Searching Content indexed under Investment Strategy by Proskauer Rose LLP ordered by Published Date Descending.
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Broker-Dealer And Investment Adviser Standards Of Conduct - SEC Adopts Rules And Interpretations
On June 5, 2019, the Securities and Exchange Commission voted to adopt a package of rulemakings and interpretations, including (i) a new rule creating a standard of conduct for broker-dealers when recommending securities to retail investors (Regulation Best Interest),...
United States
24 Jun 2019
SEC Proposes Reform Of "Test-The-Waters" Communications Rules
On February 19, 2019, the Securities and Exchange Commission (the "SEC") proposed Rule 163B under the Securities Act of 1933
United States
1 Mar 2019
Demystifying the Qualified Payment Right: Structuring and Administering A §2701-Compliant Entity
Nathan Brown and John DeStafano authored an article on the application of I.R.C §2701 in regard to planning multi-class investment entities.
United States
7 Mar 2017
Congress Passes JOBS Act – Legislation Seeks To Aid Issuers In Raising Private And Public Capital
On March 27, 2012, the U.S. Congress passed the Jumpstart Our Business Startups Act, or "JOBS" Act, with strong bipartisan support. President Obama has indicated that he will sign the legislation.
United States
9 Apr 2012
SEC Amends The Advisers Act Performance Fee Rule To Tighten Standards For "Qualified Clients" And Adopt "Grandfathering" Provisions
On February 15, 2012, the Securities and Exchange Commission ("SEC") adopted amendments to Rule 205-3 under the Investment Advisers Act of 1940 ("Advisers Act"), which permits SEC-registered investment advisers to charge performance-based fees to "qualified clients" under certain conditions.
United States
14 Mar 2012
CFTC Repeals 4.13(a)(4) Exemption Used By Many Private Fund Managers
On February 9, 2012, the U.S. Commodity Futures Trading Commission (CFTC) rescinded CFTC Rule 4.13(a)(4), which is the exemption from CFTC registration as a Commodity Pool Operator (CPO) that is commonly used by general partners, managers and sponsors of private funds that trade futures.
United States
5 Mar 2012
SEC Adopts Final Rules For Advisers To Private Investment Funds And Amendments To Form ADV
On June 22, 2011, pursuant to Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the Securities and Exchange Commission (the "SEC") adopted final rules to implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 (the "Advisers Act").
United States
18 Jul 2011
Possible Changes To The AIFM Directive For Venture Capital
Many U.S. managers of alternative investment funds are aware of the EU Alternative Investment Fund Managers Directive (the Directive), which will require some managers to become authorised under the Directive and others to comply with discrete parts of the Directive.
United States
7 Jul 2011
SEC Releases Final Rule Exempting Family Offices
The SEC released on June 22, 2011 its final Rule 202(a)(11)(G)-1 exempting "family offices" from registration under the Investment Advisers Act of 1940.
United States
5 Jul 2011
New U.S. Treasury Form SLT Applicable To Investment Advisers
Commencing June 30, 2011, the U.S. Department of the Treasury is implementing a new reporting requirement regarding cross-border ownership of "long-term" securities that will apply to, among others, U.S. investment advisers and U.S.-resident funds (including those managed by non-U.S. investment advisers).
United States
17 May 2011
Private Investment Funds Update
The extensive rule making required by the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and other U.S. government agencies in order to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) continues at a rapid pace.
United States
27 Apr 2011
SEC Appears Likely to Extend July 21, 2011 Investment Adviser Registration Deadline to 2012
In a letter dated April 8, 2011 from Robert Plaze, Associate Director of the SEC, to the President of the North American Securities Administrators Association, Mr. Plaze confirmed that the SEC is "considering" an extension of certain deadlines imposed by the Dodd-Frank Act, and associated SEC rulemaking, to the first quarter of 2012. See the attached link for the actual letter on the SEC website.
United States
14 Apr 2011
Federal Reserve Issues Final Rule for Compliance with the Volcker Rule under Dodd-Frank
The Federal Reserve Board (the "Board") has adopted a final rule (the "Final Rule") implementing the time frame for banking entities to come into compliance with the prohibitions and restrictions on proprietary trading and investment in private equity and hedge funds imposed by Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").
United States
24 Feb 2011
SEC Clarifies Exemptions For Advisers
On November 19, 2010, the Securities and Exchange Commission (the "SEC") published proposed rules to implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") that created exemptions from the requirement to register under the Investment Advisers Act of 1940 (the "Advisers Act") for advisers to venture capital funds, private fund advisers with less than $150 million in assets under management and foreign private advisers.
United States
24 Nov 2010
FSA To Strengthen Remuneration Code, Possibly Affecting 2,500 Firms
The UK Financial Services Authority recently published a consultation paper describing how it intends to update its Remuneration Code (the "Code") to (i) implement the remuneration requirements of the Financial Services Act 2010 and (ii) incorporate the remuneration provisions of the latest amendments to the EU Capital Requirements Directive ("CRD3").
United States
8 Nov 2010
California Restricts Use of Placement Agents
On September 30, 2010, California Governor Arnold Schwarzenegger signed into law Assembly Bill No. 1743 ("AB 1743"), which will impose significant restrictions on the use of placement agents to solicit investments from the nation’s largest public pension plans.
United States
11 Oct 2010
SEC Rule Curtails Political Contributions by Investment Advisers; Use of Regulated Placement Agents Permitted
On June 30, 2010, the U.S. Securities and Exchange Commission (the "SEC") unanimously adopted Rule 206(4)-5 and amendments to Rules 204-2 and 206(4)-3 (the "Rule") under the U.S. Investment Advisers Act of 1940 (the "Advisers Act").
United States
13 Jul 2010
Private Equity and Hedge Fund Advisers Will Be Required to Register with the SEC Under House-Senate Compromise Legislation
On Friday, a House and Senate conference committee agreed to require the vast majority of private equity and hedge fund advisers to register with the SEC under the Investment Advisers Act.
United States
1 Jul 2010
US Venture Capital, Private Equity and Hedge Fund Managers May Face Restrictions on Marketing to EU Investors Under Proposed AIFM Directive
The AIFM Directive is a proposal by the European Commission to harmonize the regulation and supervision of "alternative investment fund managers" (AIFMs) within the European Union.
United States
25 Jun 2010
EU To Establish Pan-European Short Selling Disclosure Regime
The Committee of European Securities Regulators (CESR) has recommended the introduction of a pan-European disclosure regime requiring investors to report net short positions to the relevant regulator privately and to the market publicly.
European Union
24 Mar 2010
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