Category: Legal and Regulatory Updates
DOL Confirms DC Plans May Offer Options that Include Private Equity Investments
The DOL recently issued an Information Letter confirming that defined contribution plans may offer as an investment option a professionally managed asset allocation fund, such as a target date fund, that includes as a component private equity investments.
June 09, 2020
Tags: DOL, ERISA, Fiduciary, Jay Clayton, Private Equity
DOL Sends New Fiduciary Rule Proposal, Other Items to OMB
The DOL has sent a proposal entitled “Improving Investment Advice for Workers and Retirees Exemption” to the Office of Management and Budget for review.
June 09, 2020
Tags: DOL, Fiduciary, SECURE Act
LA PE Fund Adviser Pays $1 Million to Settle MNPI Charges
A Los Angeles-based private equity fund adviser has paid $1 million to settle charges that it failed to sufficiently implement and enforce its policies and procedures for preventing the misuse of material, nonpublic information.
June 05, 2020
Tags: Compliance, MNPI, Private Equity, SEC Enforcement
IAA Urges SEC to Expand, Simplify Access to Exempt Offerings
The IAA is calling on the SEC to expand access to the private markets and make it easier for advisers to communicate with potential investors – in a new comment letter on the SEC’s exempt offering proposal from March 2020.
June 03, 2020
Tags: Accredited Investor, Exempt Offerings, Private Offerings, QIB
NY Federal Court Interests in Syndicated Loans are Not Securities
A group of banks in a lending syndicate succeeded in the U.S. District Court for the Southern District of New York in a dismissal of a lawsuit that was brought against them by a trustee in a bankruptcy proceeding.
June 03, 2020
Tags: Bankruptcy, Securities
SEC Provides No-Action Relief Related to Participation in Fed Lending Facility
The SEC’s Division of Investment Management has issued a no-action letter related to participation in the Federal Reserve Board’s 2020 Term Asset-Backed Securities Loan Facility, or TALF 2020.
June 03, 2020
Tags: No-Action Letter, Federal Reserve Board, Investment Company Act, SEC Investment Management
The SEC’s Division of Investment Management staff has issued a statement regarding the relationship between a section of the Investment Company Act that requires fund shares to have equal voting rights, and state control share statutes that provide a company with the right to change or remove voting rights when a person acquires the ownership of shares equal to or exceeding a specified percentage of the company’s voting power (control shares).
June 03, 2020
SEC Adopts Amendments to Financial Disclosure Rules Related to Acquisitions and Dispositions
The SEC has adopted amendments to Regulation S-X and other regulations.
June 03, 2020
Tags: Investment Company, Mergers & Acquisitions, Private Funds
SEC’s IAC Discusses Index Funds, ESG, Disclosures and Credit Rating Agencies
Discussions on index funds and credit rating agencies – and recommendations on ESG disclosure and disclosure effectiveness more generally – dominated the May 21 meeting of the SEC’s Investor Advisory Committee (IAC).
June 03, 2020
Tags: Form ADV, Allison Herren Lee, Disclosure, ESG, Form CRS, Hester Peirce, IAC, Jay Clayton
The CFTC has voted unanimously on two actions affecting SEC-registered investment advisers and their affiliates operating non-U.S. commodity pools and/or engaging in uncleared swaps transactions on behalf of their clients.
May 29, 2020
Tags: CFTC, CPO, Legal & Regulatory, Non-U.S. Pools, Swaps
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