Insights

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

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

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

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

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

Year-end has always been a time for tax planning and we send our clients and friends our year-end tax planning newsletter on an annual basis. Similar to the end of 2018, there does not appear to be significant tax legislation on the horizon. Also, there are still many unanswered questions regarding the 2017 Tax Cuts…

Client Alerts | December 17, 2019 | Hedge Funds

A recent decision by Judge Stuart Bernstein of the Bankruptcy Court for the Southern District of New York, Irving Picard, as trustee for Bernard L. Madoff Investment Securities LLC v. Citibank, N.A., clarifies the parameters of the “willful blindness” standard applicable in fraudulent conveyance actions, and illustrates practical applications of safe harbor defenses that may be asserted…

Client Alerts | December 5, 2019 | Hedge Funds | Creditors’ Rights and Bankruptcy Litigation

Beginning January 31, 2021, all swap associated persons and their supervisors (“APs”) will be required to satisfy the National Futures Association’s (the “NFA”) new swaps proficiency requirements. These requirements will apply to, among others, APs of investment managers registered with the NFA as commodity pool operators (“CPOs”) or commodity trading advisors (“CTAs”) that engage in…

Client Alerts | December 3, 2019 | Hedge Funds | Derivatives