Written by Michael Wu California’s Department of Corporations (the “Department”) intends to issue emergency regulations to address the elimination of the “private adviser exemption” under Section 203(b)(3) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Currently, an investment adviser in California may rely on the private adviser exemption…
Written by Michael Wu The Securities and Exchange Commission (the “SEC”) recently published a notice of its intent to raise the dollar thresholds that would need to be satisfied in order for an investment adviser to charge its investors a performance fee. Currently, under Rule 205-3 of the Investment Advisers…
Written by Jay Gould, Ildi Duckor and Michael Wu On March 22, 2011, U.S. House Oversight Committee Chairman Darrell Issa (R., Calif.), sent a sharply worded letter to Chairman Mary Schapiro of the Securities and Exchange Commission (the “SEC”), in which he demanded that the SEC justify several of its…
Written by Michael Wu In early March, Pillsbury submitted a comment letter to the North American Securities Administrators Association (NASAA) on behalf of the private fund industry regarding NASAA’s proposed model custody rule. Please see here for more information. NASAA has recently confirmed that it has changed a key component…
Written by Michael Wu On April 8, 2011, the Associate Director of the SEC stated in a letter to the President of the North American Securities Administrators Association (NASAA) that the SEC may extend certain deadlines imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Specifically,…
Written by Jay Gould, Ildi Duckor and Michael Wu On March 18, 2011, the Securities and Exchange Commission released new guidance regarding Form ADV. The SEC’s Q&As can be found here. The most significant development pertains to a registered adviser’s obligation to deliver Part 2. Specifically, Question III.2 reads as…
Written by Jay Gould and Michael Wu Pillsbury’s Investment Fund and Investment Management group recently submitted a comment letter to the North American Securities Administrator’s Association (the “NASAA”) on behalf of the private investment fund industry. Specifically, the letter to the NASAA was intended to provide comments regarding the proposed…
Written by Michael Wu Pillsbury recently conducted a survey of nearly 200 individuals involved in operating and investing in mid-sized Chinese companies. The results revealed that 55% expect to seek financing within the next 24 months and 43% expect to do so this year. The survey also confirmed that Chinese executives…
Written by Ildiko Duckor and Michael Wu The Commodity Futures Trading Commission (the “CFTC”) recently issued a proposed rule regarding commodity pool operators (“CPOs”) that would rescind the exemptions from CPO registration under CFTC Rules 4.13(a)(3) and 4.13(a)(4). These exemptions are widely used by hedge fund and other private fund managers advising…
Written by Michael Wu Earlier this month, the Institutional Limited Partners Association (“ILPA”) published Version 2.0 of its Private Equity Principles (the “Principles”). The Principles set forth the ILPA’s take on the best practices in establishing private equity partnerships between limited partners (“LPs”) and the general partner (“GP”). The Principles…