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Private Equity Strategies

Regs Watch: Brief Updates on Changes in Regulation for Private Equity

Wednesday, July 23, 2014

As journalists like us and lawyers have written ad nauseum, new and ever more regulations are in the pipeline for private equity and alternatives as a whole. Here we will hit on some of the cases of note and provide links to new guidance over the past month.

US Supreme Court Expands (and Potentially Limits) the Reach of the Bank Fraud Statute

The US Supreme Court has unanimously held that federal prosecutors can use the federal bank fraud statute, 18 U.S.C. § 1344, against offenders in cases where a bank is not the intended target of a fraud.

SEC Division of Corporation Finance Issues Compliance and Disclosure Interpretations

\On July 3, 2014, the SEC's Division of Corporation Finance issued six new Compliance and Disclosure Interpretations (CDIs) regarding the accredited investor verification process under Regulation D. The new CDIs are summarized in the following alert.

SEC issues broker-dealer no-action letter for M&A brokers

In January 2014 the Securities and Exchange Commission (SEC) issued a no-action letter stating that, under certain circumstances, it will not require a finder, consultant or other intermediary helping to facilitate a private M&A transaction to register with the SEC as a broker-dealer.

New limits imposed on foreign investors seeking to acquire farmland in Quebec

On October 30, 2013, the date of royal assent and entry into force of Bill 4610, it became more difficult for a non-resident to acquire agriculturally zoned land suitable for the cultivation of the soil and the raising of livestock.

Estonia unveils draft law to expand pension fund investment

Estonia's Ministry of Finance has published a draft law intended to provide more investment choice for pension funds and more flexibility to investment funds, and help develop local capital markets.

Holy mackerel – are short-sellers the new caped crusaders in the fight to uphold corporate integrity?'

Has an obscure short- seller called Gotham City Research managed to elevate the reputation of its trade from profiteers of doom to superheroes and saviors of the universe?

Silver Lake to pay $29.5 mln in LBO collusion settlement

Silver Lake Partners LP has agreed to pay $29.5 million to settle a lawsuit that accused several large private equity firms of conspiring not to outbid each other on takeovers prior to the financial crisis. It came one month after Goldman Sachs Group Inc and Bain Capital Partners LLC agreed to pay $67 million and $54 million respectively to settle their portions of the litigation.

This article was published in Opalesque's Private Equity Strategies our monthly research update on the global private equity landscape including all sectors and market caps.
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