In the latest of our quarterly webinars, we looked at selling illiquid investments in preparation for a buy-in, including...more
On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more
Most net asset value (NAV) loans to fund borrowers do not include publicly traded positions in the collateral package because borrowers usually use NAV loans to finance against illiquid positions (and publicly traded...more
Debt finance plays a key role in all parts of the capital structure for private investment funds and their investors. In particular, the use of debt finance is an increasingly important component of secondary transactions,...more
A key initial decision for a manager launching a new hedge fund is to decide between: A “master-feeder” fund structure: In a typical “master-feeder” structure, an onshore “feeder” fund and an offshore “feeder” fund both...more
As we have discussed in earlier Client Alerts, on August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to...more
On 27 November 2023, the United Kingdom’s Financial Conduct Authority (“FCA”) published its final report (the “Report”) on its multi-firm review into firms’ progress in implementing the internal capital adequacy and risk...more
The US Securities and Exchange Commission (SEC) Division of Examinations recently released its 2024 Examinations Priorities, a yearly report that provides insight into the Division’s areas of focus to improve compliance,...more
Part 2 of the Paul Hastings’ Investment Funds and Private Capital team’s review of the new Private Fund Rules explores the new rules in-depth, and provides additional perspective on market practices that may evolve in...more
Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments). Among other things,...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in April 2023: 28 April FCA Handbook: The Financial Conduct...more
FTX filed its presentation to the Official Committee of Unsecured Creditors (UCC), reporting that FTX has located about $5.5 billion of cash and other liquid assets but less than $1.8 billion of digital assets identified with...more
The Securities and Exchange Commission on November 2, 2022 proposed significant revisions to its rules governing open-end investment company liquidity risk management and swing pricing. The proposal would also update related...more
On 14 September 2022, K2 Integrity hosted a webinar on considerations in the digital assets space. K2 Integrity Board Member Christopher Brummer and AML/CFT experts Mariano Federici and Alex Levitov discussed the current...more
The Securities and Exchange Commission, by a vote of three-to-two, on December 15, 2021, proposed amendments (Proposed Amendments) to Rule 2a-7 and other rules that govern money market funds (money funds) under the Investment...more
In this series of articles we consider two of the more common requests we see in terms of fund structuring options: Multi-Class Funds, and Hybrid Funds. This second article in the series will consider Hybrid Funds....more
In this series of articles we consider two of the more common requests we see in terms of fund structuring options: Multi-Class Funds, and Hybrid Funds. This first article in the series will consider Multi-Class Funds. Hybrid...more
As we enter the New Year, it’s a good time to revisit your estate plan. The big question is whether your will, trust, power of attorney, and advance health care directive accomplish your personal objectives. Guidance from an...more
The COVID-19 pandemic has caused extreme market turmoil. While it appears that the initial shock is subsiding, there is the possibility that market volatility will continue if there is another surge in COVID-19 cases and as...more
Scrutiny of illiquid assets and open-ended funds is a familiar theme; as is the context of these funds being forced to suspend dealings in times of stress, either to deal with the high volume of redemption requests (for...more
The following article is the translation of an associated podcast, which is available in German... With the intention of mitigating the effects of the COVID-19 pandemic, the obligation of companies in Germany to file...more
The U.K. Financial Conduct Authority has announced that it will introduce temporary product intervention measures for 12 months from January 1, 2020 to December 31, 2020 to combat risks to consumers of the promotion of...more
The U.K. Financial Conduct Authority has finalized new rules governing certain types of open-ended funds that invest in inherently illiquid assets. The rules include...more
The FCA has published its Policy Statement PS19/24 on illiquid assets and open-ended funds and feedback to its October 2018 Consultation Paper CP18/27. The overall aim is to reduce the potential for harm to investors in funds...more
Andrew Bailey, the Chief Executive of the U.K. Financial Conduct Authority, has written to Lord Myners of the House of Lords concerning the establishment of U.K. requirements for liquidity standards for Undertakings for...more