The impact of the JOBS Act on private funds and their managers *

USA - May 3 2012
President Obama signed the Jumpstart Our Business Startups Act, HR 3606 (the “JOBS Act”) on Thursday, April 5, 2012, which contains significant amendments to the private capital raising provisions in the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Sarbanes-Oxley Act of 2002, as amended.

Co-authors: Drew G.L. Chapman , Alan M. Parness, Brian W. Kleinhaus .

SEC issues no-action letter addressing registration requirements for certain advisory affiliates *

USA - February 13 2012
The staff of the Securities and Exchange Commission (the “Commission”) issued a no-action letter on January 18, 2012 to the American Bar Association’s Subcommittee on Hedge Funds clarifying the registration requirements for certain related entities under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

Co-authors: Drew G.L. Chapman , Steven D. Lofchie, Maurine Bartlett.