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Articles Posted in Private Funds

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SEC to Conduct “Presence Exams” of Newly Registered Investment Advisers

Written by:  Jay Gould and Peter Chess On October 9, 2012, the Securities and Exchange Commission (SEC) announced the launch of an initiative to conduct focused, risk-based examinations of investment advisers to private funds that recently registered with the SEC.  These “Presence Exams” are part of a two year initiative…

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Third Party Marketers Must File PPMs with FINRA

Written by: Jay Gould and Peter Chess Effective December 3, 2012, hedge funds and other private funds that rely on Section 3(c)(1) of the Investment Company Act (“3(c)(1) Funds”) and which sell their interests through third party marketers, must ensure that their private placement memoranda (“PPM”) are filed with FINRA,…

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Pillsbury meets with the CA Department of Corporations

On August 30, 2012, Ildi Duckor and Michael Wu, members of Pillsbury’s Investment Funds and Investment Management practice, met with executives and staff of the California Department of Corporations at the Department’s invitation.  The purpose of the meeting was to provide the Department’s investment adviser and broker dealer divisions (live…

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The JOBS Act: The JOBS Act Will Accelerate the Institutionalization of Hedge Funds

This guest post from the Margolis Advisory Group, co-authored by River Communications, is reprinted with permission.  The Executive Summary appears below and the full text is available here. The JOBS Act is bringing change to the hedge fund industry, and, most likely, this change will accelerate the trend towards institutionalization.…

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SEC Releases Study on Financial Literacy While Retail Investors Wait for the Movie

Written by: Jay Gould On August 30, 2012, the Securities and Exchange Commission (the “SEC”) released the Dodd Frank Act’s mandated study (the “Study”) on the financial literacy of retail investors which concludes, as you might have predicted, that retail investors are essentially clueless about investing and financial matters generally. …

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Hedge Fund Marketing Implications From New Survey Findings on Investment Beliefs

By Bruce Frumerman     As published August 6 at FINalternatives.   August 6, 2012   Hedge Fund Marketing Implications From New Survey Findings On Investment Beliefs by Bruce Frumerman, Frumerman & Nemeth Inc. The recently published Pensions & Investments/Oxford University survey on long-term investment beliefs has implications for how…

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CFTC Grants No-Action Relief for Exemption for CPOs and CTAs

Written by:  Jay Gould and Peter Chess In a July 10, 2012, no-action letter[1], available here, issued by a Division of the U.S. Commodity Futures Trading Commission (the “CFTC”) in response to requested relief from certain new CFTC registration obligations, the CFTC granted temporary relief to commodity pool operators (“CPOs”)…

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Mutual Fund Lobby Trashes General Solicitation for Private Funds (Surprise!)

Written by:  Jay B. Gould  The recently enacted JOBS Act[1] requires the Securities and Exchange Commission (“SEC”) to promulgate rules that would effectively repeal the ban on general solicitation and general advertising under Rule 506 of Regulation D by private issuers, including private funds.  Pursuant to the JOBS Act, the…

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Private Funds and the JOBS Act

Written by:  Jay B. Gould, Michael Wu and Peter Chess Note: Pillsbury and KPMG, along with the California Hedge Fund Association, will be sponsoring a “Managers Only” event on the JOBS Act and the new world of “general solicitation” for Funds on June 14. The Jumpstart Our Business Startups Act…

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Pillsbury Welcomes New Partner

We are very pleased to announce that Henry Liu is joining our New York office today as a Finance Partner and as leader of the Financial Institutions & Infrastructure Teams for Greater China and Asia. Henry has enormous reach within business, banking and government in China and is the former…