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Paul Hastings LLP

AIFMD Annual Report Deadline Approaching

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Both EU and non-EU fund managers marketing a fund in the EU or the UK (either under an EU marketing passport or the relevant national placement regimes) are required to prepare an AIFMD-compliant annual report within six...more

Proskauer Rose LLP

New Tariffs, Old Issues: Post-Liberation Day Advisers Act Considerations for Private Fund Managers

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Markets remain exceptionally volatile following the announcement of the U.S. “Liberation Day” tariffs and retaliatory measures from other countries. While the ultimate path of policy remains uncertain, recent developments are...more

Paul Hastings LLP

ILPA Releases New Reporting and Performance Templates

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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

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

DarrowEverett LLP

Fifth Circuit Puts the Brakes on SEC’s Private Fund Rules: What’s Next For Private Fund Advisers

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In a continuation of recent court decisions overturning the rulemaking authority of federal agencies, a recent decision by the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (SEC)...more

Seyfarth Shaw LLP

SEC's Private Fund Advisers Rule Struck Down by Fifth Circuit

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The Fifth Circuit Court of Appeals (Fifth Circuit) today issued its ruling striking down the “Private Fund Advisers Rule” (the “PFA”). The proposed PFA was introduced on February 9, 2022 (“Proposed Rule”). The Securities and...more

Lowenstein Sandler LLP

SEC Settlements Highlight Governing Document Amendment Considerations for Private Funds

Limited partnership agreements and similar documents that govern private funds are often amended over the course of a fund’s life cycle. For example, many funds may be currently going through the amendment process in...more

K&L Gates LLP

The SEC's New Private Fund Adviser Rules: A Guide to Compliance (Updated)

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On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 4: The Quarterly Statement Rule

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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

DarrowEverett LLP

How SEC’s Private Fund Rules Will Affect Use of Side Letters

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Recent client alerts have provided an overview of the new “private fund rules” adopted in late August by the U.S. Securities and Exchange Commission (SEC). These rules apply, subject to limited exceptions and carveouts, to...more

White & Case LLP

SEC Adopts Final Private Fund Adviser Rules

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New rules are expected to have substantial impact on funds industry - On August 23, 2023, the Securities and Exchange Commission ("SEC") approved significant new rules applicable to advisers of private funds (the "Private...more

Lowenstein Sandler LLP

SEC Enacts Wide-Sweeping Private Funds Rules

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On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) announced the enactment of a series of new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act). We refer to these...more

WilmerHale

SEC Makes Sweeping Changes to Private Fund Adviser Regulatory Regime: Mandates Quarterly Reporting, Restricts Preferential...

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In a 3-2 vote on August 23, 2023, the Securities and Exchange Commission (“SEC” or “Commission”) adopted five new rules under the Investment Advisers Act of 1940 (the “Advisers Act”), collectively called the “Private Fund...more

Foley Hoag LLP

Final Private Fund Adviser Rules

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On August 23, 2023, the Securities and Exchange Commission (the “SEC”) approved by a 3-2 vote a final rule enacting a series of wide-sweeping changes to the regulation of the private funds industry (the “Final Rule”). While...more

DarrowEverett LLP

What SEC’s Transparency Rule Means for Investors, Advisers and Funds

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Earlier this summer, we wrote about both new and amended rules proposed by the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) regarding private funds, their advisers,...more

DarrowEverett LLP

Proposed SEC Rules Aim at Putting Private Funds More in Public View

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Whether everyday Americans saving for retirement, college tuition, or their forever homes know it or not, there’s a chance that their money is tied, directly or indirectly, to private funds. Moreover, those Americans probably...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 11

SEC Announces Inspection Priorities for 2023 - On February 7, the Securities and Exchange Commission (SEC) announced its inspection priorities for the current year. The announcement began by noting that the SEC examined 15...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: December 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more

White & Case LLP

The INDEX Act: A challenge to the voting influence of institutional investors that may yield unintended consequences

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The Act's supporters say it would shift voting power from large investment advisers to individual investors, but the reality could be far more complex - The INDEX Act arrives at a moment of increasing resistance to ESG...more

Katten Muchin Rosenman LLP

SEC Proposes to Increase Reporting of Proxy Votes and Executive Compensation Votes

The Securities and Exchange Commission (SEC) has proposed a new rule that would require an institutional investment manager to report annually on Form N-PX how it voted proxies relating to executive compensation matters...more

Goodwin

European Commission Outlines Proposals For AIFMD 2

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As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] SFDR for Beginners

In this episode, the first in our three-part EU ESG Considerations for Beginners miniseries, Akin Gump financial regulatory partner Ezra Zahabi looks at the Sustainable Finance Disclosure Regulation (SFDR) and what it means...more

McDermott Will & Emery

[Webinar] 100 Tage Offenlegung: Erste Erfahrungen, Praxistipps Und Ausblick Auf Die ESG-regulierung Im (Immobilien-)Fondsbereich -...

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Wir setzen unsere erfolgreiche Online-Seminarreihe fort und widmen uns erneut dem wichtigen Thema ESG. Am 10.06.21 ist die Offenlegungsverordnung seit drei Monaten in Kraft. Das (teilweise) Inkrafttreten der...more

McDermott Will & Emery

[Webinar] 100 Days Of Disclosure – First Experiences, Practical Tips And An Outlook On ESG Regulation In The (Real Estate) Fund...

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We are continuing our successful online seminar series and are once again devoting ourselves to the important topic of ESG. On June 10th, the Disclosure Ordinance has been in force for three months. The (partial) entry into...more

Goodwin

Private Equity Comment: Sustainable Finance Disclosure Regulation, ELTIFs, And ESG Issues Relating To ERISA

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This edition of Private Equity Comment looks at the Sustainable Finance Disclosure Regulation, which fund managers will need to comply with beginning 10 March, 2021, an ongoing consultation on European Long Term Investment...more

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