News & Insights

Help
144 News Results
April 13, 2011

Securities and Exchange Commission April 8, 2011 The SEC released a no-action letter allowing a 501(c)(3) tax-exempt microfinance charity to offer and sell certain notes without registration under the Securities Act or the Investment Company Act, and without qualification under the Trust Indenture Act. Cross References Securities Act Section 3(a)(4); Trust Indenture Act Section 304(a)(4)(A); Investment Company Act Section 3(c)(10)(A)(i)

October 19, 2012

The SEC reported that 1,504 advisers to hedge funds and other private funds have registered with the agency since the Dodd-Frank Act mandated such registration. "Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn’t know how big the pie was," said SEC Chairman Mary L. Schapiro. "The law enables regulators to better protect investors by providing a more comprehensive view of who’s out there and what they’re doing.#8221; Lofchie Comment: The report provides numbers, with pie charts (in disconcerting colors), as to the number of advisers registered with the SEC, the

April 08, 2013

David W. Blass, Chief Counsel of the SEC Division of Trading and Markets, delivered a speech discussing when a firm or individual is required to register with the SEC as a broker-dealer, with particular application to private funds. David Blass discussed two broker-dealer issues relevant to funds: (i) are the fund's employees who talk to potential new investors in the fund effectively acting as securities "brokers" who should be registered as such (or affiliated with a firm that is registered as such) (the "Marketing Issue"); and (ii) in the private equity/venture world, is an advisor who puts

December 03, 2013

The SEC Division of Investment Management ("IM") issued a guidance regarding the application of the exemption from investment adviser registration available to an investment adviser that advises solely on one or more "venture capital funds," as defined in Advisers Act Rule 203(l)-1 ("Venture Capital Fund Defined"). The guidance provides five scenarios which the SEC states are illustrative of the inquiries which the Division of IM has received regarding the venture capital exemption ("VC Exemption"). The Division's responses to the scenarios include the following: The Division would not object

December 27, 2013

The SEC issued a guidance update regarding Charitable Investment Funds that are separate legal entities organized and operated for investment purposes. The SEC staff recently was asked to clarify the exclusion that may be available to Charitable Investment Funds that act as a legal entity separate from the charitable organization that maintains it, and that is organized and operated for the purpose of earning investment returns for the investing charitable organizations, which are to be used exclusively for charitable purposes of specified types ("Permitted Purposes"). The SEC stated that a