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Model Privacy Form Adopted Under Gramm-Leach-Bliley Act

In November 2009, the SEC, along with seven other agencies1, adopted amendments to the rules implementing certain privacy provisions of the Gramm-Leach-Bliley Act (the “GLBA”) and adopted a model privacy form (the “Model Form”). In order for financial institutions (including investment advisors) to fall within the safe harbor for satisfying their initial and annual privacy…

Client Alerts | April 18, 2011 | Securities and Corporate Finance | Hedge Funds

SEC Expected to Consider Postponing Investment Adviser Registration Deadline to First Quarter 2012

In a letter to the president of the North American Securities Administrators Association, the Associate Director of the U.S. Securities and Exchange Commission (the “Commission”) Division of Investment Management, Robert E. Plaze, stated that although the Commission’s staff anticipates that the implementing rulemaking under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank…

Client Alerts | April 10, 2011 | Securities and Corporate Finance | Hedge Funds

SEC Adopts Amendments to Part 2 of Form ADV

The Securities and Exchange Commission (the “SEC”) adopted amendments (the “Amendments”) to Part 2 of Form ADV (commonly referred to as the “brochure” and currently designated Part II of Form ADV).1 The Amendments are intended to provide advisory clients with clearly written, meaningful, current disclosure of the business practices, conflicts of interest and background of…

Client Alerts | January 24, 2011 | Securities and Corporate Finance | Hedge Funds

Language Trumps Logic in Indemnification Clauses

A recent decision by New York’s Appellate Division for the First Department, Gotham Partners, L.P. v. High River Limited Partnership, 2010 NY Slip Op. 6149, 2010 N.Y. App. Div. LEXIS 6223 (1st Dept. 2010), confirms that the wording of an indemnification provision must be very specific in order to afford indemnified parties the full protection…

Client Alerts | August 10, 2010

Hedge Fund Investments in Real Estate Legal and Tax Issues

As hedge funds continue to grow, the market’s demand for investment returns has sparked an increasing interest in direct real estate investments – traditionally the domain of private equity funds. There are a number of issues that a hedge fund manager should carefully consider prior to investing fund assets directly in real estate. This Newsletter…

Client Alerts | April 30, 2007 | Hedge Funds