The SEC’s recent enforcement settlement involving a fund manager highlights the SEC’s focus on an investor’s “control purpose” triggering the requirement to file on a Schedule 13D as opposed to a short-form 13G. At issue was HG Vora Capital Management’s
The Capital Commitment
Proskauer on Private Fund Litigation
The Capital Commitment, published by Proskauer Rose LLP, focuses on legal issues affecting private capital markets, including private funds, private equity, and private credit. The blog covers regulatory and litigation risks, SEC enforcement actions, compliance challenges, and market trends impacting fund managers and investors. Topics include SEC rulemaking, whistleblower regulations, cryptocurrency and blockchain-related securities matters, ESG compliance, and the effects of macroeconomic changes on private capital. It also addresses corporate governance, investment management, and transactional developments relevant to private capital stakeholders.
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SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs
The SEC issued an order approving the applications of 11 different spot Bitcoin exchange-traded products to each list and trade their shares on a national securities exchange. This order represents the first time that the SEC has permitted the listing…
SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs
The SEC issued an order approving the applications of 11 different spot Bitcoin exchange-traded products to each list and trade their shares on a national securities exchange. This order represents the first time that the SEC has permitted the listing…
2023 SEC Enforcement Results – Takeaways for Fund Managers
On November 14, 2023, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2023. Below are some key takeaways for fund managers:…
2023 SEC Enforcement Results – Takeaways for Fund Managers
On November 14, 2023, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2023. Below are some key takeaways for fund managers:…
Words Matter: Three Key Steps to Mitigate SEC Enforcement Risks Relating to Whistleblower Carveout Language
Since 2015, the SEC has brought nearly two dozen enforcement actions for violations of the whistleblower protection rules under Rule 21F-17(a) against employers for actions taken to impede reporting to the SEC. The bulk of these actions have focused on…
Words Matter: Three Key Steps to Mitigate SEC Enforcement Risks Relating to Whistleblower Carveout Language
Since 2015, the SEC has brought nearly two dozen enforcement actions for violations of the whistleblower protection rules under Rule 21F-17(a) against employers for actions taken to impede reporting to the SEC. The bulk of these actions have focused on…
The Countdown Starts: Compliance Dates Set for Private Fund Adviser Rules
Earlier today, the SEC’s Private Fund Adviser Rules were published in the Federal Register. As with all federal regulations, publication in the Federal Register begins the countdown to the Rules’ compliance dates. These dates are listed in the table…
The Countdown Starts: Compliance Dates Set for Private Fund Adviser Rules
Earlier today, the SEC’s Private Fund Adviser Rules were published in the Federal Register. As with all federal regulations, publication in the Federal Register begins the countdown to the Rules’ compliance dates. These dates are listed in the table…
Lawsuit Challenges Private Fund Adviser Rules
On Friday, September 1, 2023, a lawsuit was filed with the federal Court of Appeals in the Fifth Circuit challenging the validity and enforceability of the recently adopted Private Fund Adviser Rules under the Investment Advisers Act of 1940 (the…