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Articles by Robert Plaze
SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs
By: Robert E. Plaze, John Mahon, Shaina Maldonado & Adrianna Vallee (Blockchain & The Law) On January 10, 2024, the Securities and Exchange Commission (“SEC”) issued an order granting approval for the applications of 11 spot Bitcoin exchange-traded products (the “Approved ETPs”) to list and trade their shares on a national securities exchange.[1] Consequently, each Approved ETP is slated to commence trading on either the NYSE Arca, Inc., The Nasdaq Stock Market LLC, or Cboe BZX Exchange, Inc.
SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs
Skip to Content Proskauer on Private Fund Litigation The SEC issued an order approving the applications of 11 different spot Bitcoin exchange-traded products to each list and trade their shares on a national securities exchange. This order represents the first time that the SEC has permitted the listing of an exchange-traded product that invests directly in a cryptocurrency – here, Bitcoin. Read the full client alert here.
SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs
John Mahon is a partner in the Registered Funds group and a member of the Investment Management practice. John has nearly 20 years of experience working with asset management clients in structuring, launching and managing regulated fund products and other permanent capital vehicles.
SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs
On January 10, 2024, the Securities and Exchange Commission ("SEC") issued an order approving the applications of 11 different spot Bitcoin exchange‑traded products (the "Approved ETPs") to each list and trade their shares on a national securities exchange.[1] As a result, each Approved ETP is expected to commence trading on either the NYSE Arca, Inc., The Nasdaq Stock Market LLC, or Cboe BZX Exchange, Inc.
2024 SEC Examination Priorities –Takeaways For Registered Fund And BDC Managers - Commodities/Derivatives/Stock Exchanges - United States
On October 16, 2023, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission ("SEC") released its 2024 Examination Priorities ("Annual Priorities").1 Unlike in previous years when the Division released its exam priorities at the beginning of the calendar year, the publication of this year's Annual Priorities aligns instead with the start of the SEC's fiscal year, which begins on November 1.
2024 SEC Examination Priorities –Takeaways for Registered Fund and BDC Managers | JD Supra
On October 16, 2023, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission ("SEC") released its 2024 Examination Priorities ("Annual Priorities").[1] Unlike in previous years when the Division released its exam priorities at the beginning of the calendar year, the publication of this year's Annual Priorities aligns instead with the start of the SEC's fiscal year, which begins on November 1.
2024 SEC Examination Priorities -Takeaways for Registered Fund and BDC Managers
On October 16, 2023, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission ("SEC") released its 2024 Examination Priorities ("Annual Priorities").[1] Unlike in previous years when the Division released its exam priorities at the beginning of the calendar year, the publication of this year's Annual Priorities aligns instead with the start of the SEC's fiscal year, which begins on November 1.
The Countdown Starts: Compliance Dates Set for Private Fund Adviser Rules | JD Supra
September 15, 2023 To embed, copy and paste the code into your website or blog: Earlier today, the SEC’s Private Fund Adviser Rules were published in the Federal Register. As with all federal regulations, publication in the Federal Register begins the countdown to the Rules’ compliance dates. These dates are listed in the table below.
The Countdown Starts: Compliance Dates Set For Private Fund Adviser Rules
Earlier today, the SEC's Private Fund Adviser Rules were published in the Federal Register. As with all federal regulations, publication in the Federal Register begins the countdown to the Rules' compliance dates. These dates are listed in the table below. Please see our prior alerts for an overview of the Rules' provisions, a summary of their applicability to non-U.S. investment advisers and a discussion of a legal challenge to the Rules that was recently filed by six trade associations.
The Countdown Starts: Compliance Dates Set for 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.
The Countdown Starts: Compliance Dates Set for Private Fund Adviser Rules
We are 800+ lawyers serving clients from offices located in the leading financial and business centers in the Americas, Europe and Asia. The world’s leading organizations, companies and corporations choose us to be their representatives in their most critical situations. Moreover, they consider Proskauer a strategic partner to drive their business forward.
Lawsuit Challenges 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.
Lawsuit Challenges Private Fund Adviser Rules
On Friday, September 1, 2023, a lawsuit was filed with the federal Court of Appeals in the Fifth Circuit challenging the validity and enforceability of the recently adopted Private Fund Adviser Rules under the Investment Advisers Act of 1940 (the “Advisers Act”).
Lawsuit challenges Private Fund Adviser Rules
On Friday, September 1, 2023, a lawsuit was filed with the federal Court of Appeals in the Fifth Circuit challenging the validity and enforceability of the recently adopted Private Fund Adviser Rules under the Investment Advisers Act of 1940 (the “Advisers Act”).
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
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
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
Thursday, February 16, 2023 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 | 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
Q&A: The Bottom Line of Complying with the SEC’s New Marketing Rule | JD Supra
In the late fall of 2020, the SEC implemented rule amendments which created a single rule, the Marketing Rule, that replaces the current Advertising and Cash Solicitation Rules. The Marketing Rule represents both significant continuity with and a significant departure from the current rules. November 4, 2022 is the SEC’s imposed deadline for compliance with these new amendments.
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...
Regulation Of Custodial Practices Under The Investment Advisers Act Of 1940 Rule 206(4)-2
Regulation of Custodial Practices under the Investment Advisers Act of 1940is 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.
Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2: June 2022 | JD Supra
Background - A. Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”) under newly-acquired authority to adopt rules to prevent fraud by investment advisers.
