On March 19, the SEC issued updates to its FAQs regarding compliance with Rule 206(4)-1 of the Advisers Act (the Marketing Rule) addressing (i) when gross and net performance are required for certain “extracted” performance,...more
In the last 12 months, we have seen private debt markets take off over other strategies. In particular, there are now more creative ways of bringing in new types of investors to this asset class, including insurers, pension...more
3/5/2025
/ Alternative Investment Funds ,
Asset Management ,
Capital Markets ,
Debt Financing ,
EU ,
Financial Institutions ,
Insurance Industry ,
Investment ,
Investment Funds ,
Investors ,
Pensions ,
Private Equity ,
Private Funds
On January 22, the Institutional Limited Partners Association (ILPA) released an update to its 2016 Reporting Template and unveiled a new Performance Template. Together, the goal of these documents is to enhance and...more
2/4/2025
/ Disclosure Requirements ,
Financial Reporting ,
Fund Managers ,
Institutional Investors ,
Institutional Limited Partners Association (ILPA) ,
Investment Funds ,
Investment Management ,
Investors ,
Private Equity ,
Private Funds ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission’s Division of Examinations recently released its 2025 priorities. These identify several new or emerging areas of focus that could be precursors to enforcement actions, such as the use...more
11/12/2024
/ Artificial Intelligence ,
Broker-Dealer ,
Capital Markets ,
Cryptocurrency ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Regulation Best Interest ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Last week, the Securities and Exchange Commission’s Division of Examinations (the “Division”) released its 2025 examination priorities, an annual publication by the Division designed to make the public aware of issues, areas,...more
The Securities and Exchange Commission (“SEC”) has decided not to petition the U.S. Supreme Court for a writ of certiorari to review the U.S. Court of Appeals for the Fifth Circuit’s decision to vacate a controversial package...more
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated—in their entirety—the controversial private fund reforms adopted by the Securities and Exchange Commission (the “SEC”) in August 2023 (collectively, the...more
We are delighted to bring you this edition of Spotlight Magazine, the content of which has come at just the right time, with it becoming increasingly apparent that we are in the midst of a global regulatory refresh of the...more
3/8/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Credit Funds ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
Greenwashing ,
Infrastructure ,
Private Equity ,
Private Funds ,
Securities and Exchange Commission (SEC)
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
The SEC’s Division of Examinations (“DOE”) recently released its 2024 examination priorities (available here). The SEC provides examination priorities on an annual basis to convey to registrants specific areas that DOE will...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
9/14/2023
/ Audits ,
Competition ,
Documentation ,
Exempt Reporting Advisers (ERAs) ,
Grandfathering Rules ,
Illiquid Assets ,
Investment Funds ,
Investment Portfolios ,
Legacy Funds ,
Preferential Trade Status ,
Principal Place of Business ,
Private Funds ,
Quarterly Report ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Stocks
On September 1, 2023, a group of private fund industry groups filed a petition in the United States Court of Appeals for the Fifth Circuit, challenging the SEC’s recently adopted Private Funds Rule (defined below). Our...more
On August 23, 2023, the SEC voted (3-2) to adopt new rules and amendments under the Investment Advisers Act of 1940 applicable to private fund advisers (available here), which were initially proposed in February 2022.
The...more
8/24/2023
/ Audits ,
Clawbacks ,
Collateralized Loan Obligations ,
Disclosure Requirements ,
Grandfathering Rules ,
Indemnification ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Funds ,
New Amendments ,
Preferential Trade Status ,
Private Funds ,
Quarterly Report ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
On May 3, 2023, the SEC approved amendments to Form PF reporting requirements for private fund managers. Most significantly, the updates introduce new event reporting obligations for SEC-registered private fund advisers,...more