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HSR Act Bringing Offshore Funds Home

Earlier this month, the Federal Trade Commission (“FTC”), with the concurrence of the Antitrust Division of the U.S. Department of Justice, published in the Federal Register proposed changes to the Hart-Scott-Rodino Act (“HSR Act”) regulations regarding foreign entities. The proposed changes are intended to simplify the determination of whether an entity is a foreign person…

Client Alerts | November 18, 2019 | Hedge Funds | Securities and Corporate Finance

Cayman Data Protection Law Becomes Effective September 30, 2019

  The Data Protection Law, 2017 (the “DPL”) will become effective on September 30, 2019 in the Cayman Islands. The DPL aims to provide a level of privacy and disclosure for individuals and entities when their personal data is being used by Cayman Islands entities. Certain violations of the DPL can lead to fines of…

Client Alerts | September 12, 2019 | Hedge Funds

Kleinberg Kaplan Partner David Levy Quoted in Hedge Fund Law Report

Kleinberg Kaplan partner David Levy offers his insight on how the ruling in SEC v. Benjamin Alderson and Bradley Hamilton may impact attorney-client privilege in Hedge Fund Law Report’s “SDNY: In Absence of Attorney-Client Relationship, Communications With Consultants Who Happen to Be Attorneys Are Not Protected.” To read the full article, click here.

Firm News | August 29, 2019 | Hedge Funds

SEC OCIE Issues Guidance on Investment Advisers’ Recordkeeping Requirements for Electronic Messaging

On December 14, 2018, the Office of Compliance Inspections and Examinations (“OCIE“) of the Securities and Exchange Commission (the “SEC“) issued a risk alert (the “Risk Alert“)[1] to remind SEC-registered investment advisers (“RIAs“) of their obligations when their personnel use electronic messaging, such as text messages, instant messaging, personal email or messaging apps, and to…

Client Alerts | January 15, 2019 | Hedge Funds

Tax Planning for Losses

This newsletter is a brief follow-up to our recent year-end tax newsletter. Click here for our year-end newsletter. Since our 2018 year-end newsletter was distributed, the stock market has been very volatile and decreased significantly (although the market was up a lot today, December 26th, fortunately). Many funds may have significant unrealized losses. This newsletter…

Client Alerts | December 26, 2018 | Hedge Funds

Investment Adviser Compliance Issues Related to the Cash Solicitation Rule

On October 31, 2018, the staff in the Office of Compliance Inspections and Examinations (the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”) issued a risk alert (the “Risk Alert”)[1] describing some of the most common deficiencies the Staff has cited relating to Rule 206(4)-3 (the “Cash Solicitation Rule”) under the Investment Advisers…

Client Alerts | December 18, 2018 | Hedge Funds

SEC Withdraws Two No-Action Letters Concerning Proxy Advisory Firms

The Securities and Exchange Commission’s (the “SEC“) Division of Investment Management has announced the withdrawal of two no-action letters[1] that provided guidance to registered investment advisers regarding their use of proxy advisory firms consistent with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the “Proxy Rule“). [2] Under the Proxy Rule, registered…

Client Alerts | October 24, 2018 | Investor Activism | Hedge Funds

So You Manage a Fund? Watch Out for the Excess Business Loss Rules!

Following tax reform, there is a restriction on the deductibility of business expenses. Under the new “excess business loss” rules, trade or business expenses are not deductible to the extent they exceed trade or business income. (Provided that taxpayers filing joint returns are allowed to deduct up to $500,000 of such excess expenses, and other…

Client Alerts | October 18, 2018 | Hedge Funds