News & Analysis as of

Investment Company Act of 1940

Tannenbaum Helpern Syracuse & Hirschtritt LLP

CFTC Adopts Amendments to Regulation 4.7

In early September, the U.S. Commodity Futures Trading Commission (“CFTC”) adopted amendments to CFTC Regulation 4.7 (“Regulation 4.7”), which is a compliance exemption from certain disclosure, reporting and recordkeeping...more

Vedder Price

SEC Amends Form N-PORT and N-CEN Reporting Requirements and Issues Guidance on Open-End Fund Liquidity Risk Management Programs

Vedder Price on

On August 28, 2024, the SEC adopted amendments to reporting requirements on Form N-PORT and Form N-CEN and issued guidance on open-end fund liquidity risk management programs. Notably, the SEC declined to adopt the proposed...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Mayer Brown Free Writings + Perspectives

SEC Compliance Outreach for Investment Adviser and Investment Company Senior Officers

The Securities and Exchange Commission recently announced that it will host a compliance outreach program on November 7, 2024 (see the program’s agenda) on Advisers Act and Investment Company Act related topics.  The agenda...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Finalizes Amendments to Rule 4.7

On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7,...more

Morgan Lewis

SEC Amends Registered Fund Reporting Requirements, Issues Guidance on Liquidity Risk Management Programs

Morgan Lewis on

The US Securities and Exchange Commission (SEC), by a 3-2 vote, recently adopted amendments to registered fund reporting requirements on Form N-PORT and Form N-CEN and provided guidance on open-end funds’ liquidity risk...more

Lowenstein Sandler LLP

SEC Issues Final Rule to Modify Section 3(c)(1) Investment Company Act Exemption for Certain Private Funds

On August 21, 2024, the U.S. Securities and Exchange Commission (SEC) adopted a rule (Final Rule) that will increase the threshold for what is considered a “qualifying venture capital fund” from $10,000,000 to $12,000,000....more

Dechert LLP

SEC Enhances Reporting on Forms N-PORT & N-CEN; Issues Liquidity Guidance

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On August 28, 2024, the SEC, by a vote of three to two, adopted amendments (Amendments) to the current reporting requirements on Form N-PORT and Form N-CEN and provided guidance (Liquidity Rule Guidance) related to liquidity...more

Foley Hoag LLP

SEC Updates “Qualifying Venture Capital Fund” Threshold for Section 3(c)(1) Exemption Under the Investment Company Act

Foley Hoag LLP on

The two most common exemptions from registration under the Investment Company Act of 1940 (the “Act”) utilized by private funds are under Section 3(c)(7) and Section 3(c)(1). Funds that do not qualify for an exemption under...more

Kramer Levin Naftalis & Frankel LLP

SEC Provides Guidance on Liquidity Rule Compliance

On Aug. 28, 2024, the SEC issued a release providing guidance on certain aspects of open-end funds’ compliance with Rule 22e-4, i.e., the Liquidity Rule, under the Investment Company Act of 1940 (the Guidance). The Guidance...more

Vinson & Elkins LLP

[CLE Hybrid Event] Alternative Investments in Commercial Real Estate: Preferred Equity and Mezzanine Debt Instruments - September...

Vinson & Elkins LLP on

Join Vinson & Elkins REIT and Real Estate partners, Brent Abbott, Executive Vice President, Head of Investments, Real Estate Division at Pacolet-Milliken, and Anthony Scavo, Chief Operating Officer at Basis Industrial, as...more

Mayer Brown Free Writings + Perspectives

Qualifying Venture Capital Funds Inflation Adjustment

The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section...more

DLA Piper

Venture Capital Funds: 3(c)(1) Funds vs. 3(c)(7) Funds

DLA Piper on

Provided that they meet certain criteria, venture capital funds are not required to be registered as an “investment company” by the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Are Entities in Your Private Fund Structure Reportable under FinCEN’s Beneficial Ownership Regulation?

As of January 1, 2024, the Beneficial Ownership Information Reporting Requirements (the “Reporting Rule”) issued by Financial Crimes Enforcement Network (“FinCEN”) to implement Section 6403 of the Corporate Transparency Act...more

Dechert LLP

Stock Repurchase Excise Tax Regulations Finalized: Effect on RICs

Dechert LLP on

On June 28, 2024, the U.S. Department of the Treasury and the Internal Revenue Service issued final regulations on the reporting of the one-percent (1%) stock repurchase excise tax imposed by new section 4501 of the Internal...more

Warner Norcross + Judd

Private Fund Adviser Rule Vacated

On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the “court”) vacated the private fund adviser rule (the “rule”) adopted by the Securities and Exchange Commission (SEC) in September 2023. Notably, during the...more

Dechert LLP

Finally, An Update on Outbound Investment

Dechert LLP on

Almost a year after President Biden signed an Executive Order to establish a U.S. outbound investment regime, the U.S. Department of the Treasury has published a Notice of Proposed Rulemaking (“NPRM”) on U.S. outbound...more

Proskauer Rose LLP

Proskauer's Hedge Start: What Key Exemptions Apply to Hedge Funds?

Proskauer Rose LLP on

We have separately discussed the common exemptions from registration of a fund manager with the Securities and Exchange Commission (SEC) as an investment adviser and from registration with the Commodity Future Trading...more

King & Spalding

House Passes FIT21 – What does it say, and what does it mean for digital asset providers?

King & Spalding on

On, May 22, 2024, the U.S. House of Representatives passed H.R. 4763, Financial Innovation for Technology for the 21st Century Act (“FIT21”). The legislation was touted by the House Financial Services Committee’s Chairman,...more

Morris, Manning & Martin, LLP

We're Still Struggling to Define "Sustainable" and "ESG" in Securities Filings

Correspondence between the SEC Staff and an ESG-focused ETF sponsor shows that we are still struggling to define “Sustainable” and “ESG” for purposes of securities filings....more

Foley Hoag LLP

Fifth Circuit Vacates New Private Funds Rules

Foley Hoag LLP on

In a 3-0 decision issued today, June 5, 2024, the Fifth Circuit Court of Appeals (the “Court”) vacated the new private funds rule adopted by the Securities and Exchange Commission (the “SEC”) on August 23, 2023 (the “Rule”)....more

Woodruff Sawyer

Guide to D&O Insurance for SPAC IPOs, 2024 Edition

Woodruff Sawyer on

As they go through their initial public offering (IPO) and the subsequent merger & acquisition (M&A) process, special purpose acquisition companies (SPACs) face many regulatory, legal, and business hurdles. Obtaining the...more

Vedder Price

SEC Settles Enforcement Proceedings Against Adviser for Improperly Splitting Legal Fees with Mutual Fund Client

Vedder Price on

On April 29, 2024, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for alleged violations of Section 17(d) of the Investment Company Act of 1940, Rule 17d-1...more

Winstead PC

Complying with Rule 506(c): Investor Verification Methods Explained

Winstead PC on

If an issuer of a securities wishes to generally advertise their private offering of securities, they can do so under Rule 506(c) of Regulation D of the Securities Act of 1933, which would exempt the offeror from registration...more

Cooley LLP

Securities Laws Fundamentals for Venture Capital Fund Managers

Cooley LLP on

If you’re starting out as a new firm and raising your first fund (or special purpose vehicle), there are a few securities laws principles that you’ll need to become familiar with. This post is intended to provide a quick...more

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