News & Analysis as of

Hedge Funds Private Funds

Carey Olsen

Starting up a hedge fund in Hong Kong? Should I use a Hong Kong, BVI, or Cayman Islands structure?

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Hong Kong’s status as an open jurisdiction offers hedge fund managers unparalleled flexibility to choose the domicile of their fund structure, free from restrictive local mandates. This allows managers to align their fund’s...more

Akin Gump Strauss Hauer & Feld LLP

SEC and CFTC Again Extend Compliance Deadline for Form PF Amendments

On June 11, 2025, the Securities and Exchange Commission and the Commodity Futures Trading Commission voted to extend the compliance date of the Form PF amendments that were adopted in February 2024 again from June 12, 2025...more

Cadwalader, Wickersham & Taft LLP

The FoHF Financing Playbook, May 2025 - FoHF Security

A lot of attention and press has been given to market volatility this year, including its impact on the fund finance industry. There is at least one sector of the fund finance industry that stands to benefit from this...more

Proskauer Rose LLP

SEC Chairman Paul Atkins to Urge SEC to Rethink Private Fund 15% Threshold

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On May 19, 2025, the Securities and Exchange Commission’s (the “SEC”) Chairman Paul Atkins delivered prepared remarks before the SEC Speaks Conference hosted by the Practicing Law Institute (PLI). In his remarks, Atkins...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Driving Growth with Corbin Capital Partners’ Tracy Stuart

Over the past 20 years, as Managing Partner and CEO, Tracy Stuart has transformed Corbin Capital Partners from a few hundred million to over $9 billion in AUM. In this episode, we explore what has driven Corbin’s success and...more

SEC Compliance Consultants, Inc. (SEC³)

Predictions for 2025: What Private Fund Advisers Can Expect from SEC Examinations

There has been a lot of conjecture that the SEC may become friendlier to registrants because of the new administration. Given the SEC’s mandate to protect the investing public, however, we do not expect SEC examiners to...more

Morrison & Foerster LLP

Extended Compliance Date for Recent Form PF Amendments

The new year always marks the start of a busy regulatory filing season for registered investment advisers, including investment advisers that file Form PF (“Form PF Filers”). This year could be especially challenging since,...more

Proskauer Rose LLP

SEC and CFTC Extend Compliance Date for Form PF Amendments

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On January 29, 2025, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (together, the “Agencies”) jointly announced that the compliance date for the new Form PF would be extended by three...more

Winstead PC

Trusts as Qualified Purchasers: Navigating the Qualified Purchaser Threshold for Trusts Investing in Private Securities

Winstead PC on

This article is the third and final part in a series discussing trusts in the context of certain common investor thresholds for investment in private securities. This article will examine trusts as “qualified purchases” under...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update October – November 2024

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The following summarizes recent legal developments of note affecting the mutual fund/investment management industry. On October 21, 2024, the SEC Division of Examinations (“EXAMS”) published its annual Examination Priorities...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

Morrison & Foerster LLP

Significant Investment Adviser Regulatory Developments in 2024

Alongside the rapid pace of Securities and Exchange Commission (SEC) rulemaking, the SEC and its Staff continue to shape regulatory obligations for investment advisers in 2024 through guidance, alerts, enforcement actions,...more

BakerHostetler

California’s Private Equity Bill Set for Committee Hearing

BakerHostetler on

California’s Senate Appropriations Committee will hold a hearing on California’s private equity bill, AB 3129, on August 15, 2024. This proposed legislation would expand existing California Attorney General authority to...more

Morris, Manning & Martin, LLP

Hedge Fund Pitch Deck is an "Advertisement" under the Advisers Act Marketing Rule

Recently, the SEC settled another administrative proceeding under the Advisers Act's Marketing Rule. This time, the SEC focused on advertisements that a hedge fund sponsor made to prospective investors. The hedge fund's...more

Proskauer - The Capital Commitment

Mid-Year Enforcement Update: SEC’s Continued Focus on Private Funds in 2024

As we reach the midpoint of 2024, the SEC has maintained its rigorous enforcement stance on the private funds industry, proposing new rules and oversight tools to better identify and investigate market practices. As 2024...more

Proskauer Rose LLP

Proskauer's Hedge Start: What Key Exemptions Apply to Hedge Funds?

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We have separately discussed the common exemptions from registration of a fund manager with the Securities and Exchange Commission (SEC) as an investment adviser and from registration with the Commodity Future Trading...more

Williams Mullen

SEC Private Fund Rule Struck Down by US Appeals Court

Williams Mullen on

A U.S. appeals court struck down a newly adopted Securities and Exchange Commission (“SEC”) rule implementing a series of new disclosure requirements and restrictions on private fund advisors....more

Cadwalader, Wickersham & Taft LLP

Big News for Funds June 2024 - Fifth Circuit Strikes Down the Private Fund Adviser Rules

This week, the U.S. Court of Appeals for the Fifth Circuit vacated the private fund advisor rules (the “Final Rule”) adopted by the United States Securities Exchange Commission (the “SEC”). The Final Rule imposed significant...more

Carlton Fields

SEC and CFTC Amend Form PF … Again: Private Fund Advisers Should “Kick the Tires” Before Next Race to File

Carlton Fields on

In February 2024, the SEC and the Commodity Futures Trading Commission (CFTC) adopted major amendments to Form PF to provide greater transparency into the operations and strategies of private funds, and to assist the...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: The Hedge Fund Platform Model with Crestline’s Caroline Cooley

In this episode, we’re joined by Caroline Cooley, managing partner and CIO for Crestline Summit Strategies. Caroline joined Crestline in 1998 and has since helped build the firm into a multi-strategy, multi-portfolio and...more

Proskauer Rose LLP

Proskauer's Hedge Start: When Is SEC Registration Necessary?

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An initial question faced by any manager launching a hedge fund is whether or not registration as an investment adviser with the U.S. Secutiries and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as...more

SEC Compliance Consultants, Inc. (SEC³)

Compliance Roundup for April 5, 2024

Compliance Update for the week Ending April 5, 2024 - For our clients and compliance colleagues, this weekly update will give you a quick look at the latest regulatory developments. Enjoy!...more

Proskauer - The Capital Commitment

Top Ten Regulatory and Litigation Risks for Private Funds in 2024

To understand the litigation and regulatory risks that are coming in 2024 for private capital, it is helpful to look back briefly on recent events. Arguably, the single most important event over the last 18 months was the...more

K&L Gates LLP

SEC and CFTC Adopt Amendments to Form PF for Increased Disclosure

K&L Gates LLP on

Brief Overview - On 8 February 2024, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF (the Amendments), the confidential reporting form...more

Barnea Jaffa Lande & Co.

US Regulatory Authorities Look to Increase Hedge Funds’ Transparency and Stability

In early February 2024, the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) announced new disclosure rules. These rules will apply to hedge funds and to managers of other private...more

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