Written by Jay Gould On October 26, 2011, the SEC adopted a new rule requiring SEC-registered advisers to hedge funds and other private funds with at least $150 million in private fund assets under management to report information to the Financial Stability Oversight Council (“FSOC”) to enable it to monitor…
Written by Michael Ouimette On October 11, 2011, the Federal Financial Regulators published for public comment a jointly proposed regulation implementing the so-called “Volcker Rule” requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Volcker Rule generally contains two prohibitions, both of which are subject to certain…
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A MANAGERS-ONLY EVENT RSVP NOW ! Thursday, October 27, 2011 3:30 – 4:00pm Registration 4:00 – 5:30pm Presentation 5:30 – 6:30pm Reception Pillsbury’s San Francisco office 50 Fremont Street San Francisco, CA 94105 How can hedge fund managers that seek more efficient methods for raising capital avail themselves of…
Written by Jay B. Gould and Michael Wu On October 9, 2011 Governor Brown signed into law Senate Bill 398 which is intended to clarify the current law regarding placement agents and lobbyist requirements. In 2009, AB 1584 was enacted. AB 1584 imposed disclosure requirements for investment placement agents associated…
Written by Michael Wu On September 29, 2011, the SEC’s examination staff issued a Risk Alert warning of significant concerns regarding trading through sub-accounts, and offered suggestions to help securities industry firms address these risks. In the alert, the staff identified certain risks associated with the master/sub-account trading model such…
Written by Michael Wu The SEC is recommending filing fees related to the new report filing on Form ADV for exempt reporting advisers and Form PF filing for private fund advisers. The filing fee for exempt reporting advisers is expected to be $150 for each initial and annual report on…
Written by Michael Wu Market regulators in France, Italy, Spain and Belgium, in coordination with the European Securities and Markets Authority (ESMA), have decided to extend their current short selling ban that was enacted on August 11, 2011. A summary of the action taken by each regulator is summarized below.…
Written by Michael Wu Foreign Account Tax Compliance Act (FATCA), comprising of sections 1471 through 1474 of the Internal Revenue Code, was enacted in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA imposes information reporting requirements on foreign financial institutions (FFIs) and withholding, documentation,…
Written by Michael Wu The SEC has adopted a new rule pursuant to Section 13(h) of the Securities Exchange Act of 1934 requiring large traders to register with the SEC and imposing reporting requirements on their broker-dealers. In her speech on July 26, 2011, SEC Chairman Mary L. Shapiro said,…