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Category Archives: law

On The Rise: The Next Moguls like Donald Trump will come from the Crowd – but they will not be Crowdfunding

By David Drake   Direct Public Offering, also known as Regulation A+, is poised to significantly bring down the cost of raising capital for businesses in the US when it becomes legal. And when it does, it could overshadow even its more popular regulatory sibling under the JOBS Act – Crowdfunding.   Such incidences like paying up to $250,000 in […]

The Path to Success for Lawyers on Wall Street

When people think of jobs on Wall Street, they often imagine a bunch of accountants, analysts, stockbrokers, mathematicians and other brainy types. But not everyone in the financial sector follows the same path. There is more than enough room for people with other backgrounds — particularly lawyers. “If people want to go into this industry, there are a lot of […]

Dodd-Frank Caused a Compliance Hiring Boom

Few Wall Street professionals were thrilled about the implementation of Dodd-Frank and other forms of regulation. But it seems to have been a blessing for those who specialize in compliance. “With Dodd-Frank, with the regulations that came out of that, and with the regulations that are coming out still, I’m seeing lots of hiring of CCOs and lots of other […]

Impact of CFTC Registration and Reporting Requirements on Commodity Pool Operators

Recently, the Commodity Futures Trading Commission (CFTC) finalized several amendments to the registration and compliance requirements for commodity pool operators (CPOs), including rescinding the exemption from CFTC registration provided in Rule 4.13, according to hedge fund law firm Rothstein Kass. The rescission of 4.13 has forced fund managers to reassess their trading in commodity interests as part of an effort […]

Treasury Department Announces $245 Million in Proceeds from Pricing of Public Offerings of Preferred Stock in Seven Financial Institutions

As part of the strategy it outlined last month for winding down its remaining Troubled Asset Relief Program (TARP) bank investments, the U.S. Department of the Treasury today announced that it priced secondary public offerings of the preferred stock it holds in the following seven financial institutions at the following prices per share: – Taylor Capital Group, Inc. (Rosemont, IL), […]

Hedge Fund Compliance: Adviser SRO Begins To Take Shape

The Investment Adviser Oversight Act of 2012 (HR 4624) was introduced yesterday in Congress, according to FrontLine Compliance. The bill provides for the formation of a registered national investment adviser association which would serve as an advisory industry SRO. In summary, the bill calls for the following: The creation of an advisory industry SRO with full rule-making and examination authority […]

Hedge Fund Law Firm Seward & Kissel Achieves Injunction Against Bank Asset Sale

On February 27, 2012, the Delaware Court of Chancery enjoined the sale of BankAtlantic, the sole banking subsidiary of BankAtlantic Bancorp (BBX), to Branch Bank & Trust (BB&T). BBX had planned to sell $3.4 billion in deposits and $3.1 billion in performing loans and other assets to BB&T, keeping BankAtlantic’s criticized assets for itself in a “good bank/bad bank” transaction. […]

FINRA Proposes Rule to Require Additional Notice Filing and Delivery to Hedge Fund Investors

By Jay Gould –  (Pillsbury Winthrop Shaw Pittman LLP) - On October 18, 2011, the SEC released a notice of FINRA’s filing of Proposed Rule 5123 (the “Proposed Rule”) which would require FINRA members and associated persons to: 1) provide to investors disclosure documents in connection with private placements prior to sale and 2) file with FINRA such disclosure documents within […]

Sadis & Goldberg Hedge Fund Advisers Tax Alert

Exempt reporting advisers (“ERAs”) must prepare and file Form ADV Part 1A with the SEC and comply with certain other reporting and recordkeeping requirements under the Investment Advisers Act of 1940 (“Advisers Act”), such as §204A (insider trading prohibitions), §206 (anti-fraud provisions) and Rule 206(4)-5 (pay-to-play rules). ERAs are investment advisers to hedge funds and private equity funds that avoid […]

Hedge Fund Adviser Alert: New Form SLT Deadline Approaching

Holland & Knight - Effective September 30, 2011, the new Treasury International Capital (TIC) Form SLT is required to be filed by certain large investment advisers.  The first filing deadline will be October 24, 2011, for any investment adviser that has $1 billion or more of reportable securities (defined below) as of the last business day of the reporting month (to the extent […]