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Client Alert

Private Fund Report—Summary of Key Developments—Spring 2016

July 14, 2016

By The Investment Management, Private Investment Funds, Securities Litigation, Tax & Investigations and White Collar Defense Practices

This continues to be a time of rapid change for the private fund industry, as the Securities and Exchange Commission (the "SEC"), the Commodity Futures Trading Commission (the "CFTC"), and various other regulatory agencies, including the Board of Governors of the Federal Reserve System (the "Federal Reserve") and the Department of the Treasury (the "Treasury"), continue to propose and finalize rules and issue guidance to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and the Jumpstart Our Business Startups Act (the "JOBS Act"). There have also been a number of significant developments in the private fund tax area, and the SEC and private plaintiffs have continued to bring enforcement actions and litigation involving private investment funds and fund managers.

This Report provides an update since our last Report in Fall 2015, and highlights recent regulatory and tax developments, as well as recent civil litigation and enforcement actions as they relate to the private fund industry. Paul Hastings attorneys are available to answer your questions on these and any other developments affecting private funds and their investors and advisers.

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