider trading convictions in the Southern District of New York. The Court limits the scope...more

Fenwick & West LLP

Securities Litigation Alert: In Major Ruling, Appeals Court Sharply Narrows Reach of Insider Trading Law

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On December 10, 2014, the U.S. Court of Appeals for the Second Circuit reversed insider trading convictions against two former hedge fund managers, and in the process sharply limited two key doctrines underpinning many recent...more

Foley & Lardner LLP

Knowledge of Benefit Required to Convict Insider Trading Tippees

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In its important ruling on what the government must prove in a criminal insider trading prosecution, the Second Circuit reversed the convictions of two portfolio managers — throwing out their cases completely, with no new...more

Latham & Watkins LLP

Second Circuit Redefines “Personal Benefit” in Insider Trading Case

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Breaking from precedent, the Second Circuit sets a new standard for the personal benefit element of insider trader liability. On December 10, 2014, the United States Court of Appeals for the Second Circuit reversed...more

Burr & Forman

2nd Circuit Narrows Scope of Tippee Liability for Insider Trading

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The US Second Circuit this Wednesday narrowed the scope of “tippee” liability for insider trading, rejecting the “doctrinal novelty” of recent government prosecution theories. In United State v. Newman, Nos. 13-1837-cr c/w...more

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