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Private Funds

ArentFox Schiff

SEC Expands Regulatory Oversight of Private Fund Advisers - Amendments to Form PF

ArentFox Schiff on

On February 8, the US Securities and Exchange Commission (SEC) along with the Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF. The amendments amount to an increase in the SEC’s already robust...more

ACA Group

Form PF 2.0: Significant Amendments Implemented by the SEC and CFTC

ACA Group on

On February 8, 2024, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF, the confidential reporting form for certain SEC-registered...more

Lowenstein Sandler LLP

SEC Proposes to Modify Section 3(c)(1) Investment Company Act Exemption for Certain Private Funds

Lowenstein Sandler LLP on

On February 14, 2024, the U.S. Securities and Exchange Commission (the SEC) proposed a rule (the Proposal) that would increase the threshold for what is considered a “qualifying venture capital fund” from $10 million to $12...more

Morgan Lewis

Private Funds 2023: The Year in Brief

Morgan Lewis on

2023 was a watershed year for the private fund industry, not only because the US Securities and Exchange Commission (SEC) adopted a package of new regulations that will substantially alter the private fund landscape (subject...more

Katten Muchin Rosenman LLP

Third Time's a Charm? SEC & CFTC Finalize Amendments to Form PF

On February 8, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF, the confidential reporting form for certain registered investment advisers to...more

King & Spalding

SEC Adopts Rules Requiring Certain Trading Entities, Including Certain Investment Advisers and Private Funds, to Register as...

King & Spalding on

Section 3(a)(5) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) defines a “dealer” as “any person engaged in the business of buying and selling securities […] for such person’s own account...more

Paul Hastings LLP

SEC Updates for Private Funds: Private Fund Rule Litigation and Marketing Rule FAQ

Paul Hastings LLP on

Private fund sponsors should be aware of two recent SEC regulatory developments with respect to (1) the newly adopted private fund rules (Rule 211(h)(1)-2; Rule 211(h)(2)-3; Rule 211(h)(2)-1; Rule 211(h)(2)-2, and Rule...more

ACA Group

Performance Precision: SEC's New FAQ Sharpens Focus on Gross and Net IRR Obligations

ACA Group on

On February 6, 2024, the Securities and Exchange Commission’s (SEC) Division of Investment Management released a new Frequently Asked Question (FAQ) clarifying requirements around gross and net performance obligations for...more


SEC Issues Updated Marketing Rule FAQ on IRRs for Funds With Subscription Facilities

Goodwin on

On February 6, 2024, the staff of the Securities and Exchange Commission (SEC) issued an updated FAQ with respect to the Marketing Rule (Rule 206(4)-1) under the Investment Advisers Act of 1940 (the Advisers Act). This FAQ...more

Dechert LLP

SEC Finalizes Changes to Dealer Definition – Does Not Exempt Private Funds or Proprietary Trading Firms

Dechert LLP on

At a contentious open meeting on February 6, 2024, the Securities and Exchange Commission (Commission) voted three to two to adopt rule amendments (Final Rules) under the Securities Exchange Act of 1934, as amended (Exchange...more

Holland & Knight LLP

El Gobierno Nacional introduce cambios a la financiación colaborativa en Colombia

Holland & Knight LLP on

El Ministerio de Hacienda y Crédito Público (MHCP) de Colombia expidió el Decreto 2105 de 2023, por medio del cual se introdujeron cambios importantes al marco regulatorio aplicable a la actividad de financiación colaborativa...more


Taking Stock of the Private Funds Rules Litigation After Oral Arguments at the Fifth Circuit

Goodwin on

On February 5, 2024, a three-judge panel of the US Court of Appeals for the Fifth Circuit heard oral arguments on the challenge to the “Private Funds Rules” issued by the Securities and Exchange Commission (the “SEC”). The...more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers

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Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental,...more

Akin Gump Strauss Hauer & Feld LLP

Update (2): The NY LLC Transparency Act and Corporate Transparency Act’s Impact on Private Fund Managers

In the weeks since publishing our original alert, FinCEN released several frequently asked questions (FAQs) on the application of the Corporate Transparency Act (CTA). Private fund managers are likely to find two of these...more

Vinson & Elkins LLP

Oil & Gas Funds and Section 3(c)(9) – New Life for a Forgotten Exception

Vinson & Elkins LLP on

A fund primarily engaged in investing or trading in securities must register under the Investment Company Act, unless it falls under an exception to the definition of investment company. The exceptions are listed in Section...more


Fundamentals Asia: Hong Kong, Singapore, & Tokyo

Walkers on

Every year, we track certain key data from new funds that we help our clients launch. By reviewing this data, comparing it with similar surveys and incorporating insights from our conversations with clients, we aim to draw...more

Hogan Lovells

Secondary Portfolio Sales - A Guide to Pension Funds Selling Fund Interests

Hogan Lovells on

Private equity and other illiquid private market investment funds have become increasingly relevant to pension fund investors in recent years as they have sought to diversify a minority proportion of their portfolios away...more

Proskauer Rose LLP

Question of the Week: What is your outlook for private capital in 2024?

Proskauer Rose LLP on

"Fund managers will continue to innovate and be creative in how they address challenges in the market. For example, fund and portfolio level restructurings will progress at a steady pace to address limitations on exit...more

Baker Donelson

Tennessee's Rule Shift for Private Fund Advisers' Registration

Baker Donelson on

Effective December 25, 2023, Tennessee Rule 0780-4-3-.05 was amended to include a new exemption to registration requirements for investment advisers under Tenn. Code. Ann. § 48-1-109 (the Amended Rule). In the past, advisers...more

K&L Gates LLP

US Asset Management Regulatory Year in Review 2023

K&L Gates LLP on

It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more

Foley Hoag LLP

The Corporate Transparency Act: An Overview of the Impact on Private Funds

Foley Hoag LLP on

What is the purpose of the Corporate Transparency Act (“CTA”)? Effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) imposed new federal reporting obligations on certain companies, including potentially...more

ACA Group

Private Fund Restricted Activities and Preferential Treatment Rules Breakdown

ACA Group on

New Rules 211(h)(2)(1) and 21(h)(2)-3 were adopted by the U.S. Securities and Exchange Commission (SEC) on August 24, 2023, along with the rest of the Private Fund Adviser Rules. The Restricted Activities Rule focuses on...more

Davis Wright Tremaine LLP

Investment Adviser Expectations in 2024

Like many other industries, Registered Investment Advisers ("RIAs") have dealt with significant regulatory, technological, and systemic change in recent years. Compared to FINRA-regulated entities, RIAs often face these...more

Dechert LLP

Private Funds in Ireland: A New Unauthorised Fund Structure?

Dechert LLP on

The Minister for Finance on 21 December 2023 published a Progress Update on the review underway of the funds sector in Ireland (the “Review”). As part of the Review, a public consultation took place over the summer with the...more

Morrison & Foerster LLP

Hong Kong’s New Capital Investment Entrant Scheme (CIES) – A Gateway for Private Funds

The Hong Kong government’s upcoming launch of the new Capital Investment Entrant Scheme (CIES) in mid-2024 represents a strategic initiative designed to attract high net worth investors and diversify the city’s investment...more

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JD Supra, LLC
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