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DarrowEverett LLP

Fifth Circuit Puts the Brakes on SEC’s Private Fund Rules: What’s Next For Private Fund Advisers

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In a continuation of recent court decisions overturning the rulemaking authority of federal agencies, a recent decision by the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (SEC)...more

DarrowEverett LLP

SEC’s New Rules Give SPACs, Target Companies Much to Consider

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On January 24, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted new final rules relating to special purpose acquisition companies (“SPACs”). The new rules affect both initial public offerings (“IPOs”) for...more

Sullivan & Worcester

2024 Investment Adviser Regulatory and Compliance Annual Letter

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In 2024, investment advisers – those registered with the U.S. Securities and Exchange Commission (SEC) and those that file notices as exempt reporting advisers - will continue to feel the impact of the SEC’s recent rule...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Finalises UK Sustainable Investment Rules, With More To Follow After Further Consultation

On 28 November 2023, the UK’s Financial Conduct Authority (FCA) unveiled its Policy Statement PS 23/16 (Policy Statement), which sets out the final rules for sustainability disclosure and investment labels (SDR Rules). The...more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers - ESG and the Sustainable Economy Handbook

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Investment advisers offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental, social, and governance...more

A&O Shearman

SFDR Consultation and Review by European Commission – a first step towards SFDR 2.0

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The Commission has launched a far reaching consultation and review of SFDR, long expected by the industry. This bulletin provides an overview, as well as giving thought as to what we might see in terms of SFDR 2.0....more

White & Case LLP

SEC Adopts Final Private Fund Adviser Rules

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New rules are expected to have substantial impact on funds industry - On August 23, 2023, the Securities and Exchange Commission ("SEC") approved significant new rules applicable to advisers of private funds (the "Private...more

Seyfarth Shaw LLP

An Early Glimpse into the SEC’s Private Funds Advisor Rule

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The Securities and Exchange Commission (SEC) has adopted the long awaited “Private Fund Adviser Rule” (the “PFA”). The proposed PFA was introduced on February 9, 2022 (“Proposed Rule”), and the SEC has been working with the...more

Foley Hoag LLP

Final Private Fund Adviser Rules

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On August 23, 2023, the Securities and Exchange Commission (the “SEC”) approved by a 3-2 vote a final rule enacting a series of wide-sweeping changes to the regulation of the private funds industry (the “Final Rule”). While...more

DarrowEverett LLP

What SEC’s Transparency Rule Means for Investors, Advisers and Funds

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Earlier this summer, we wrote about both new and amended rules proposed by the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) regarding private funds, their advisers,...more

Cadwalader, Wickersham & Taft LLP

Indian Securities Regulator Consults on Changes to ESG Disclosure and Ratings Regulation

The Securities and Exchange Board of India (SEBI) launched a consultation paper (Consultation Paper) last month seeking public comment on three topics: (1) ESG disclosure; (2) ESG ratings; and (3) ESG investing by mutual...more

Seward & Kissel LLP

Memo to Clients 2023 - Annual Reminders

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This Memorandum is intended to remind you of certain U.S. annual requirements that may be applicable to your business and is divided into five sections. All investment advisers (whether or not registered with the Securities...more

J.S. Held

Crosscurrents: J.S. Held’s Environmental, Social & Governance Observations (Fiduciary Duties Become Political)

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The Attorneys General for both Indiana and Louisiana have issued opinions that environmental, social, and governance (ESG) criteria violate the fiduciary duty owed to corporate investors absent full disclosure of the use of...more

Cadwalader, Wickersham & Taft LLP

2022 and Beyond – The Rise of ESG in the UK and Europe

ESG considerations is a key theme that has heavily influenced investments over the past few years and which will no doubt play an even more prominent role in the 2020s. We touched on this briefly in our 2021 closing article...more

Dechert LLP

International Capital Markets Newsletter: The ESG Edition - June 2021 – Issue 4: ESG Investing in Latin America: The Story So Far

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In the midst of uncertainties caused by the COVID-19 pandemic, it has been possible to observe the expansion of sustainable investing, especially in Latin America. Over the past two years, investors have been seeing ESG...more

Dechert LLP

The SFDR Jigsaw – Putting the Pieces Together

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Introduction - On 10 March 2021, the main operative provisions of the Sustainable Finance Disclosure Regulation (2019/2088) (SFDR) began to apply. However, rather than marking the end of the ESG journey, it is just the...more

K&L Gates LLP

Navigating the European ESG Disclosure Regime in a Post-Brexit World

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Following increased public attention to the global sustainability agenda, investors, public institutions, and companies around the world are increasingly prioritizing environmental, social, and governance (ESG) measures as...more

McDermott Will & Emery

ESG-Offenlegung für Fonds wird konkreter – und komplizierter!

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Die EU treibt die Umsetzung der Offenlegungs-Verordnung voran und hat konkrete Entwürfe für die Anlegerdokumente von ESG-Fonds vorgelegt. Um vergleichbare Informationen für alle betroffenen Produkte zu gewährleisten, sind die...more

Alston & Bird

Investment Management Updates – June 2020

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Liu v. SEC: Supreme Court Rules on the SEC’s Right to Seek Disgorgement - On June 22, 2020, the U.S. Supreme Court issued its much-anticipated decision in Liu v. SEC, which concerned whether the SEC may seek disgorgement in...more

Dechert LLP

Disclosure Regulation1 – What is It and Who is Impacted?

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Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the Official Journal of the European Union on 9 December 2019, the regulation on sustainability-related disclosures...more

Proskauer Rose LLP

Liquidity Management Rule – Delays and Revisions

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On October 13, 2016, the Securities and Exchange Commission (the "SEC") adopted Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act of 1940, as amended, to require each registered open-end management investment...more

Vedder Price

Investment Services Regulatory Update - November 2017

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New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

Pillsbury Winthrop Shaw Pittman LLP

New Law Mandates Disclosure of Alternative Fund Fees By California Public Pensions

To increase the transparency of fees and expenses paid to alternative funds, every California public pension plan must require each alternative fund in which they invest to make various disclosures, and California public...more

K&L Gates LLP

U.S. SEC Proposes Liquidity Risk Management Programs, Optional “Swing Pricing,” and Liquidity Reporting for Mutual Funds and...

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On September 22, 2015, the Securities and Exchange Commission (“SEC”) proposed a new rule and amendments to rules and reporting forms under the Investment Company Act of 1940 (the “1940 Act”), designed to standardize...more

Ballard Spahr LLP

Investment Management Update - October 2015

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Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

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