SEC Proposes ESG Reporting and Disclosure Requirements for Private Fund Advisers
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.
SEC Reopens Comment Period For Proposed Private Fund Adviser Rules
Yesterday, the U.S. Securities and Exchange Commission ("SEC") announced that it will reopen the public comment period on its proposed rules relating to private fund advisers. The comment period will now remain open until 30 days after the publication of this announcement in the Federal Register. The comment period closed on April 25 and the SEC has already received comment letters from most industry trade groups.
SEC Reopens Comment Period for Proposed Private Fund Adviser Rules | JD Supra
Monday, the U.S. Securities and Exchange Commission (“SEC”) announced that it will reopen the public comment period on its proposed rules relating to private fund advisers. The comment period will now remain open until 30 days after the publication of this announcement in the Federal Register. The comment period closed on April 25 and the SEC has already received comment letters from most industry trade groups.
SEC reopens comment period for proposed private fund adviser rules
Yesterday, the U.S. Securities and Exchange Commission (“SEC”) announced that it will reopen the public comment period on its proposed rules relating to private fund advisers. The comment period will now remain open until 30 days after the publication of this announcement in the Federal Register. The comment period closed on April 25 and the SEC has already received comment letters from most industry trade groups.
SEC Reopens Comment Period for Proposed 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.
The Bottom Line Of The SEC Proposed Private Fund Rules - Financial Services - United States
On February 9, 2022, the U.S. Securities and Exchange Commission (the "SEC") proposed new rules and amendments to existing rules under the U.S. Investment Advisers Act of 1940, as amended, that would have notable practical implications for private funds advisers, in many cases regardless of the adviser's registration status.
The Bottom Line of the SEC Proposed Private Fund Rules
Robert Plaze’s experience gives him a unique understanding of the SEC and the federal securities laws affecting our clients. Following nearly 30 years in the SEC’s Division of Investment Management, most recently as Deputy Director, Bob is a partner in Proskauer’s Registered Funds… Robert Plaze’s experience gives him a unique understanding of the SEC and the federal securities laws affecting our clients.
SEC Division Of Examinations Announces 2022 Examination Priorities
On March 30, 2022, the Division of Examinations (the "Division") of the U.S. Securities and Exchange Commission (the "SEC") announced its examination priorities for fiscal year 2022.
SEC Division of Examinations Announces 2022 Examination Priorities
Robert Leonard is a partner in the Hedge Funds Group. For more than 30 years Rob has been structuring, organizing and representing hedge funds, funds of funds and other private investment funds (both domestic and offshore), family offices, institutional investors and investment advisers.… Robert Leonard is a partner in the Hedge Funds Group.
SEC Proposes Significant Amendments to Form PF | JD Supra
On January 26, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed amendments to Form PF and related rules (the “Proposed Amendments”) under the Investment Advisers Act of 1940 (“Advisers Act”). Form PF is the confidential reporting form used by certain advisers to private funds to report information to the SEC and the Financial Stability Oversight Counsel (“FSOC”) about private funds.
SEC Chair Gensler Signals SEC Policies For Private Funds
United States: SEC Chair Gensler Signals SEC Policies For Private Funds 19 November 2021 by Robert E. Plaze and David J. Marcinkus Proskauer Rose LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
SEC Chair Gensler Signals SEC Policies for Private Funds
Tuesday, November 16, 2021 On November 10, 2021, in prepared remarks before a meeting sponsored by the Institutional Limited Partners Association (ILPA), Securities and Exchange Commission (SEC) Chair Gary Gensler presented his views on the role and importance of private equity funds and hedge funds (private funds) in the U.S. capital markets, and noted certain areas of further consideration by the staff.
SEC Chair Gensler Signals SEC Policies for Private Funds
On November 10, 2021, SEC Chair Gensler gave an important speech identifying his regulatory priorities for private funds. Registered advisers should take note of the areas of concern Chair Gensler identified as we approach the new year. Read the full client alert here.
SEC’s Division of Examinations Publishes Risk Alert on Investment Adviser Principal and Cross Trading Practices
Thursday, August 12, 2021 On July 21, 2021, the Division of Examinations (“Exams”) issued a risk alert on principal and cross trading practices by investment advisers (the “Risk Alert”).[1] This Risk Alert supplements a prior risk alert published by Exams in 2019 that highlighted the most common compliance issues observed by Exams staff.[2] A cross trade occurs when an adviser causes one client to sell a security to another client.
SEC Increases Advisers Act Qualified Client Thresholds
United States: SEC Increases Advisers Act Qualified Client Thresholds 24 June 2021 by Robert E. Plaze and Anthony Drenzek Proskauer Rose LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
SEC Increases Advisers Act Qualified Client Threshold | JD Supra
On June 17th, the Securities and Exchange Commission (the “Commission”) issued an order adjusting the dollar amount thresholds for clients of registered advisers to be “qualified clients” under rule 205-3 of the Investment Advisers Act of 1940 (the “Advisers Act”), and thus permitted to pay a “performance fee” under the rule.
SEC Increases Advisers Act Qualified Client Thresholds
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SEC Division Of Examinations Announces Its Examination Priorities For 2021
United States: SEC Division Of Examinations Announces Its Examination Priorities For 2021 18 March 2021 by Robert E. Plaze , Stephen Mears , Joshua Newville , Anthony Drenzek and Benjamin Catalano Proskauer Rose LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com. On March 3, 2021, the SEC's Division of Examinations announced its examination priorities for 2021.
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