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SEC Expands its Focus on Whistleblower Protection Rules

The SEC has continued and expanded its focus on violations of Rule 21F-17 of the Securities Exchange Act of 1934 (i.e., the whistleblower protection rule). The SEC began actively enforcing the whistleblower protection rule many years ago, although enforcement actions in late 2023 reflected an intensified focus on whistleblower protections in separation agreements and other…

Client Alerts | June 25, 2024 | Hedge Funds | Investment Management | Private Equity Funds

Reminder: Approaching Deadline for Elections to Elect into New York State and New York City Pass-Through Entity Taxes for 2024

This alert is a reminder of the approaching deadlines and action items regarding the New York State Pass-Through Entity Tax (the “NYS PTET”) and the New York City Pass-Through Entity Tax (the “NYC PTET”). Deadline: March 15, 2024 The deadline to elect into the NYS PTET and the NYC PTET for 2024 is March 15,…

Client Alerts | March 6, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds

Limited Partner Exception to Self-Employment Tax – What to Do in Light of the Recent Soroban Case

Background on the Limited Partner Exception  Section 1401 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), imposes self-employment tax on an individual’s self-employment income. Self-employment income is generally defined as the net earnings from self-employment, which is “the gross income derived by an individual from any trade or business carried on by…

Client Alerts | January 10, 2024 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds

SEC Charges Firms for Violating Whistleblower Protection Rules in Employment Agreements, Separation Agreements and Releases

Firms should review their employment related agreements to determine if any changes are necessary. In September 2023, the SEC issued orders against each of D.E. Shaw & Co., L.P. (“D.E. Shaw”), CBRE, Inc. (“CBRE”) and Monolith Resources LLC (“Monolith”) in connection with provisions in their separation agreements and other employment-related documents that violated Rule 21F-17…

Client Alerts | October 13, 2023 | Executive Compensation | Hedge Funds | Investment Management | Private Equity Funds

Kleinberg Kaplan Partner Christian Gloger and Associate Mike Yi Published in Westlaw Today

A recent client alert written by Kleinberg Kaplan partner Christian Gloger and associate Mike Yi was republished by Westlaw Today. The article, “Private Credit Funds – Structures and Recent Trends,” compares closed-end and open-end credit fund terms and structuring alternatives, as well as overall credit fund space developments. The article was included as part of Westlaw’s June…

Firm News | July 5, 2023 | Hedge Funds | Private Equity Funds

Private Credit Funds – Structures and Recent Trends

In recent years, the alternative investment space has grown in size and significance as a result of a period of low interest rates, favorable monetary policy and financial conditions. The hunt for yield and diversification provided further comfort to institutional investors seeking to gain exposure to this burgeoning industry. In particular, buyout1 and infrastructure2 focused…

Client Alerts | June 22, 2023 | Hedge Funds | Private Equity Funds

Private Fund Managers Must Prepare For Greater Scrutiny and Transparency Regarding Affiliated Service Provider Arrangements

Proposed SEC Rule and Examination Priorities Target “Problematic Compensation Schemes” and “Opaque Reporting Practices” Private fund managers – especially managers of real estate, private equity, and private credit funds – have increasingly used affiliated service providers to perform various tasks for their funds or portfolio companies. Such tasks include asset-level due diligence, loan servicing, property…

Client Alerts | June 13, 2023 | Hedge Funds | Private Equity Funds

NFA Adopts Compliance Rule for Spot Digital Asset Commodity Activity

On March 29, 2023, the National Futures Association (“NFA”) announced the adoption of Compliance Rule 2-51: Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities (the “New Rule”),1 which will implement anti-fraud, trading, and supervisory requirements for member firms, including firms registered with the Commodity Futures Trading Commission as commodity pool operators…

Client Alerts | April 3, 2023 | Digital Assets and Cryptocurrency | Hedge Funds | Private Equity Funds

Kleinberg Kaplan Announces Partner Promotions

January 3, 2023, NEW YORK – Premier boutique law firm Kleinberg Kaplan announces the promotion of two associates, Moshe Segal and Derek Stueben, to the firm partnership, effective January 1, 2023. Moshe is a member of Kleinberg Kaplan’s Private Funds & Investment Management group and Derek is a member of the firm’s Corporate Transactional &…

Firm News | January 3, 2023 | Investment Management | Executive Compensation | Hedge Funds | Private Equity Funds | Digital Assets and Cryptocurrency | Emerging Companies & Venture Capital | Mergers & Acquisitions | Securities and Corporate Finance

Kleinberg Kaplan Partners Christian Gloger and Richard Guidice, Jr. Featured in Think Advisor

Kleinberg Kaplan Partners Christian Gloger and Richard Guidice, Jr. were featured in a Think Advisor article, “How Advisors Can Get Ready for New SEC Marketing Rule,” discussing important considerations ahead of the November 4 compliance date for the new SEC Marketing Rule. The article highlighted key takeaways from Christian’s and Rich’s earlier webinar on the…

Firm News | October 20, 2022 | Hedge Funds | Private Equity Funds