Events & Publications
- Oct 12, 2020
- Publications
PE Fundraising at a Glance looks at the latest quarterly trends on global and U.S.-based private equity fundraising. In the third quarter, private equity fundraising began to stabilize, although the outlook remains uncertain given the …
- Oct 09, 2020
- Publications
In an effort to assist small businesses with their capital raising needs, the SEC recently proposed an exemptive order which, if issued, would offer limited conditional exemptions from broker-dealer registration for individuals who…
- Oct 09, 2020
- Publications
The Supreme Court recently declined to hear New England Teamsters & Trucking v. Sun Capital Partners, et al., putting an end to years of litigation that have plagued the private equity industry.
- Oct 05, 2020
- Publications
As part of the European Union’s Action Plan for Financing Sustainable Growth, two regulations will require financial market participants, financial advisers and other regulated firms to make new sustainability-related disclosures. A…
- Sep 22, 2020
- Publications
The SEC recently adopted amendments to its proxy solicitation rules that codify its view that proxy voting advice constitutes a solicitation under the proxy rules; clarify that a failure by proxy advisory firms to provide material…
- Aug 04, 2020
- Publications
The IRS and the Treasury Department recently released proposed regulations on the scope and applicability of Section 1061 of the Internal Revenue Code.
- Jul 22, 2020
- Publications
Among others, the SEC now requires that proxy advisory firms wishing to rely on certain proxy solicitation rule exemptions must establish reasonable policies and procedures to give all companies access to their voting advice before or …
- Jul 14, 2020
- Publications
In our inaugural PE Fundraising at a Glance, we look at the latest quarterly trends on global and U.S.-based private equity fundraising. During the second quarter of 2020, the fundraising market was markedly impacted by the COVID-19…
- Jul 14, 2020
- Publications
Paul, Weiss obtains dismissal of $50 billion derivative action brought by beneficiaries of the Kentucky Retirement System against hedge fund managers and others. In a unanimous ruling, the Kentucky Supreme Court held that plaintiffs…
Corporate partner Udi Grofman was featured on a panel, “A Maturing Market: A View from Industry Leaders,” as part of the annual Maples Investment Funds Forum conference
Corporate partner Udi Grofman will chair a new Practising Law Institute (PLI) program, “Advanced Issues in Private Funds,” which will be broadcast as a live webcast on June 9.
- May 26, 2020
- Publications
Federal and state securities laws generally apply only to instruments that qualify as “securities.” The question of whether a particular instrument is a security, therefore, can have significant and far-reaching consequences. Nearly…
On May 6, several Paul, Weiss partners led a CLE webinar for the New York City Bar Association’s Private Investment Funds Committee. The presentation, “COVID-19 Considerations for Private Funds,” covered the fundraising environment,…
- Apr 25, 2020
- Publications
The SBA has issued a new interim final rule on the PPP program, which clarifies that private equity firms and hedge funds are ineligible for PPP loans.
- Apr 01, 2020
- Publications
An article by the Private Funds group was published in a special issue of Private Equity International focused on COVID-19 impacts. The article, first issued as a Paul, Weiss memo, discusses proactive steps and protective measures…
- Mar 26, 2020
- Publications
The SEC has issued a Superseding Order extending relief to Form ADV and Form PF filing and delivery obligations for which the original due date is between March 13, 2020 and June 30, 2020.
- Mar 22, 2020
- Publications
As financial markets continue to exhibit extreme volatility as a result of COVID-19, related macro factors and oil price movements, managers of hedge funds, as well as other open-ended and evergreen funds, should assess challenges and …
- Mar 20, 2020
- Publications
Corporate partner Udi Grofman was extensively quoted in a recent article on FundFire, “Hedge Fund Diligence Questions Skyrocket During Coronavirus.”
- Mar 14, 2020
- Publications
The SEC has issued an Order providing investment advisers who are unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of coronavirus (COVID-19) with a 45-day extension…
- Mar 11, 2020
- Publications
An article by the members of the Private Funds group, “COVID-19: Certain Fund-Related Considerations for Private Equity Managers,” appeared in the March 11 issue of Private Equity International and Private Funds CFO.
