From the category archives:

Laws

Qualified Eligible Person (QEP) Definition

December 24, 2009

The securities laws can be written obtusely and the definition of a qualified eligible person (QEP) may be one of the best examples of this.  There is no quick and easy definition of a what a QEP is so we are trying to make it as easy as possible to understand.  This post discusses the [...]

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CPO Reporting Requirements | Commodity Pool Operator Compliance

November 20, 2009

CFTC Regulation 4.22 Overview

CFTC registered commodity pool operators have a number of regulatory and compliance issues to be aware of.  In addition to a having a compliance program which addresses the business and regulatory issues applicable to the manager, one of the more important compliance requirements is found in CFTC Regulation 4.22 which provides the [...]

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CFTC Amends CPO Reporting Regulations

November 19, 2009

CFTC Regulation 4.22 Amended
Earlier this year the Commodities Futures Trading Commission (“CFTC”) proposed amendments to certain Part 4 Regulations.  Last week, after a lengthy comment and revision period, the CFTC published the amendments in the Federal Register.  The effective date of the amendments is December 9, 2009 and will apply to commodity pool annual reports [...]

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Hedge Fund Manager Registration to Cost Taxpayers $140 Million (at least)

November 17, 2009

CBO Calculates Cost of House Hedge Fund Bill
This past week the Congressional Budge Office (“CBO”) released a cost estimate of H.R. 3818, the Private Fund Investment Advisers Registration Act of 2009.  In a number of private conversations I have had about hedge fund registration over the last 9-12 months one of the issues that was [...]

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Hedge Funds and Insider Trading after Galleon

November 15, 2009

By Bart Mallon, Esq. (www.mallonpc.com)

High Profile Case Highlights Issues for Hedge Fund Managers to Consider
Insider trading is now an operational issue for hedge fund managers.  The high profile insider trading case involving RR and the Galleon hedge fund has put the spotlight directly on hedge funds again and has also sparked a debate of sorts [...]

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Section 204A | Investment Advisers Act of 1940

November 12, 2009

Section 204A — Prevention of Misuse of Nonpublic Information
Every investment adviser subject to section 204 shall establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser’s business, to prevent the misuse in violation of this Act or the Securities Exchange Act of 1934, or the rules [...]

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H.R. 3818 | Hedge Fund Registration

October 27, 2009

Bart Mallon, Esq. (http://www.hedgefundlawblog.com)
Private Fund Investment Advisers Registration Act of 2009 (text of act)
Below is the final text of the hedge fund registration bill as passed by the House Financial Services Commission.
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111th CONGRESS
1st Session
H. R. 3818
To amend the Investment Advisers Act of 1940 to require advisers of certain unregistered investment companies to register with and [...]

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Hedge Fund Audit Firms and Agreed Upon Procedures

October 27, 2009

Hedge Fund Due Diligence Firm Discusses “Agreed Upon Procedures”
We’ve published a number of thoughtful pieces on this blog from Chris Addy, president and CEO of Castle Hall Alternatives (see, for example, article on Hedge Fund Operational Issues and Failures).  Today we are publishing a piece by Chris which discusses hard to value hedge fund assets [...]

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Proposition Q and Hedge Funds

October 26, 2009

San Francisco Tax Law Could Affect Hedge Fund Managers
A little known tax law which was passed last year by San Francisco voters may create some harsh consequences for hedge fund managers based in The City by the Bay.  The following article was contributed by Karl Cole-Frieman of Cole-Frieman & Beugelmans.
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San Francisco’s Proposition Q and its [...]

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Investment Adviser Representative Registration Requirement

October 18, 2009

Employees of Registered IAs Must Generally be Registered
State registered investment advisory firms need to make sure that their employees who are deemed to be “investment advisory representatives” are appropriately registered. This means that any employee (or owner) of the IA firm who provides investment advice or who has supervisory authority will generally need to [...]

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