by Joseph J. Kaufman New guidance outlines key rules for the new confidential review option for initial public offerings by emerging growth companies in the United States. The Jumpstart Our Business Startups Act (also known as the JOBS Act) became a U.S. federal law on April 5, 2012 and immediately…
Investment Fund Law Blog
Hedge Fund Law Report on Form PF
The Form PF (PF is short for “private funds”) is a new Securities and Exchange Commission reporting form for investment advisers to private funds that have at least $150 million in private fund assets under management. Comprising 42 pages and divided into 4 sections with corresponding subsections, Form PF may…
SEC and CFTC Adopt Rules Defining Swaps-Related Terms
Written by: Jay B. Gould and Peter Chess On April 18, 2012, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) voted to adopt rules defining “swap dealer,” “security-based swap dealer,” “major swap participant,” and “major security-based swap participant,” among other terms, as mandated by the…
The JOBS Act and its Impact on Private Offerings and Private Funds
Written by: Jay B. Gould and Peter Chess On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act” or the “Act”) was signed into law, creating a new regulatory on-ramp for emerging growth companies going public. The JOBS Act also includes provisions that require the Securities and…
JOBS Act Targets Smaller Business Capital Raising
By: Louis A. Bevilacqua, Joseph R. Tiano, Jr., David S. Baxter, Ali Panjwani and K. Brian Joe On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (JOBS Act), a bill with widespread bipartisan support and assembled from a combination of legislative initiatives introduced throughout…
CFTC Eliminates Key CPO Registration Exemption – What does this Mean for Fund of Funds?
Written by Jay Gould, Michael Wu and Peter Chess The Commodity Futures Trading Commission (the “CFTC”) recently amended its registration rules regarding Commodity Pool Operators (“CPOs”) and Commodity Trading Advisors (“CTAs”), which will require many general partners and managers of private investment funds that previously relied on an exemption from…
Global Hedge Fund Summit
The 18th Annual Global Hedge Fund Summit will be held in Bermuda on April 15-17, 2012. Jay Gould will be speaking at this event on a panel entitled “The Crossroads of Law & Finance,” that will examine the investment world and its interaction with the ever-evolving legal landscape. For more…
2012 Annual Compliance Obligations: What You Need To Know
Written by: Ildiko Duckor and Peter Chess In light of the current regulatory environment, now more than ever, it is critical for you to comply with all of the legal requirements and best practices applicable to Investment Advisers. The beginning of the year is a good time to review, consider…
HFMWeek: Disclosure Gets Closer
Last week’s article on HFMWeek entitled “Disclosure Gets Closer” discussed registration requirements of investment advisers to hedge funds under the Dodd-Frank Act. The article, which was written by Will Wainewright, quoted Jay Gould, a partner and member of our Investment Fund and Investment Management team, who said “[T]he most difficult…
Form PF: Questions and Answers
Written by: Jay Gould and Peter Chess 1. What is the Form PF? The Form PF (PF is short for “private funds”) is a new form that focuses mainly on private fund reporting with regard to information such as counterparty dealings, leverage, and investment exposure. A “private fund” under the Form…