- Feb 28, 2020
- Publications
The February 28 newsletter by the American Investment Council, a leading private equity advocacy and resource organization, featured an article by corporate partners Marco Masotti and Conrad van Loggerenberg and associate Victoria…
- Mar 11, 2020
- Publications
The wide-ranging and uncertain impacts of the coronavirus outbreak (COVID-19) on markets and businesses are creating a variety of challenges, as well as opportunities, for hedge funds. Hedge fund managers may want to consider a…
- Mar 10, 2020
- Publications
The cascading impacts of the coronavirus on markets and businesses are creating a variety of challenges and opportunities for private equity funds. General partners may want to consider a variety of proactive steps, including…
- Feb 25, 2020
- Publications
An article published on February 25 in Private Equity International, a leading industry news source, highlights recent research findings by the Paul, Weiss private funds group.
- Jan 28, 2020
- Publications
2019 marked another unprecedented year in civil and criminal anti-spoofing enforcement.
- Jan 22, 2020
- Publications
It is widely expected that within two years, by the end of 2021, the London Interbank Offered Rate (“LIBOR”) will no longer be published by LIBOR panel banks. Recognizing the potential impact LIBOR’s cessation could have on lenders,…
- Jan 10, 2020
- Publications
On January 7, 2020, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) announced its examination priorities for 2020.
- Dec 17, 2019
- Publications
The 2020 Private Funds Regulatory Compliance Calendar covers certain (but not all) regulatory obligations of a typical U.S.-based private fund adviser.
- Dec 02, 2019
- Publications
In the latest turn in the Sun Capital litigation, the First Circuit Court of Appeals reversed the 2016 decision of the District Court for Massachusetts, and held that three private equity funds managed by Sun Capital were not liable…
- Oct 28, 2019
- Publications
A recent flurry of cyber attacks on asset managers should remind asset management firms and other financial institutions that they are attractive targets for cyber-exploitation and need to remain vigilant and institute appropriate…
- Oct 15, 2019
- Publications
Corporate partner Amran Hussein was featured in a two-part Q&A in Private Equity Law Report.
- Sep 23, 2019
- Publications
On September 12, 2019, the Commodity Futures Trading Commission (“CFTC”) issued a consent order against Phillip Capital, Inc. (“Phillip”), a Chicago-based Futures Commission Merchant, requiring payment of a $500,000 penalty and $1…
- Sep 11, 2019
- Publications
On September 4th, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert highlighting the most frequent compliance issues identified by its staff during examinations of investment advisers…
Corporate partner Udi Grofman, real estate partner Harris Freidus and tax partner David Mayo will lead a one-hour Practising Law Institute briefing, “Real / Hard Asset Funds: Real Estate and Infrastructure.”
- Jun 20, 2019
- Publications
The IRS and Treasury recently released proposed and final regulations that, among other things, change the way income inclusions work under the Subpart F and GILRI rules with respect to foreign corporations that are CFCs owned by…
- Jun 10, 2019
- Publications
The SEC recently issued a final interpretation (the “Interpretation”) of the federal fiduciary duty that an investment adviser owes to its clients under the Advisers Act.
Paul, Weiss hosted its Annual Private Equity General Counsel CLE Program.
Funds partner Marco Masotti will moderate a panel at the International Bar Association Investment Funds Committee’s 30th Annual Conference on the Globalization of Investment Funds.
- Apr 23, 2019
- Publications
Funds partners Marco Masotti, Matthew Goldstein, Conrad van Loggerenberg and Lindsey Wiersma are extensively quoted in part 2 of a Private Equity Law Report article discussing various issues arising in the private equity landscape,…
Paul, Weiss hosted its Annual Hedge Fund GC Forum. The event brings together clients and friends from the industry’s most prominent hedge funds to discuss significant issues confronting the industry.
- Apr 16, 2019
- Publications
Funds partners Marco Masotti, Matthew Goldstein, Conrad van Loggerenberg and Lindsey Wiersma are extensively quoted in a Private Equity Law Report article discussing the concerns of sponsors and the evolution of the relationship with…
Corporate partner Amran Hussein will speak at the Practising Law Institute’s 20th Annual Private Equity Forum.
