Thu, Oct 2, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
New Managers April 2013

Rules and Regulations - Current legal landscape for investment managers raising funds in the U.S.

(This article was published in Opalesque's Alternative Market Briefing on March 27th, 2013).

Stephen C. Tirrell

Stephen C. Tirrell, Partner at global law firm Bingham McCutchen, New York, talked to me about the existing legal landscape for new investment managers who want to raise private funds in the U.S., with a focus on the Investment Advisers Act, the Securities Act, the Investment Company Act, the Exchange Act and the JOBS Act.

Opalesque: Please tell me about the legal landscape that investment managers have to consider when raising any private fund in the United States.

Stephen Tirrell: Essentially there are four different regulations that we have to consider; the Investment Advisers Act, the Securities Act, the Investment Company Act, and the Exchange Act.

They act in one or more fashion with respect to either the advisory entity or the fund entity. And in each instance, at least in the Securities Act and the Investment Company Act, there are exemptions from registration that private fund managers typically rely on with respect to the private funds that they sponsor.

The Securities Act is the Act that governs the offering of shares to investors in the market. Typically private funds don't register their shares under the Securities Act with the Securities and Exchange Commission (SEC) but rely on an exemption from registration. Therefore, no registration filing is req......................

To view our full article please login

This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
New Managers
New Managers
New Managers

Banner

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Legal - Court throws out lawsuits related to Fannie Mae, Freddie Mac profits, Insider case by SEC is a step removed from Herbalife itself, SEC grants Citigroup waivers, easing hedge-fund curbs[more]

    Court throws out lawsuits related to Fannie Mae, Freddie Mac profits From WSJ.com: A group of Wall Street investors on Tuesday suffered a blow in their attempts to sue the federal government over their treatment of the shareholders of mortgage finance giants Fannie Mae and Freddie Mac af

  2. Launches - Goldman Sachs Asset Management launches GS Long Short Fund, Western & Southern launching international hedge fund, Lansdowne Partners plans energy hedge fund, RBC Global Asset Management launches new RBC Funds (Lux) - Asia Ex-Japan Fund, PVE Capital latest credit strategy to launch on the Sciens managed account platform[more]

    Goldman Sachs Asset Management launches GS Long Short Fund From Marketwatch.com: Goldman Sachs Asset Management has announced the launch of the Goldman Sachs Long Short Fund, which pursues high conviction investment ideas in global equity markets through a fundamental, bottom-up approach

  3. CalPERS’ move might alter hedge fund fees for good[more]

    Benedicte Gravrand, Opalesque Geneva: When CalPERS, the California Public Employees’ Retirement System, announced on September 15th that it was unwinding its hedge-fund portfolio, it was seen by many as is a significant blow to the sector’s appeal. The Fund is

  4. Opalesque Exclusive: Institutions eye private credit over traditional fixed income[more]

    Bailey McCann, Opalesque New York: Investing in private insurance, realty tax receivables, or investment-grade short-term accounts receivable may not spring to mind as a means of mitigating risk in a portfolio, but one firm, New York-based BroadRiver Asset Management is out to change all that. Th

  5. Short-term trading quant fund beats S&P since '09[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A relatively new multi-strategy, market-neutral quantitative hedge fund has managed to outperform the S&P500 and the HFRX Global since 2009. New Jersey-ba