Updates on Regulation, Trading, and Market Reforms for the Alternative Investment Community

CategoryCompliance

SEC Rule Proposal Governing Good Faith Determinations of Fair Value

Recently, the Securities and Exchange Commission (“SEC”) proposed a new regulatory framework under Rule 2a-5 of the Investment Company Act of 1940, as amended (the “40 Act”) to shed light on the role of the board of directors of a registered investment company or business development company (“Boards”) with respect to fund valuation.  Historically, Boards assign valuation using a blend of...

Cayman Islands Update 2018-2019

During 2018 a number of significant changes to the Cayman Islands regulatory regime occurred. As a result, fund vehicles now have significantly increased obligations as regards obligations in relation to Anti-Money Laundering (“AML”) including appointing compliance officers and potentially making additional filings. Further, the deadline for compliance with the regime relating to the disclosure...

Privacy and Data Security for Private Fund Managers

The California Consumer Privacy Act (the “CCPA”) was enacted in 2018 and becomes effective January 1, 2020. The CCPA gives consumers in California four basic privacy rights including: To know what personal information a business has about them, and from where (categorized) that personal information came or was sent; To request deletion of personal information that a business collected from them...

Registered Investment Adviser Compliance Update

The SEC’s Division of Enforcement has indicated that one of its focuses for 2018 was on retail investors. This focus has translated into increasing number of cases involving investment advisers. According to the Enforcement Division’s recently published reports, cases involving investment advisers and investment companies were the second largest group of actions in the last year, just...

Updates on Regulation, Trading, and Market Reforms for the Alternative Investment Community