Corporate partner Marco Masotti will moderate a panel at the International Bar Association’s 30th Annual Conference on the Globalization of Investment Funds.
Corporate partners Marco Masotti and Udi Grofman will participate in panel discussions at the International Bar Association’s 20th Annual International Conference on Private Investment Funds.
- Jan 03, 2019
- Publications
Attached is a link to the Paul, Weiss Private Funds Regulatory Compliance Calendar for 2019.
- Jan 02, 2019
- Publications
On December 20, 2018, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) announced its examination priorities for 2019. Below are certain highlights of the examination priorities…
- Dec 20, 2018
- Publications
Corporate partner Jeffrey Marell is quoted in a Reuters article discussing a potential drop in mergers and acquisitions worldwide in 2019.
- Dec 26, 2018
- Publications
As financial markets continue to exhibit extreme volatility, it may be time for managers of hedge funds (and other open-ended and evergreen funds) to assess the challenges (and potential opportunities) that may arise in the near…
Corporate partner Amran Hussein and of counsel Bob Hirsh will deliver the keynote address at the 2018 StreetWise Partners New York Graduation.
Paul, Weiss is pleased to announce that the following attorneys have been elected to the partnership, effective January 1, 2019: Justin Anderson, Robert Britton, David Carmona, Harris Fischman, Christopher D. Frey, Matthew B.…
- Dec 03, 2018
- Publications
Beginning next month, Democrats will control the House of Representatives for the first time since 2010. Given the pent-up demand for House Democrats to make robust use of their oversight and investigative authorities, the current…
- Nov 27, 2018
- Publications
U.S. regulations imposing stay requirements on the terms of swaps, repurchase agreements and other qualified financial contracts of globally systemically important banks (GSIBs) take effect on January 1, 2019 in support of a policy…
- Oct 31, 2018
- Publications
Corporate partner Marco Masotti, counsel Matthew Goldstein and associate Robert Tananbaum co-wrote a guest article that was featured in the American Investment Council’s (AIC) October newsletter.
Corporate partners Mark Bergman, Ariel Deckelbaum, Marco Masotti, Alvaro Membrillera and Tarun Stewart will participate in the International Bar Association’s annual conference.
Corporate partner Udi Grofman will speak on a panel at ALM’s 12th Annual Hedge Fund General Counsel & Compliance and Officer Summit.
- Jul 13, 2018
- Publications
Corporate partner Marco Masotti, counsel Lindsey Wiersma and associate Conrad van Loggerenberg co-authored a chapter of The International Comparative Legal Guide (ICLG) to Alternative Investment Funds 2018.
Corporate partner Marco Masotti will speak at the Practising Law Institute’s 19th Annual Private Equity Forum.
Corporate counsel Lindsey Wiersma will speak on a panel at the American Investment Council’s (AIC) Chief Compliance Officers Working Group Meeting.
- Apr 17, 2018
- Publications
The SEC recently published an alert listing the most frequent advisory fee and expense compliance issues identified in deficiency letters sent to SEC-registered investment advisers.
- Mar 20, 2018
- Publications
The U.S. Court of Appeals for the Fifth Circuit recently set aside the Department of Labor’s (DOL) so-called “fiduciary rule,” holding that it exceeded the regulatory authority granted to DOL by the Employee Retirement Income Security …
Corporate partners Marco Masotti (who co-chairs the conference), Ariel Deckelbaum, Amran Hussein, Udi Grofman and Ramy Wahbeh are taking part in the American Bar Association and the International Bar Association’s 19th Annual…
Corporate partner Udi Grofman will speak at the upcoming Maples Investment Funds Forum conference.
Corporate partner Marco Masotti will speak on a panel on development finance in emerging markets at an event sponsored by the Queen Mary-UNIDROIT Institute of Transnational Commercial Law.
- Dec 06, 2017
- Publications
Attached is a link to the Paul, Weiss Private Funds Regulatory Compliance Calendar for 2018. The calendar covers certain (but not all) regulatory obligations of a typical U.S.-based private fund adviser. Please note that any words…
- Nov 14, 2017
- Publications
Corporate partner Marco Masotti was featured in a Q&A in this month’s UVA Lawyer, the alumni magazine of the University of Virginia School of Law.
