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Articles by Mark S. Audet
Relief for Non-U.S. Investment Advisers: SEC Clarifies the Extraterritorial Limits of the New Private Fund Adviser Rules
On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted its highly anticipated new rules and amendments to existing rules under the Investment Advisers Act of 1940 (“Advisers Act”) impacting private fund advisers (“Private Fund Adviser Rules” or the “Rules”).[1] In a welcome development, the SEC confirmed in its Adopting Release that in most cases the Rules would not apply to advisers located outside of the U.S. (“offshore advisers”), but also clarified that certain...
SEC Adopts Private Fund Adviser Rules | JD Supra
Yesterday, the five SEC commissioners voted 3-2, along party lines, to approve the Private Fund Adviser Rules. The final Rules scale back from what was initially proposed 18 months ago, in ways that are likely to be a relief to many private fund advisers.
SEC Adopts Private Fund Adviser Rules
Robert is a partner of the Private Funds Group and a member of the Corporate Department. He is a seasoned practitioner with over 20 years of experience counseling managers and advisers of private funds on regulatory matters, as well as regulatory issues related to the formation and operation of private equity, credit, real estate, infrastructure, hedge and other private funds.
SEC Adopts Private Fund Adviser Rules
Yesterday, the five SEC commissioners voted 3-2, along party lines, to approve the Private Fund Adviser Rules. The final Rules scale back from what was initially proposed 18 months ago, in ways that are likely to be a relief to many private fund advisers.
In Continuation of Longstanding Focus on Cybersecurity, SEC Proposes Significant Amendments to Regulation S-P
On March 15, 2023 the U.S. Securities and Exchange Commission (“SEC”) released its proposal to amend Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information, while simultaneously issuing two additional cybersecurity-related rule proposals[1] and re-opening the comment period for its previously-proposed cybersecurity risk management rule released in February 2022.[2] This set of sweeping reforms makes it clear, if not already, that the SEC is serious...
SEC Revisits Regulation S-P After Twenty Years of Innovation to Information Technology | JD Supra
On March 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) released its proposal to amend Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information (the “Proposed Amendments”), while simultaneously issuing two additional cybersecurity-related rule proposals[1] and re-opening the comment period for its previously proposed cybersecurity risk management rule released in February 2022.[2] This set of sweeping reforms makes it clear, if not...
In Continuation of Longstanding Focus on Cybersecurity, SEC Proposes Significant Amendments to Regulation S-P
Cybersecurity Nolan’s electrical engineering background, coupled with a litigation and risk management-centric focus, allows him to assist companies in all phases of incident response. Nolan often acts as a bridge between the technical and legal response teams (both inside and outside forensic consultants).
SEC Revisits Regulation S-P After Twenty Years of Innovation to Information Technology
On March 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) released its proposal to amend Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information (the “Proposed Amendments”), while simultaneously issuing two additional cybersecurity-related rule proposals[1] and re-opening the comment period for its previously proposed cybersecurity risk management rule released in February 2022.[2] This set of sweeping reforms makes it clear, if not...
SEC Examinations in 2023 to Focus on “Riskier Private Funds” and New Marketing Rule | JD Supra
On February 7, 2023, the Division of Examinations (“Division” or EXAMS”) of the U.S. Securities and Exchange Commission (“SEC”) released its 2023 Examination Priorities (“Annual Priorities”). Released at the beginning of each calendar year, the priorities tend to repeat the previous year’s priorities, and consumers of these regulatory tea leaves need to search closely for clues as to what is new and meaningful.
SEC Examinations in 2023 to Focus on “Riskier Private Funds” and New Marketing Rule
On February 7, 2023, the Division of Examinations of the U.S. Securities and Exchange Commission released its 2023 Examination Priorities (“Annual Priorities”). Released at the beginning of each calendar year, the priorities tend to repeat the previous year’s priorities, and consumers of these regulatory tea leaves need to search closely for clues as to what is new and meaningful.
SEC Examinations in 2023 to Focus on “Riskier Private Funds” and New Marketing Rule
On February 7, 2023, the Division of Examinations (“Division” or EXAMS”) of the U.S. Securities and Exchange Commission (“SEC”) released its 2023 Examination Priorities (“Annual Priorities”). Released at the beginning of each calendar year, the priorities tend to repeat the previous year’s priorities, and consumers of these regulatory tea leaves need to search closely for clues as to what is new and meaningful.
SEC Breaks its Silence on the New Marketing Rule's Net Performance Requirements | JD Supra
The SEC staff has issued an FAQ related to amended Rule 206(4)-1 under the Investment Advisers Act (the “Marketing Rule”) clarifying that the net/gross rules apply to extracted performance that may consist of returns of single investments. This addresses one of the many ambiguities of the Marketing Rule, which has been in effect since November 4, 2022.
Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2 | JD Supra
Regulation of Custodial Practices under the Investment Advisers Act of 1940 is a comprehensive outline summarizing SEC regulatory requirements for investment advisers that have custody of their client’s assets (or that want to avoid having custody). The author, Proskauer partner Robert Plaze, is a former Deputy Director of the Division of Investment Management at the SEC. Please see full Article below for more information. Download PDF
SEC Issues Risk Alert Announcing Exams Focused on New Marketing Rule | JD Supra
On Monday, September 19, 2022, the SEC’s Division of Examinations issued a Risk Alert announcing their intent to conduct targeted reviews of registered investment advisers regarding compliance with amended Advisers Act Rule 206(4)-1 (the “Marketing Rule”), following the mandatory compliance date on November 4, 2022.[1] Reviews will be conducted both as part of specific national initiatives (sometimes referred to as “sweep” exams, which often focus on one or several related topics) as well as...
SEC Proposes ESG Reporting and Disclosure Requirements for Private Fund Advisers | JD Supra
On May 25, the Securities and Exchange Commission (“SEC”) issued proposed rules under the Investment Advisers Act of 1940 (“Advisers Act”) for advisers to private funds that consider environmental, social or governance factors (“ESG”) as part of one or more significant investment strategies.
SEC Proposes ESG Reporting and Disclosure Requirements for Private Fund Advisers
Robert is a partner of the Private Funds Group and a member of the Corporate Department. He is a seasoned practitioner with over 20 years of experience counseling managers and advisers of private funds on regulatory matters, as well as regulatory issues related to the formation and operation of private equity, credit, real estate, infrastructure, hedge and other private funds.
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