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SEC Amends Proxy Rules to Tighten Requirements on Proxy Advisory Firms

On July 22, 2020, the Securities and Exchange Commission (the “SEC”) released its much-anticipated final amendments to its rules with respect to proxy voting advice businesses (the “Amendments”). The SEC first issued their proposed amendments concerning proxy advisory firms in November 2019 (the “Proposals”). Overall, the final Amendments represent a more tempered approach to regulation of…

Client Alerts | July 29, 2020 | Hedge Funds | Investment Management | Investor Activism

SEC Proposes 13F Disclosure Relief for Smaller Investment Managers

On July 10, 2020, the Securities and Exchange Commission (the “SEC”) announced that it had proposed an amendment to Form 13F and Rule 13f-1 to, among other items, substantially increase the reporting threshold for institutional investment managers  (the “Proposal”).1 If the Proposal is adopted, it would be the first amendment to Form 13F since its…

Client Alerts | July 21, 2020 | Hedge Funds | Investment Management | Investor Activism

Helping Clients Navigate COVID-19 (Updating)

Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: Corporate Considerations  The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the…

Client Alerts | July 15, 2020 | Business Restructuring and Reorganization | Creditors’ Rights and Bankruptcy Litigation | Derivatives | Distressed Real Estate Assets | Employment Litigation | Estate Planning and Administration | Hedge Funds | Investment Management | Investor Activism | Leasing | Mergers & Acquisitions | Nonprofit and Tax-Exempt Organizations | Private Equity Funds | Securities and Corporate Finance | Special Situations and Credit

Kleinberg Kaplan Praised as ‘Wall Street’s best-kept secret’ in Latest Edition of The Legal 500: United States

Premier boutique law firm Kleinberg Kaplan was recognized in the latest edition of The Legal 500: United States for its Investment Funds practice. The firm’s work on behalf of the world’s leading hedge funds and alternative investment funds was praised as “Wall Street’s best-kept secret.” Client testimonials lauded the “impressive” capabilities of the group’s lawyers and…

FEATURED PUBLICATION | June 23, 2020 | Investment Management | Hedge Funds | Private Equity Funds | Real Estate Funds

Treasury Releases PPP Loan Forgiveness Application

Last Friday night, the Department of Treasury (“Treasury”) released the loan forgiveness application (“Application”) for the paycheck protection program (“PPP”). The Application is consistent with the CARES Act provisions and the Treasury’s guidance that Kleinberg Kaplan previously summarized in a client alert, available here. The form of Application can be found here. Applications must be completed by…

Client Alerts | May 18, 2020 | Securities and Corporate Finance | Hedge Funds | Private Equity Funds

Fed Adds New Facility and Changes Terms of Main Street Lending Program

On April 30, 2020, the Federal Reserve Board (the “Fed”) released new term sheets for the $600 billion Main Street Lending Program, which was initially announced on April 9, 2020. In addition to changing terms to the two existing facilities, the Main Street New Loan Facility and the Main Street Expanded Loan Facility, the Fed…

Client Alerts | May 4, 2020 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

Treasury Provides Material PPP Update for Hedge Funds and PE Firms

On April 24, 2020, the Department of Treasury (“Treasury”) issued a new interim final rule (the “Interim Final Rule”) and guidance, which materially changes portions of the existing guidance on the paycheck protection loan program (“PPP”) in a way meaningfully detrimental to hedge funds and private equity funds in particular. You can find our previous…

Client Alerts | April 24, 2020 | Securities and Corporate Finance | Hedge Funds | Private Equity Funds

CFTC Extends Initial Margin Compliance Timeline for Many Buy-Side Firms

On March 18, 2020, the Commodity Futures Trading Commission (the “CFTC”) voted unanimously to extend the uncleared swap initial margin compliance timeline for financial entities with smaller swap portfolios from September 1, 2020 to September 1, 2021. Phase 6 Compliance Group The newly created “Phase 6” compliance group will provide many private funds and other…

Client Alerts | March 20, 2020 | Derivatives | Private Equity Funds | Hedge Funds

Buy-Side Checklist for Potential Impacts on Counterparty Trading Arrangements

With the increasing concerns surrounding the impact of COVID-19 around the world, global financial markets are facing a unique set of difficulties. Fund managers, family offices and other buy-side market participants should consider reviewing their counterparty trading and brokerage arrangements to understand the impact of these events on their trading portfolios and their counterparties. Below…

Client Alerts | March 18, 2020 | Derivatives | Private Equity Funds | Hedge Funds