Corporate partner Ariel Deckelbaum moderated a panel at the Financial Times – Outstanding Directors Exchange conference.
- Oct 02, 2017
- Publications
With several headline-grabbing GP-led secondary transactions, 2017 has witnessed the maturation of a relatively new feature in the private equity industry’s liquidity tool kit. In this issue of Private Funds Spotlight, corporate…
- Sep 26, 2017
- Publications
In this alert, we describe the new SEC disclosure requirements applicable to investment advisers under amendments to Part 1A of Form ADV that will go into effect on October 1, 2017. The amendments require additional information…
Corporate partner Udi Grofman will speak at the Practising Law Institute’s 2017 Hedge Fund Management program.
Corporate partner Marco Masotti will deliver the keynote address at the American Investment Council’s (AIC) Chief Financial Officers Day.
- Aug 25, 2017
- Publications
On Wednesday, in United States v. Martoma, the United States Court of Appeals for the Second Circuit overruled its own 2014 decision in United States v. Newman and altered the standard for determining whether the personal benefit…
Corporate partner Marco Masotti will speak at the Practising Law Institute’s 18th Annual Private Equity Forum.
Corporate partner Udi Grofman will speak at the upcoming Maples
Investment Funds Forum conference.
- Feb 09, 2017
- Publications
On February 3, President Donald Trump signed an executive order setting forth "Core Principles" intended to guide the regulation of the U.S. financial system. Although not specifically mentioned, revisions to the Dodd-Frank Act are…
- Feb 08, 2017
- Publications
On February 7, the SEC's Office of Compliance Inspections and
Examinations identified five areas of compliance deficiencies or
weaknesses frequently found during the staff's examinations of
registered investment advisers. In the…
- Dec 07, 2016
- Publications
In its first opinion on the scope of insider trading liability
in nearly twenty years, the Supreme Court in Salman v.
United States addressed whether insider trading liability
can arise where a tipper makes a "gift" of…
- Nov 22, 2016
- Publications
Below is a link to the Paul, Weiss Private Funds Regulatory
Compliance Calendar for 2017. The calendar covers certain (but not
all) regulatory obligations of a typical U.S.-based private fund
adviser. Please note that any…
- Nov 08, 2016
- Publications
A Second Circuit decision on November 3 in Lowinger v.
Morgan Stanley rejected a theory that would have impeded
the normal process by which trading of newly issued IPO shares is
stabilized. In its November 3 ruling, the court…
- Nov 08, 2016
- Publications
The IRS issued proposed regulations in August taking aim at
valuation discounts with respect to closely-held interests for
gift, estate and generation-skipping transfer tax purposes.
If adopted, the proposed regulations…
- Nov 03, 2016
- Publications
The U.K. High Court today held that the U.K. Secretary of State
does not have the power to give notice pursuant to Article 50 of
the Treaty on the European Union for the nation to withdraw from
the European Union. According …
- Oct 21, 2016
- Publications
In this edition of the Paul, Weiss Private Equity Digest, we discuss China-U.S. crossborder deal risks for U.S. sellers and possible ways to address those risks.
- Sep 15, 2016
- Publications
On August 25, 2016, the SEC adopted amendments to Form ADV, and
amendments to Rule 204-2 (the "Recordkeeping Rule") and certain
other rules under the Investment Advisers Act of 1940, as amended
(the "Advisers Act") which…
Corporate partner Udi Grofman will participate in a panel
discussion at the Practising Law Institute's Hedge Fund Management
seminar.
