News & Analysis as of

Private Equity Funds Investment Adviser

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals....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

SEC Charges Platinum Equity for Misallocation of Broken Deal Expenses

The SEC announced a settled action against Beverly Hills-based investment adviser, Platinum Equity Advisors, LLC, for charging three of its private equity fund clients with about $1.8 million more than it should have in...more

Finnish Supreme Administrative Court ruled on carried interest in private equity structures

by DLA Piper on

On 16 March 2017, the Supreme Administrative Court (SAC) of Finland issued a ruling on the tax treatment of carried interest in a private equity structure. The SAC ruled that carried interest is taxed as income of the limited...more

Investment Management Update

by Ballard Spahr LLP on

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...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's Focus on Private Equity Firms Continues with Recent Action

by Dechert LLP on

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission announced the filing of a record number of enforcement actions for the last fiscal year. The enforcement statistics highlight areas of concentration such as insider trading, investment advisers and private...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

by Proskauer Rose LLP on

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Enforcement - AXA Prevails in Excessive Fee Trial - Beware of Failing to Properly Disclose Fees and Assess Adequate Penalties - Non-Enforcement - Business Continuity Planning - SEC Rule Designed to...more

SEC Busts Apollo for Disclosure and Supervisory Failures

The SEC charged four private equity fund advisers affiliated with Apollo Global Management for misleading fund investors about fees and a loan agreement and failing to supervise a senior partner who charged personal expenses...more

Investment Management Update

by Ballard Spahr LLP on

SEC Enforcement Action against Private Equity Fund Adviser - On June 1, 2016, the SEC announced that a private equity fund adviser and its principal owner agreed to pay more than $3.1 million to settle SEC charges that,...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

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

by Cozen O'Connor on

A recent Securities and Exchange Commission (SEC) settlement order highlights the importance that the SEC has placed on the issue of broker-dealer registration for the private equity industry. On June 1, 2016, the SEC...more

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

SEC Faults Private Equity Fund Manager for Acting as an Unregistered Broker and Failing to Comply With Fund Agreements

by K&L Gates LLP on

On June 1, 2016, the Securities and Exchange Commission (“SEC”) brought and settled charges against a private equity fund adviser and its principal owner for engaging in brokerage activity without registering as a...more

"SEC Charges Private Equity Fund Adviser as an Unregistered Broker"

On June 1, 2016, the Securities and Exchange Commission (the "SEC") accepted a settlement offer from a registered investment adviser of private equity funds, and its founder, principal and managing member. The settlement...more

SEC Charges Private Equity Adviser for Unregistered Brokerage Activity

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) on June 1, 2016 announced a settled enforcement action against a private equity fund manager (Adviser) for acting as a broker-dealer without registering. The case is...more

SEC sanctions private equity fund adviser for acting as an unregistered broker

by DLA Piper on

On June 1, 2016, the Securities and Exchange Commission issued a press release announcing that a private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that included...more

Broker-Dealer Violations by Private Equity Fund Adviser

by Stinson Leonard Street on

For private equity funds, along with their managers, sponsors, investors, and portfolio companies paying or receiving transaction-based fees, the recent announcement by the Securities and Exchange Commission (SEC) of a...more

SEC Staff Announces 2016 OCIE Examination Priorities

by Proskauer Rose LLP on

On January 11, 2016, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

SEC Chair White Complains of Poor Hedge Fund and Private Equity Practices

SEC Chair Mary Jo White recently delivered pointed remarks to a conference attended by hedge fund and private equity advisors. One portion of her remarks was directed at operational risks of private funds, such as...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

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

by Goodwin on

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

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