Macfarlanes’ Post

Today a three-judge panel on the 5th Circuit Court of Appeals overturned in whole the SEC’s Private Funds Adviser rules package which was adopted in August of last year. In addition to striking down this rule set, the court’s opinion also called into question two key tenants of private fund enforcement – the notion that formation documents are key to disclosing material facts and the notion that disclosure should be made to investors rather than the fund. This could have a significant impact on near-term SEC activities in the alternatives investment space.  #SEC, #PFAR IRP's Regulatory Cycle infographic: https://lnkd.in/eyaYUViA

The increasing number of private funds and advisers has led to a rise in practices that pose risks and harm to investors. Keith Coyle takes a deep dive into the Quarterly Statements Rule and the Private Fund Audit Rule, which are expected to have a significant impact on Registered #InvestmentAdvisers of #privatefunds. https://hubs.ly/Q0281m0J0 #AskMarcum

Fund distribution 101: - make sure you have regulatory coverage; - make sure your fund is appropriately registered for distribution (if applicable); and - make sure your marketing documents are compliant. This LPEA article (no paywall) covers the last of these areas, which has a number of regulatory tripwires. Consider it a more sober version of the rollercoaster video…

⚠️ The CSSF has released its latest findings on industry compliance with ESMA's marketing guidelines. It's clear that there have been shortcomings in compliance; adherence to these rules is hugely important for safeguarding investor protection. Read Mark Shaw article on LPEA - Luxembourg Private Equity & Venture Capital Association’s website to learn why fund marketing communications need to follow ESMA’s guidelines precisely ➡️ https://bit.ly/3QAgob6 Non-compliance could give rise to regulatory and legal risks. Our experts are here to assist you with any legal advice you may need regarding these rules. #Investmentfunds #CSSF Benoit Rose Lissie Goldbach

In our private funds radar, we round-up the latest developments for private fund stakeholders from around the world. Key updates to look out for this month: - the SEC has adopted new private fund adviser rules, imposing additional reporting requirements and compliance obligations on private fund advisers; - the FCA has expressed concerns regarding the greenwashing potential of sustainability-linked loans; and - reforms to UK stamp duty could mean that partnership interests will be removed from the scope of stamp duty, eliminating uncertainty and complication created by its existence for the parties involved in secondary transactions. Access the latest insights: https://ow.ly/I4YP50PIhEn #PrivateFunds #PrivateCapital

Get the rundown on the new rules and amendments in the SEC's fiscal year 2023 Report on Objectives with this article by Partner Michael A. Provini, Supervisor Anna de Venoge, and Manager Samveg Punamiya. The focus of this annual report is private fund adviser regulation, and its new rules aim to address risks to investors and funds while promoting efficiency, competition and capital formation. #PKFOD #KnowGreaterValue #accounting

Get the rundown on the new rules and amendments in the SEC's fiscal year 2023 Report on Objectives with this article by Partner Michael A. Provini, Supervisor Anna de Venoge, and Manager Samveg Punamiya. The focus of this annual report is private fund adviser regulation, and its new rules aim to address risks to investors and funds while promoting efficiency, competition and capital formation. #PKFOD #KnowGreaterValue #accounting

Get the rundown on the new rules and amendments in the SEC's fiscal year 2023 Report on Objectives with this article by Partner Michael A. Provini, Supervisor Anna de Venoge, and Manager Samveg Punamiya. The focus of this annual report is private fund adviser regulation, and its new rules aim to address risks to investors and funds while promoting efficiency, competition and capital formation. #PKFOD #KnowGreaterValue #accounting

Learn how PRIVATE FUND ADVISOR regulations—including audit and preferential treatment rules—can affect businesses in Deloitte’s report. Please reach out if you’d like to talk through.

A really helpful discussion on key aspects of the new private funds rule - plus a link to the recorded version if you missed it!