Mon, Jan 27, 2020
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: Form SHL comes for hedge fund managers

Wednesday, August 21, 2019

By: Catherine Anderson, Brian Prewitt, Foley Hoag LLP

Investment advisers, hedge and private fund managers and U.S.-resident entities should review whether they have any filing obligations under Treasury International Capital Benchmark Form SHL. Form SHL is a five-year benchmark filing requirement administered by the Federal Reserve Bank of New York applicable to all U.S.-resident issuers with foreign resident ownership (unless the total fair (market) value of the reportable U.S. securities owned by foreign residents is less than $100 million). The report, which is for data current through June 30, 2019, must be submitted by or before August 30, 2019. Failure to report may result in fines up to $25,000 as well as injunctive relief compelling compliance and criminal penalties.

Other relevant points to note on Form SHL:

  • For those private funds that have a U.S.-resident custodian, then the investment adviser should coordinate with such custodian to ensure the filing of Form SHL has been made and there is no duplicate filing. U.S.-resident issuers (and investment advisers on their behalf) only must report interests held by foreign residents which are not held by U.S.-resident custodians or U.S.-resident central securities depositories.

  • The determination of whether a fund's shares are a "U.S. security" is based on the country in which the fund is legally established (for example, a Delaware organized fund), not based on the residence of the issuers of t......................

    To view our full article Click here

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: Vista Equity sued by portfolio company founder, Appeal court's rush on insider trading decision will hurt Wall Street[more]

    Vista Equity sued by portfolio company founder The founder of a Vista Equity Partners Management portfolio company is accusing the private-equity firm of fraud in a lawsuit he filed last week. Brad Perry, the founder of an automotive software company called DealerSocket, filed a sui

  2. PE/VC: Private equity firms are struggling to recruit and retain young talent, AI startup funding hit new high of $26.6bn in 2019, Abu Dhabi invests $16.3m in new batch of innovation-focused startups[more]

    Private equity firms are struggling to recruit and retain young talent From Institutional Investor: Private equity executives at firms of all sizes are trying to figure out how to better attract and retain younger staff, resorting to tactics such as offering free lunches and relaxing thei

  3. New Launches: GoldPoint Partners closes $678m Select Manager Fund, Two Sigma raises nearly $300m for new venture capital fund, Russia to set up $9.6bn infrastructure fund - RDIF's Dmitriev, Axa IM fund taps into Chinese equities, ArcTern Ventures raises $200m cleantech fund, Canapi Ventures launches first $545m fintech venture funds, Private equity firm Goldner Hawn raises $289m for new fund[more]

    GoldPoint Partners closes $678m Select Manager Fund Opalesque Industry Update - GoldPoint Partners announced the successful closing of its fourth fund-of-funds, GoldPoint Partners Select Manager Fund IV, L.P. The Fund closed on $678 million of commitments, a 150 percent increase from its

  4. TCA credit hedge fund shuts amid SEC probe; Investors seek exit, Whistleblowers say Florida investment firm has inflated value, earnings of its main fund[more]

    TCA credit hedge fund shuts amid SEC probe; Investors seek exit From Bloomberg: Florida-based investment firm TCA Fund Management Group Corp. is shutting its main credit hedge fund after the Securities and Exchange Commission probed its accounting and customers moved to withdraw their mon

  5. Investing: JPMorgan takes contrarian view of energy stocks, How Extinction Rebellion's British hedge fund backer profits from 'dirty' firms, Value investing's time is coming again soon[more]

    JPMorgan takes contrarian view of energy stocks From Institutional Investor: JPMorgan Chase & Co.'s asset management group sees investment opportunity in beaten-down energy stocks, a contrarian view as it looks beyond the sector's reputation for "poor capital discipline." "Our portfo