Securities and Exchange Commission (SEC), Anti-Fraud Provisions, Private Funds

Builder of Investment Models Deviates From Blueprints - Employee’s Rogue Remodeling Costs Builder Plenty

Carlton Fields on 5/6/2025

The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered investment advisers Two Sigma Investments LP and Two Sigma Advisers LP illustrates significant risks for investment...more

5th Circuit Strikes Down SEC Private Fund Rules. Now What?

Goulston & Storrs PC on 6/5/2024

The long-awaited SEC private fund rules were put on ice by the Fifth Circuit U.S. Court of Appeals today when the appellate court struck down the rules and the significant compliance, disclosure, and reporting changes that...more

Not Off the Hook: The SEC Addresses its Position on Exculpation And Indemnification For Private Fund Advisers

Proskauer - The Capital Commitment on 4/16/2024

In its final Private Fund Adviser Rules adopted last year, the SEC dropped one of the more controversial proposed rules—the proposal to prohibit contractual exculpation or indemnification provisions that would shield or...more

The SEC’s Private Fund Adviser Rules Explained — Part 3: Deciphering a Private Fund Manager’s Fiduciary Duty

Lowenstein Sandler LLP on 10/30/2023

On August 23, 2023, the Securities and Exchange Commission (SEC) adopted new rules and amendments under the Investment Advisers Act of 1940, as amended (the Advisers Act), that are expected to have a wide-ranging impact on...more

Fee Calculation Settlement Presents Broader Liability Concerns for Private Fund Managers

Akin Gump Strauss Hauer & Feld LLP on 8/31/2023

A recent enforcement action against two affiliated wealth management businesses raises concerns over whether and how other registered investment advisers will be subject to sanctions for issues that arise in the ordinary...more

Conflicts of Interest: How High Will the Bar be Raised?

Proskauer - The Capital Commitment on 5/3/2022

The SEC last month proposed rules under the Advisers Act indicating a dramatic shift in how the SEC intends to reduce conflicts of interest involving private fund managers and their investors. As we previously noted in the...more