Private Funds Law Update

Legal news, updates, commentary and opinion on private funds, alternative investments and related areas

Latest from Private Funds Law Update - Page 2

Very interesting report from deal advisor Freeman & Co this morning, reporting 50 asset manager acquisitions globally in 1H15. The advisory firm notes an increase in mid-size deals relative to last year.  “Deals involving firms with $1-10 billion in AUM, experienced a notable increase during 1H 2015 with 30 deals announced year-to-date, a 20% increase from 25 in 1H 2014.”  See attached news release from Freeman & Co. LLC for further trend analysis and let…
The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) recently released its 2015 Exam Priorities. OCIE examines all types of SEC registrants, including investment advisers, broker-dealers, investment companies, municipal advisors and transfer agents. Each January, the release of the OCIE Exam Priorities provides a useful guide and reminder to registrants in connection with their individual compliance program and risk management reviews for the year ahead. Exam Priorities are always a reflection of…
This post was written by Vicky Thatcher. Pursuant to Article 67 of the Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”), the European Securities and Markets Authority (“ESMA”) has until 22nd July 2015 to issue to the European Parliament, the Council and the Commission: (a) an opinion on the functioning of the passport for EU Alternative Investment Fund Managers (“AIFMs”) pursuant to Article 32 and 33 of the AIFMD and on the functioning of the…
This post was authored by Winston Penhall, Editor of this blog and partner in the Investment Funds practice of Reed Smith LLP, London and Paul Moran, Reed Smith trainee, London.  Application The Alternative Investment Fund Managers Directive and its implementing measures (“AIFMD”) introduced new reporting requirements for: “EEA-AIFM”, managers established in the European Economic Area (“EEA”); and “non-EEA AIFM”, managers not established in the EEA who market an alternative investment fund (or “AIF”) into…
This post was authored by Winston Penhall, Editor of this blog and partner in the Investment Funds practice of Reed Smith LLP, London. We are frequently asked by non-EU managers broadly what their options are in relation to AIFMD compliance and fund marketing. We have therefore prepared a Client Alert specifically dealing with this hot topic which we feel should be distributed more widely. Click here for our AIFMD Client Alert which we urge…
This post was authored by Jacqui Hatfield, regulatory partner at Reed Smith LLP, London. The AIFMD trigger date occurred on 22 July this year, with a 12-month transitional period (TP) in place in the UK for (i) existing UK managers of AIFs (UK AIFMs), and (ii) non-EU managers of AIFs (Non-EU AIFMs) actively marketed in the UK prior to the trigger date. UK AIFMs The TP is currently in place for existing UK AIFMs, but…
On August 29, 2012, the SEC issued proposed rules to implement Congress’ mandate, under the Jumpstart Our Business Startups Act (the “JOBS Act”), that the agency eliminate the existing ban on use of general solicitation and/or general advertising for Rule 506 and Rule 144A offerings. The proposed amendments, if adopted as proposed, would significantly impact the marketing of all private issuers. Click here for a discussion of the SEC proposed rules under the JOBS Act by…
Click here for a discussion by Reed Smith partners Dale Gabbert and Jacqui Hatfield, together with the Funds Europe Editorial, on the issues a eurozone break-up would present for fund managers. Dale and Jacqui identify the levels at which a fund manager needs to analyse risk, including entity risk and service provider risk. This article was published in the October edition of the Funds Europe magazine.…
This post was written by Matthew Pitman and Abigail Jones. A recent case serves as a useful reminder that careful consideration should be given to what happens in practice when considering whether arrangements amount to a collective investment scheme, irrespective of the wording of the relevant contractual documentation. Although the case of Brown v InnovatorOne did not contain any new insight into the application of FSMA, it highlighted the danger of relying purely on contractual…
The UAE Securities and Commodities Authority (SCA) published the long awaited Investment Funds Regulations at the end of July. These regulations contain a number of new provisions, including in relation to the establishment of domestic funds in the UAE.  However, of most interest to fund managers outside of the Emirates (including managers based in the DIFC) is likely to be the requirement for the SCA to approve all marketing of foreign funds in the UAE.…