Regulatory Updates - March 2014 Publication

 

SEC Provides Further Guidance on "Knowledgeable Employees"

 

SEC No-Action Letter expands the types of employees who may qualify as “Knowledgeable Employees” for offerings of 3(c)(1) and 3(c)(7) funds under the Investment Company Act.

 

SEC Provides Relief from Broker-Dealer Registration to M&A Brokers to Private Companies

 

SEC No-Action Letter would allow brokers who facilitate mergers and acquisitions of privately-held companies to receive transaction-based compensation without being required to register as a broker-dealer; this development may have implications for private equity firms.

 

SEC Announces Exam Priorities for 2014

 

The SEC releases its exam priorities for 2014 which highlight its focus on issues such as fraud detection and prevention, corporate governance and technology and, specific to investment advisers, custody rule compliance, conflicts of interest and compensation arrangements. These exam priorities also discuss areas of focus for presence exams.

 

SEC Market Data for Fiscal Year 2013

 

The SEC releases Market Data Pertaining to Enforcement, Investor Complaints and Questions and Transaction Activity in Fiscal Year 2013.

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SEC and CFTC Updates - December 2013 Publication

 

Bad Actor Offering Disqualification and Disclosure

 

Complying with the SEC’s Bad Actor provisions may prove to be a complex undertaking.

 

SEC, CFTC, Treasury, FDIC and Federal Reserve Governors Adopt Volcker Rule

 

Federal agencies adopt the Volcker Rule, which contains certain restrictions on the ability of banking entities and non-bank financial companies supervised by the Federal Reserve to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.

 

Short Sales and Risk Alerts

 

SEC warns about short sales in violation of Regulation M.

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FATCA Updates - December 2013 Publication

 

Cayman Islands and U.S. Sign New Tax Information Exchange Agreement to Accommodate FATCA

 

The United States and Cayman Islands agree that Cayman Islands financial institutions will directly report information required by FATCA to the Cayman Islands government which will then forward this information to the IRS.

 

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Liquidating Funds: You’ve Been PIK’d

 

Payments in kind upon redemption can take a variety of forms.

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Reliance Hub LLC Launches Effort to Improve Compliance in the Hedge Fund Industry by Offering Free Compliance Software

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Orical LLP adds James Leahy as a Partner

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SEC and CFTC Updates - July 2013 Publication

 

SEC Eliminates Ban against General Solicitation and General Advertising in Hedge Fund Offerings

 

The SEC recently adopted a rule which eliminates the ban against general solicitation and general advertising in private fund offerings.

 

Proposed Form D Amendments

 

In connection with the elimination of the ban on general solicitation and general advertising in private fund offerings, the SEC recently proposed accompanying rule changes regarding certain forms and disclosures necessary for issuers to take advantage of the removal of the ban.

 

Disqualification of Felons and Other “Bad Actors” from Making Certain Private Fund Offerings

 

The SEC also recently adopted a rule which generally precludes certain “bad actors” from offering private investment funds including hedge funds and private equity funds.

 

Insider Trading Action - Steven A. Cohen

 

The SEC recently instituted public administrative proceedings against Steven A. Cohen, the founder of S.A.C. Capital Advisors, LLC (“SAC”), which along with its affiliates, managed portfolios of $15 billion, for failing reasonably to properly supervise two of SAC’s portfolio managers in connection with their insider trading activities. Mr. Cohen claims that he never read a sensitive email that appears to be at the heart of the SEC's action.

 

SEC, European Regulators Establish Supervisory Cooperation Arrangements Related to the Asset Management Industry

 

The SEC recently announced that it has established supervisory arrangements with financial regulators of the member states of the EU and the EEA. These arrangements provide a framework for supervisory cooperation and exchange of information between SEC and the EU/EEA member state national regulators in the area of asset management.

 

FSOC: AIG and GE Capital Designated to Address Potential Threats to Financial Stability

 

The Financial Stability Oversight Council (“FSOC”) recently designated AIG and GE Capital as the first two nonbank financial companies in order to address potential threats to financial stability. This designation will subject these two firms to greater supervision and to enhanced prudential standards.

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SEC Technology Efforts: Trading Anomalies

 

Gregg E. Berman, the SEC’s Associate Director, Office of Analytics and Research, Division of Trading and Markets recently spoke regarding the SEC’s technology efforts in order to greater monitor trading anomalies.

 

SEC Hosting Compliance Outreach Regional Seminars (NYC - September 13)

 

The SEC will be hosting Compliance Outreach Program regional seminars in several cities in the coming weeks. These seminars provide an opportunity for the SEC staff to identify common issues found in related examinations or investigations and discuss industry practices, including how compliance professionals have addressed such matters.

 

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AIFMD Updates - July 2013 Publication

 

New Proposed European Commission Investment Fund Framework

 

In an effort to provide a framework for private money to be channeled into companies and projects which require a long term financial commitment, the European Commission has proposed private European Long-Term Investment Funds (ELTIFs) which will invest in illiquid assets in order to secure long-term financing for Europe's economy.

 

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FATCA Updates - July 2013 Publication

 

The Foreign Account Tax Compliance Act (“FATCA”) Update

 

The IRS recently delayed the effective date of FATCA registration requirements for six months until July 1, 2014.

 

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