News & Analysis as of

Portfolio Managers

Second Circuit Court of Appeals Expands Insider Trading Liability

by Jones Day on

On August 23, 2017, the Second Circuit Court of Appeals affirmed the insider trading conviction of Matthew Martoma, a former portfolio manager for SAC Capital Advisors LLP ("SAC Capital"). In doing so, the court overturned...more

Bridging the Week - August 2017 #4

Former Portfolio Manager’s Conviction for Insider Trading Upheld by Federal Appeals Court Despite Same Court’s Prior Contrary Reasoning: Last week, a three-judge panel of the federal appeals court in New York upheld the...more

MiFID II – EU market access for non-EU portfolio managers

by Dentons on

As of 3 January 2018, the Markets in Financial Instruments Directive II (MiFID II) will provide for a new regime for non-EU portfolio managers to access the EU market. Please see full Briefing below for more information....more

Valuation of Illiquid Portfolio Investments – Avoiding Regulatory Risks with Form and Substance

For private fund managers, the valuation of privately-held securities has been subject to heightened regulatory scrutiny. As the IPO on-ramp for private “unicorn” investments has lengthened, fund managers may hold illiquid...more

Buy and Build Strategy Increases Antitrust Risk for Private Equity

by Latham & Watkins LLP on

Private equity firms have sought a greater number of buy and build opportunities in recent years, amid high valuations and competition for primary deals. In our view such deals carry higher antitrust risks and warrant careful...more

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

by Dechert LLP on

AMF - Update of the MiFID II guide for asset management companies - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) updated its MiFID II Guide for Asset Management Companies on 6...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

by Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

SEC Streamlines Exchange Listings for Actively Managed ETFs

by Ropes & Gray LLP on

On July 22, 2016, the SEC approved proposed listing rule amendments by NYSE Arca, Inc. (available here) and Bats BZX Exchange, Inc. (available here) to provide “generic” listing standards for actively managed ETFs. These...more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more

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

by Dechert LLP on

Brexit: UK Votes to Leave EU - The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU. Under the EU Treaty, the exit process should take at least two years. During...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

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

USAO, SEC Charge Insider Trading Based on FDA/CMS Information

by Dorsey & Whitney LLP on

The Manhattan U.S. Attorney’s Office and the SEC continued their war on insider trading with additional actions against portfolio managers. In their most recent cases they allege that the two traders obtained inside...more

Is the SEC Poised to Broaden Standard Co-Investment Relief?

The U.S. Securities and Exchange Commission (SEC) Division of Investment Management recently issued a notice with regard to the application for co-investment relief filed by Apollo Investment Corporation and certain of its...more

"Potential Regulatory and Litigation Risks Relating to Recent Fixed-Income Market Concerns"

Recent events relating to the fixed-income markets — including volatility in the high-yield markets and the high-profile closings of a number of funds invested in high-yield and distressed assets — have raised concerns among...more

SEC Partially Settles “Portfolio Manager” Insider Trading Case

by Dorsey & Whitney LLP on

The SEC partially settled what is perhaps one of its more unusual insider trading cases. It involved defendants who posed as portfolio managers who then induced investment bankers to entrust them which inside information that...more

"MiFID II Expected to Have Significant Impact on Investment Managers"

When implemented, revisions to the EU’s Markets in Financial Instruments Directive (MiFID II) will radically change the regulation of EU securities and derivatives markets, and significantly impact the investment management...more

Legal Trends: Private Equity

ONE | OILPATCH PORTFOLIO MANAGEMENT AND OPPORTUNITIES - Between June 2014 and December 2015, the price of a barrel of oil was cut roughly in half, resulting in a significant downturn in the earnings of companies with...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement - Investment Management Division Director Address to Investment Company Institute - Division Director David Grim addressed the ICI on December 16, 2015. In his remarks, Grim noted 2015 was the 75th...more

SEC Discusses Criteria for Charging Chief Compliance Officers

In remarks before the 2015 National Society of Compliance Professionals, National Conference, Andrew Ceresney, Director, SEC Division of Enforcement, outlined the type of criteria used to charge Chief Compliance Officers with...more

Recent Credit Agreement Restricts Ability of CLOs to Pledge Loans and Ability of Lenders to Sell Participations on the LSTA Form

by Morrison & Foerster LLP on

A broadly-syndicated U.S.-law credit agreement which closed recently includes language limiting the ability of lenders to grant pledges or sell participation interests in their loans. The language appears to be intended to...more

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

by K&L Gates LLP on

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

SEC Sanctions Advisers For Not Disclosing Shift In Investment Strategy

by Dorsey & Whitney LLP on

The SEC brought another enforcement action predicated on the failure of the firm to comply with its operating documents. In this instance the advisers to a fund failed to inform investors that it effectively changed the...more

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

CSA Provides Guidance on Canadian “Robo-Advisers”

The term “robo-adviser” has become synonymous with a provider of automated, low-cost, investment advisory services through user-friendly web-based (and increasingly, mobile) channels. These digital advice platforms are...more

U.S. Supreme Court Says There Will Be No New Newman

Last Monday, the United States Supreme Court denied cert in the highly publicized insider trading case of United States. v. Newman, 773 F.3d 438 (2d Cir. 2014). Without providing further commentary, the justices said they...more

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