Podcast: Credit Funds: Hot Topics in BDC Regulation
Podcast: Credit Funds: 1940 Act Interval Funds
Key Points - - The SEC’s Crypto Task Force acknowledges past hostility toward digital assets and aims to create more sensible regulations. - Tokenized securities face complex regulatory challenges, including compliance...more
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
The Corporate Transparency Act requires a broad range of entities to file a report with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying those who own, control and formed the...more
The U.S. Securities and Exchange Commission (SEC) approved a new form of “Cash Management” exemptive order under the Investment Company Act of 1940 (the 1940 Act) on April 3, 2023. The approved order allows the company that...more
Bill Ackman and his Pershing Square SPAC were on the receiving end of a “novel” lawsuit on Tuesday “that could have far-reaching implications for the SPAC industry.” The action argues that Ackman’s SPAC “isn’t an operating...more
In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve Board) approved its long-awaited framework for tailoring enhanced prudential standards for firms with $100 billion or more in assets; the...more
On September 26, 2019, the Securities and Exchange Commission (“SEC”) adopted a new rule to modernize the regulation of most exchange-traded funds (“ETFs”). Rule 6c-11 (the “Rule”) under the Investment Company Act of 1940, as...more
Recently, a group of Congress members introduced into Congress Senate Bill 2155 named the Stop Wall Street Looting Act of 2019. Although unlikely to be enacted into law as drafted, this proposed legislation would directly and...more
Since 2002, federal courts have refused to find that implied private rights of action exist under the Investment Company Act of 1940 (ICA). Last week, however, the United States Court of Appeals for the Second Circuit held...more
On July 3, 2019, Chairman Jay Clayton of the Securities and Exchange Commission (SEC) issued a Statement Regarding Offers of Settlement (the “Public Statement”) to announce a significant shift in the SEC’s process of...more
Editor's Note - In This Issue. The U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management staff announced plans to seek industry input on custodial practices relating to trading that is not...more
On October 3, 2018, Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York issued a decision that largely denied an investment adviser’s motion for summary judgment in an action filed against...more
• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more
In July, the SEC issued a report addressing the applicability of U.S. federal securities laws to the offer and sale of securities by "virtual corporations or capital raising entities that use distributed ledger or blockchain...more
On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking...more
This month’s issue of Debt Dialogue address handover of records to a substitute collateral manager (in the Tilton litigation), the EU bail-in rules, the interplay of Section 3(c)(7) of the Investment Company Act and rights of...more
The SEC’s Division of Investment Management issued a no-action letter on January 11, 2017 explicitly permitting brokers to set their own commission rates for sales of so-called “clean shares” of mutual funds. Previously, as...more
The election of Donald J. Trump as the 45th President of the United States, along with the Republican control of the majority of both the House of Representatives and the Senate, will likely result in significant changes in...more
In its 2010 opinion in Jones v. Harris, L.P., the United States Supreme Court embraced the so-called Gartenberg standard for assessing an investment adviser’s fiduciary liability for excessive mutual fund fees under Section...more
In a long-awaited development, the delayed compensation standard for late settlement of par/near par loans is changing in important ways starting on September 1, 2016. On that date, the no-fault system for delayed...more
The Internal Revenue Service (IRS) announced last year that it would end its staggered five-year remedial amendment cycle system for individually designed retirement plans under the determination letter program due to...more
On February 10, Howard Altarescu participated in the Urban Institute / CoreLogic Sunset Seminar, “Credit Risk Transfer: Making a Successful Program Even Better.” The presentation outlined the importance of credit risk...more