- Jul 12, 2016
- Publications
London-based corporate partners Mark Bergman and David Lakhdhir
co-authored a client memorandum, titled "Brexit: Disclosure
Implications for SEC Reporting Companies," that was featured in the
July issues of Insights: The…
- Jul 13, 2016
- Publications
On June 28, 2016, the Securities and Exchange Commission (the
"SEC") proposed a
new rule [1] requiring SEC registered investment advisers ("advisers") to adopt and
implement a business continuity and transition plan (a "BCTP") to …
- Jul 12, 2016
- Publications
In the short period since the June 23 UK referendum on whether
to remain in, or leave, the European Union, the United Kingdom has
faced a remarkable range of political, monetary, economic and
even constitutional…
- Jul 08, 2016
- Publications
On June 27, 2016, the Securities and Exchange Commission (the "SEC") adopted final rules requiring resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial…
- Jul 06, 2016
- Publications
On June 23, 2016 voters in the United Kingdom were asked in a referendum whether the UK should remain a member of the European Union or leave the EU. By a vote of 51.9% to 48.1%, the voters opted to leave.
- Jun 21, 2016
- Publications
Litigation partners Lewis Clayton and Stephen Lamb co-authored a
client memorandum that was featured on the Harvard Law
School Forum on Corporate Governance and Financial
Regulation website.
Corporate partner Marco Masotti will participate in a panel
discussion at the Practising Law Institute's Private Equity
Forum.
- Jun 17, 2016
- Publications
On June 14, 2016, the U.S. Securities and Exchange Commission
increased the net worth test threshold for "qualified clients"
under Rule 205-3 of the Investment Advisers Act of 1940, as
amended, from $2 million to $2.1 million.
- Jun 13, 2016
- Publications
On May 31, Vice Chancellor Laster of the Delaware Court of
Chancery held that, for purposes of Delaware's appraisal statute,
the fair value of the common stock of Dell Inc. at the time of its
sale to a group including the…
- May 09, 2016
- Publications
On May 3, 2016, the SEC adopted final rules, substantially as
proposed in December 2014, under the Jumpstart Our Business
Startups Act (the "JOBS Act") and the Fixing America's Surface
Transportation Act (the "FAST Act") that…
- May 04, 2016
- Publications
In April 2016, the U.S. Securities and Exchange Commission (the
"SEC") published a concept release (the "Release") seeking comment
on modernizing certain disclosure requirements of Regulation
S-K.
- Apr 27, 2016
- Publications
On April 21, 2016, the Securities and Exchange Commission, the
Office of the Comptroller of the Currency, the Board of Governors
of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Federal Housing…
- Apr 19, 2016
- Publications
In this edition of the Paul, Weiss Private Equity Digest, we
take a look at the possibly revived PIPEs market and discuss key
considerations for private equity investors looking to put capital
to work in this space.
- Apr 11, 2016
- Publications
On March 30, the D.C. District Court issued an order rescinding
the Financial Stability Oversight Council's (FSOC's) designation of
MetLife, Inc., as a systemically important nonbank financial
company. The Court's opinion was…
- Apr 05, 2016
- Publications
Private equity funds should consider the impact of a March 28
lower court decision in the Sun Capital case, which may increase
the risk that funds will be held responsible for ERISA obligations
of portfolio companies.
Corporate partners Marco Masotti, Udi Grofman, Michael Hong and Amran Hussein will take part in the American Bar Association and the International Bar Association's 17th Annual International Conference on Private Investment Funds.
Corporate partner Marco Masotti will speak at the sixth annual
Global Fund Finance Symposium, which will address key developments
and trends in the subscription credit facility and fund finance
markets.
Corporate partner Udi Grofman will speak about U.S. regulatory
trends at the upcoming Maples Investment Funds Forum
conference.
- Feb 18, 2016
- Publications
In this edition of the Paul, Weiss Private Equity Digest, we
review acquisition financing trends from 2015.
- Feb 10, 2016
- Publications
On Tuesday, February 9, 2016, the White House released President
Obama's Budget for Fiscal Year 2017.
Corporate partner Marco Masotti will moderate a panel at the
International Bar Association's 27th Annual Conference on the
Globalisation of Investment Funds.
- Feb 02, 2016
- Publications
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders ("GTO") imposing temporary reporting requirements on title insurers with respect to "all-cash" purchases of high-end…
Corporate partner Marco Masotti will serve as Chair of the
American Bar Association and International Bar Association's Annual
Conference on Private Investment Funds for a two year term
effective January 1.
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