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Historic Regulatory Shake-up for the Private Funds Industry

In recent months, the U.S. Securities and Exchange Commission (the “SEC”) has introduced a wave of proposals amounting to approximately 1,100 pages of new and amended rules that will significantly impact the private funds industry, likely subjecting it to an unprecedented degree of regulation. Many of these proposed rules would apply to all private fund…

Client Alerts | April 7, 2022 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

SEC Proposes Sweeping New Rules on Climate Risk Disclosure

On March 21, 2022, the Securities and Exchange Commission (the “SEC”) proposed new climate disclosure rules (the “Proposed Rules”)1, which would require registrants, including foreign private issuers, to disclose a broad array of information on climate-related risks and activities, including emissions data. Background The goal of the Proposed Rules, the SEC says, is to enhance and…

Client Alerts | April 7, 2022 | Investor Activism | Securities and Corporate Finance

SEC Proposes Overhaul of Beneficial Ownership Reporting, including Accelerated Filing Deadlines, Changes to Group Rules and Treatment of Cash-Settled Derivatives

On February 10, 2022, the Securities and Exchange Commission (the “SEC”) announced its proposals to amend Regulation 13D-G and Regulation S-T to address, they said, information asymmetries in financial markets and to modernize the regulations under Section 13 of the Securities Exchange Act of 1934 (the “Exchange Act”) to account for technological and financial innovations. …

Client Alerts | February 18, 2022 | Securities and Corporate Finance | Investor Activism

Certain Fund Managers May Be Required To File TIC Form SHC By March 4, 2022

Fund managers may be required to file Treasury International Capital (“TIC”) Form SHC, Report of U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments (“Form SHC”), for 2021 by March 4, 2022, based on the fair value of foreign assets owned by U.S. persons determined as of December 31, 2021. For 2021 and other benchmark…

Client Alerts | February 11, 2022 | Hedge Funds | Private Equity Funds

Post Year-End Tax Issues and Planning to Consider

This tax alert briefly highlights certain tax issues and planning that hedge and private equity fund managers and high-net-worth individuals should consider (or reconsider) now that we are in the new year. Our 2021 year-end tax alert highlighted many items to consider and potential tax moves to take before year-end and highlighted proposed tax changes.…

Client Alerts | January 10, 2022 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds

Tax Issues and Planning to Consider Before Year-End 2021

This annual client alert briefly highlights certain tax issues and planning that hedge fund managers and high-net-worth individuals should consider (or reconsider) before the end of 2021. Although year-end tax planning is always important, the potential increase in tax rates in 2022 and other potential tax changes make it even more important this year-end. The…

Client Alerts | December 7, 2021 | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds

All Aboard! The Train Is Speeding Along: Transition from LIBOR – What Market Participants Need to Know About CME Term SOFR Licenses

As discussed in our January 29, 2021 client alert, the ICE Benchmark Administration will cease to publish the most widely used tenors of the USD LIBOR benchmarks on June 30, 2023.1 Additionally, financial institutions have been advised not to utilize the most widely used tenors of the USD LIBOR benchmarks for any financial products that…

Client Alerts | October 26, 2021 | Securities and Corporate Finance | Special Situations and Credit | Derivatives