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Proskauer Private Investment Funds Group Releases Annual Review and Outlook

Proskauer’s Private Investment Funds Group recently released its 2017 Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds.  This yearly publication provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment advisers to hedge funds, private equity funds and other private funds should consider when preparing for 2018.

Highlights from the annual review include:

  • SEC examination priorities and initiatives and enforcement developments related to the private fund industry, as articulated by SEC officials and corroborated by industry participants, including a review of actions in the areas of performance marketing, valuation, conflicts of interest and investment allocation;

  • A review of regulators’ continued focus on whistleblower programs, including an overview of the SEC’s continued scrutiny of separation agreements and the CFTC’s amendments to its own whistleblower program;

  • An analysis of the current state of insider trading law, including an analysis of the U.S. Supreme Court’s decision in Salman v. United States, the Court’s first ruling in the area of insider trading in nearly 20 years, and the Second Circuit’s approach to the personal-benefit requirement in United States v. Martoma;

  • Ongoing proposed tax changes, including an overview of the evolving tax landscape and a discussion of the recently released GOP tax plan;

  • A review of Big Data, including an examination of securities, technology and privacy laws that may impact the use of Big Data;

  • Regulatory developments in the area of cybersecurity, including new areas of focus for SEC enforcement initiatives and sources of industry guidance issued by the SEC staff;

  • Industry developments in the areas of blockchain and bitcoin technology, including a discussion of state law developments concerning blockchain implementation and an overview of the SEC’s report on the application of the federal securities laws to initial coin offerings;

  • Regulatory developments in the European Union, including an update on the Brexit process and a review of both the Alternative Investment Fund Managers Directive and the impending implementation of the General Data Protection Regulation in each of the EU Member States; and

  • A comprehensive overview of required regulatory filings across the many agencies overseeing the private funds industry, including a quick reference table for monthly filings in 2018.

© 2019 Proskauer Rose LLP.

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About this Author

Anthony M. Drenzek, Special regulatory Counsel, Proskauer Rose, Attorney, Finance Policy Lawyer
Special Regulatory Counsel

Tony is special regulatory counsel in the Corporate Department and a member of the Private Funds Group and the Private Equity & Hedge Fund Litigation team. His practice focuses on advising U.S. and offshore private fund managers on all aspects of federal, state and SRO organizational and operational compliance, with a specific emphasis on the Investment Advisers Act of 1940.

Tony assists U.S. and offshore private fund clients in registering with the SEC as investment advisers, or reporting as exempt reporting advisers, and complying with...

617.526.9655
Michael R. Hackett, Litigation Attorney, Proskauer Law Firm
Associate

Michael R. Hackett is an associate in the Litigation Department and a member of the Asset Management Litigation practice. His practice focuses on disputes and regulation involving private funds, including private equity, venture capital, hedge, real estate and private credit funds, as well as other limited partnerships, where he regularly advises funds, fund sponsors, investment advisers and institutional and individual investors.

Mike’s experience representing private fund clients runs the gamut, from control contests within advisers, to disputes between limited partners and general partners, to representation of investment advisers in connection with regulatory examinations, investigations and enforcement matters.  Mike also routinely represents fund sponsors and their portfolio companies, including in significant post-closing disputes. 

In addition to his private funds practice, Mike represents public and private companies in a variety of complex commercial and securities litigation matters.

Mike has been named a “Rising Star” by Massachusetts Super Lawyers, and was identified as an “associate to watch” by Chambers USA in 2017 and 2018.

During law school, Mike served as an intern judicial clerk to the Honorable William G. Young of the United States District Court for the District of Massachusetts.

617-526-9723