On May 13, 2024, the US Securities and Exchange Commission (“SEC”) and the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint notice of proposed rulemaking (the “CIP Proposal”) that would apply customer identification program obligations to SEC registered investment advisers and exempt reporting advisers. In this Legal Update, we provide
SEC Announces 2024 Exam Priorities
On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission announced its examination priorities for 2024. While the Division typically announces its examination priorities near the start of the calendar year, this is the first time that the Division has published its examination priorities this early, to align
Mayer Brown Microtalk: Form PF Amendments
In this MB Microtalk video, Mayer Brown’s Adam Kanter discusses the SEC’s amendments for Form PF, which affects large hedge fund advisors and private equity fund advisors.
Visit our MB Microtalk page for more topics and talks.
Upcoming SEC Open Meeting May 3, 2023
The Securities and Exchange Commission will hold an open meeting on May 3, 2023 at 10 a.m., which will be available to via webcast, the link will be posted shortly before the start of the meeting on the SEC website.
The Division of Corporation Finance will present on share repurchase disclosure modernization. The Commission will
SEC Small Business Capital Formation Advisory Committee Meeting
Today, February 7, 2023, the Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee will host a meeting to discuss several matters. The Committee will discuss alternatives to traditional bank and venture capital funding for small and mid-size private companies. Next, the Committee will discuss rules and amendments first proposed in February 2022 pertaining
SEC’s Acting Chief Accountant Releases a Statement on Critical Points to Consider When Contemplating an Audit Firm Restructuring
The Acting Chief Accountant of the Securities and Exchange Commission, Paul Munter, recently released a statement regarding critical points to consider when contemplating an audit firm restructuring. In recent years, audit firms have been increasingly involved in complex business arrangements, such as selling a portion of their business to a third party while retaining an
What’s the Deal? The Compendium. (2022 Update)
Well, What’s the Deal?
We updated our popular series and published a new compendium. It includes brief discussions in plain English on popular financing methodologies, securities law issues, and practice pointers. With over 170 pages of content, the compendium is available online now to print. See also the tab on the left.
Request your paperback
SEC Proposal Significantly Impacts Private Fund Advisers and Investors
On February 9, 2022, the US Securities and Exchange Commission (the “SEC”) voted to propose a suite of new rules and amendments (the “Proposal”) under the Investment Advisers Act of 1940, as amended. If adopted, the Proposal would significantly increase the compliance obligations of advisers to “private funds” and would fundamentally reorder the relative rights,
SEC Proposes Amendments to Form PF and Enhanced Reporting for Private Fund Advisers
On January 26, 2022, the US Securities and Exchange Commission (SEC) voted to propose amendments to Form PF in order to enhance the reporting requirements and obligations of certain registered investment advisers to private funds. The purpose of the proposed amendments, as described by the SEC, is “to enhance the Financial Stability Oversight Council’s (FSOC)
SEC Staff Guidance on Private Equity Line Financings
The Staff of the Division of Corporation Finance of the Securities and Exchange Commission released today a new Compliance & Disclosure Interpretation, 139.13, relating to equity lines, and has withdrawn several C&DIs (see here). For convenience, the text of 139.13 is reprinted below.
Question 139.13
Question: In many equity line financings, the company