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
Robert E. Plaze
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The Countdown Starts: Compliance Dates Set for Private Fund Adviser Rules
By Robert Sutton & Robert E. Plaze on
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…
Lawsuit Challenges Private Fund Adviser Rules
By Robert Sutton & Robert E. Plaze on
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”). (Please see our prior alerts for a description of the Rules’ provisions and …
Relief for Non-U.S. Investment Advisers: SEC Clarifies the Extraterritorial Limits of the New Private Fund Adviser Rules
By Robert Sutton & Robert E. Plaze on
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…
SEC Adopts Private Fund Adviser Rules
By Robert Sutton & Robert E. Plaze on
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. (For a summary of the initial proposal, please see our previous…
Amendments to Form PF Require Hedge Funds and Private Equity Funds to Make Ad Hoc Reports to the SEC Regarding Significant Events
By Robert Sutton, Robert E. Plaze & Kelli L. Moll on
On May 3, 2023, the Securities and Exchange Commission (“SEC”) adopted a set of amendments to Form PF, first proposed by the agency in January 2022 (the “Amendments” or “Amended Form PF”).[1] Amended Form PF includes several new questions in the section applicable to large private equity funds, and creates two entirely new…