We previously discussed the United States Supreme Court’s June 2023 Jack Daniel’s Properties, Inc. v. VIP Products, LLC decision, which altered the way the “Rogers test,” a doctrine designed to protect First Amendment...more
On June 8, 2023, the U.S. Supreme Court issued its decision in Jack Daniel’s Properties, Inc. v. VIP Products, LLC and provided some clarity as to the applicability of the “Rogers test,” a doctrine that grapples with the...more
6/15/2023
/ Cease and Desist ,
Dilution ,
First Amendment ,
Intellectual Property Protection ,
Jack Daniels Properties Inc v VIP Products LLC ,
Lanham Act ,
Likelihood of Confusion ,
Parody ,
Rogers Test ,
SCOTUS ,
Trade Dress ,
Trademark Infringement ,
Trademark Litigation ,
Trademarks
On November 4, 2022, compliance with amended Rule 206(4)-1 (the “Marketing Rule”) became mandatory for all investment advisers registered with the Securities and Exchange Commission (the “SEC”). Seven months since the...more
Recent enforcement actions highlight the increased regulatory scrutiny that private funds may face with respect to internal cybersecurity protocols and responses to cyber-crimes and cyber incidents under new and updated...more
5/23/2023
/ Coinbase ,
Compliance ,
Cyber Crimes ,
Cybersecurity ,
Enforcement Actions ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
New Legislation ,
Popular ,
Privacy Laws ,
Private Funds ,
Robinhood Financial ,
Sanctions ,
Securities and Exchange Commission (SEC)
As IPOs and other traditional paths to liquidity for private assets have become more challenging, GP-led secondary transactions have emerged as a powerful and popular tool across closed-end private funds, leading to explosive...more
Go to any private equity event in the last 12 months, and “energy transition” will have been discussed, meaning the shift in energy production away from fossil‑based systems to low or zero carbon ones. As fund managers...more
5/10/2023
/ Climate Change ,
Energy Sector ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Investment ,
Investors ,
Liquidity ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
SFDR ,
Taxonomy
It’s a pattern we often see in boom-and-bust cycles—disputes rising in the period after a wave crests. SPAC deal volume hit an unprecedented high in 2021, but then slowed down in 2022 alongside IPOs. However, the fallout from...more
The SEC’s Enforcement Division is conducting a sweep investigation of large investment advisers regarding their employees’ use of “off-channel” communications. The sweep, which has been widely reported in the press, focuses...more
4/25/2023
/ Asset Management ,
Breach of Duty ,
Compliance ,
Enforcement Actions ,
Fiduciary Duty ,
Investigations ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Private Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
Implications of SEC attempt to curb indemnification for private fund managers -
The SEC spent 2022 making multiple and sweeping proposals to amend rules under the Advisers Act, many of which have the ability to...more
Amid rising interest rates, tightening credit markets, geopolitical concerns in Europe and Asia, stubborn inflation and continuing supply chain issues, there is a growing sense of economic uncertainty. This uncertainty will...more
Crypto firm bankruptcies and resulting disruption in the crypto ecosystem will continue to exacerbate liquidity and regulatory concerns in this space. Signs of contagion are evident as prices of almost every cryptocurrency...more
Everything, everywhere, all at once, as a descriptor, captures the litigation and regulatory risks for the asset management industry in 2023. Every corner of the market faces greater risks than at any time since 2008. After...more
The United States Supreme Court recently denied certiorari in Johannsongs-Publishing, Ltd. v. Peermusic Ltd., et al, bringing an end to a copyright infringement suit relating to Josh Groban’s 2003 song You Raise Me Up....more
5/11/2022
/ Appeals ,
Authorship ,
Copyright ,
Copyright Infringement ,
Copyright Litigation ,
Denial of Certiorari ,
Intellectual Property Protection ,
Music Industry ,
Musical Sound Recordings ,
SCOTUS ,
Summary Judgment