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Securities Regulation Private Equity Funds

Herbert Smith Freehills Kramer

Hong Kong listing pathway for closed-ended alternative asset funds – our latest thoughts A recent SFC circular has generated...

A recent circular issued by the Hong Kong Securities and Futures Commission (SFC) has created a pathway to listing closed-ended alternative asset funds in Hong Kong, generating interest among both local private market...more

Ropes & Gray LLP

Another Step towards True Retail Access to Private Equity: Secondaries Market Perspective

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Many secondaries players began 2025 with the anticipation that the new presidential administration might further liberalize rules around access to private equity markets. SEC Chairman Paul S. Atkins and Division of Investment...more

King & Spalding

New Marketing Rule FAQs Facilitate Compliance on Net Performance

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On March 19, 2025, the SEC Staff published two Marketing Rule FAQs that address some of the more challenging aspects of the Marketing Rule requirement to present net performance information. Specifically, the FAQs provide a...more

ArentFox Schiff

SEC No Action Letter Guidance Streamlines Rule 506(c) Accredited Investor Verification

ArentFox Schiff on

On March 12, the US Securities and Exchange Commission (SEC), via a No Action Letter, issued interpretive guidance clarifying what constitutes “reasonable steps” issuers can take to verify purchasers’ accredited investor...more

BCLP

New SEC Staff Guidance on Verification of Investor Accreditation in Private Placements Involving General Solicitation

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On March 12, 2025, the SEC staff confirmed in a no-action letter that issuers may rely on high minimum investment levels, as well as investor self-certification of accredited status, in private offerings involving general...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC Resolves Uncertainty around Verification Requirement for Private Offerings under Rule 506(c)

On March 12, 2025, the Division of Corporation Finance (the “Division”) of the SEC issued a no-action letter (the “No-Action Letter”) providing new guidance on Rule 506(c) of Regulation D under the Securities Act....more

Akin Gump Strauss Hauer & Feld LLP

SEC Staff Provides Guidance on Private Offerings to Accredited Investors That Permit General Solicitation and Other Exemptions

On March 12, 2025, the U.S. Securities and Exchange Commission (SEC)’s Division of Corporation Finance (SEC Staff) published new and revised Compliance and Disclosure Interpretations (C&DIs) regarding private offering...more

Latham & Watkins LLP

FAQs on the Latham Letter for Exempt Offerings with General Solicitation Under Rule 506(c)

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On March 12, 2025, Latham obtained SEC Staff guidance on the use of general solicitation in private placements. The guidance unlocks the full potential of Regulation D Rule 506(c) by clarifying that issuers may satisfy the...more

Bressler, Amery & Ross, P.C.

SEC Staff Provides Additional Guidance on Verification Requirement for 506(c) Offerings

On March 12, 2025, the SEC’s Division of Corporation Finance issued guidance affirming that issuers in a 506(c) offering could reasonably be considered to have properly "verified" an investor's accredited status based simply...more

DarrowEverett LLP

Private Placements in Florida Just Got Easier: Here’s How

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Florida recently implemented amendments to its Securities and Investor Protection Act (“Chapter 517”), bringing significant changes to the regulatory framework governing private placements, investment advisors, and exemptions...more

Mayer Brown Free Writings + Perspectives

The Rules of the Name: SEC Staff Updates Guidance on Fund Naming Rules

The Securities and Exchange Commission (SEC) staff issued updated FAQs regarding Rule 35d-1 under the Investment Company Act of 1940 (the “Names Rule”) on January 8, 2025.  These updates reflect amendments that were adopted...more

Morgan Lewis

Current Developments in SEC Enforcement for Private Funds and a Look Ahead 2024–2025

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In 2024, private funds continued to be a major focus for the US Securities and Exchange Commission (SEC), with an active docket of enforcement cases and rulemaking efforts. Although we expect 2025 to include a continued...more

Cadwalader, Wickersham & Taft LLP

Getting All Your ‘Lux’ in a Row – a Lender Checklist!

Every deal has its quirks but, as anyone who has done a deal with a Lux entity will know, the EU brings its own set of regulatory considerations to the table (primarily AIFMD). In many cases when compared with parallel...more

Cooley LLP

Annual SEC Section 13 Filing Requirements for Venture, Private Equity Funds (Updated)

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Venture and private equity funds and other investors that own equity securities of public companies may have numerous Securities and Exchange Commission (SEC) filing requirements – including filings based on the size of the...more

Hogan Lovells

FCA consults on arrangements for PISCES sandbox

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On 17 December 2024, the UK Financial Conduct Authority (the “FCA”) published its latest consultation paper on the ‘Private Intermittent Securities and Capital Exchange System’ (“PISCES”) (the “Paper”) (which is available...more

A&O Shearman

Operating Management Incentive Plans (MIPs) globally: key issues

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In the dynamic landscape of global private equity, MIPs are a crucial tool for attracting, retaining, and motivating executive talent. In this article, we highlight key issues and practical tips for companies planning to...more

Bressler, Amery & Ross, P.C.

Alabama Private Fund Advisers: Time to Become Less Private

The Alabama Securities Commission recently issued an Order exempting Alabama based investment advisers to “private funds” from the requirement to register as investment advisers with the ASC....more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

SEC Compliance Consultants, Inc. (SEC³)

Top Tips for Updating Your 2024 Compliance Program

Every year compliance officers face the unenviable job of performing their compliance program's annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm's compliance policies...more

Stikeman Elliott LLP

Ten LPs + 85 Investors Over Four Years = Unlicensed Trading Allegation from the OSC

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One of the grey areas for real estate development, private equity and venture capital firms (“sponsors”) that serially launch new funds is how frequently a sponsor can come to market with a new fund offering without hitting...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

Stinson LLP

SEC Adopts Amendments to Form PF for Private Equity Funds

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On May 3, 2023, the Securities and Exchange Commission (SEC) voted to adopt certain amendments (Final Amendments) to Form PF reporting requirements. Form PF is a confidential, regulatory reporting form filed by SEC-registered...more

Proskauer Rose LLP

SEC Chair Gensler Signals SEC Policies for Private Funds

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On November 10, 2021, in prepared remarks before a meeting sponsored by the Institutional Limited Partners Association (ILPA), Securities and Exchange Commission (SEC) Chair Gary Gensler presented his views on the role and...more

Carlton Fields

OCIE Turns Up Heat on Private Fund Adviser Compliance

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On June 23, the SEC’s Office of Compliance Inspections and Examinations issued a risk alert providing an overview of certain compliance deficiencies observed in examinations of registered investment advisers managing private...more

Foley & Lardner LLP

5 Family Office Pitfalls That May Void Securities Exemptions

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A new trading platform is in the works for family offices, which will simplify the deal-making process for private market securities. ShareNett Holdings LLC — a membership-based investment platform serving family offices...more

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