Due Diligence Corner - July 2013 Publication

 

Orical LLP has reviewed hundreds of offering documents of hedge funds and private equity funds across the jurisdictional and strategy spectrum in an effort to provide due diligence counsel to our clients. As a result, we believe we are uniquely qualified to provide analysis regarding the prevailing offering terms of private funds as well as on any trends or developments in the industry. In our Client Updates, we hope to provide you with an example of a development within the private fund industry that we have observed from our recent due diligence efforts.

 

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Reliance Hub LLC Updates - July 2013 Publication

 

See the latest updates to Reliance Hub LLC’s RIA Compliance Calendar now.

 

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Reliance Hub LLC Updates - June 2013 Publication

 

Reliance Hub LLC’s RIA Compliance Calendar is now publicly available.

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Reminder of the June 30, 2013 deadline for QPAM Exemption Audit

 

If you (or an affiliate) maintained and managed a 401(k) or a defined benefit plan in 2012 that invested in private investment funds which were subject to ERISA, an independent auditor must conduct an exemption audit by June 30, 2013 for the QPAM Exemption to apply to the plan.

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SEC and CFTC Updates - June 2013 Publication

 

Identity Theft

The SEC and CFTC recently adopted rules requiring broker-dealers, investment advisers, commodity trading advisors, commodity pool operators and certain other entities to adopt programs to detect red flags and prevent identity theft as required by the Dodd-Frank Act.

 

Insider Trading

The SEC has indicated that insider trading continues to be a high priority area for its enforcement program.

 

Money Market Fund Reforms

The SEC recently released a proposed rule that proposes two alternatives for amending rules that govern money market funds. One alternative would require a floating net asset value (NAV) for prime institutional money market funds. The other alternative would allow the use of liquidity fees and redemption gates in times of stress. Comments to the proposed rule are expected to be due around mid-September 2013. It is unknown when any final rule would become effective, but it is highly likely that this would not occur until 2014 at the earliest.

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Broker-Dealer Registration: Marketing and Private Funds

David Blass, the SEC’s Chief Counsel, Division of Trading and Markets recently spoke with the American Bar Association regarding the types of firms and individuals who may be required to register as a broker-dealer. Specifically, Mr. Blass mentioned certain common practices used by many private fund advisers that may create a broker-dealer registration requirement.

 

SEC Presence Exams

SEC Commissioner Elisse Walter recently spoke at the 2013 NASAA Public Policy Conference. In her remarks, Commissioner Walter stated that the SEC has launched “presence exams” in order to establish a presence and credibility with a significant percentage of newly registered private fund advisers, and that SEC has also hired “specialists” who can provide a straightforward, “real-world” viewpoint to the financial industry.

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AIFMD Updates - June 2013 Publication

 

The Alternative Investment Fund Managers Directive (“AIFMD”) is an EU legislation aimed at providing a framework for regulating alternative investment fund (“AIF”) managers. Are you prepared?

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FATCA Updates - June 2013 Publication

 

The Foreign Account Tax Compliance Act ("FATCA") is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. What are the next steps?

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Due Diligence Corner - June 2013 Publication

 

Orical LLP has reviewed hundreds of offering documents of hedge funds and private equity funds across the jurisdictional and strategy spectrum in an effort to provide due diligence counsel to our clients. As a result, we believe we are uniquely qualified to provide analysis regarding the prevailing offering terms of private funds as well as on any trends or developments in the industry. In our Client Updates, we hope to provide you with an example of a development within the private fund industry that we have observed from our recent due diligence efforts.

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September 22, 2011

 

SEC Proposes Rule To Prohibit Conflicts Of Interest In Asset-Backed Securities

The provisions of Section 27B of the Securities Act of 1933, as amended (the "Securities Act"),which were included in the Dodd–Frank Wall Street Reform and Consumer Protection Act enacted in 2010, prohibit an underwriter, placement agent, initial purchaser, or sponsor, or any affiliate or subsidiary of any such entity (collectively "securitization participants") of an asset-backed security ("ABS"), including a synthetic ABS, from engaging in a transaction that would involve or result in certain material conflicts of interest for one year following the date of the closing of the ABS. Section 27B provides exceptions from the prohibition described above for certain risk-mitigating hedging activities, liquidity commitments and bona fide market-making.

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