From the category archives:

Legal Resources

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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Fund Appreciation Rights

December 6, 2009

Alternative Hedge Fund Compensation Structure At the very beginning of this year there was much discussion about the hedge fund compensation structure in light of the horrible returns from 2008.  Many funds lost money but managers aren’t typically subject to the same types of clawback provisions as private equity fund managers.  Additionally some funds had [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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Secondary Loan Market | LSTA Conference

November 10, 2009

Trends for Distressed Debt Hedge Fund Managers Distressed debt hedge funds often face a number of legal issues with regard to their investments.  Post-Lehman, understanding the rights and liabilities attached to the actual contracts has become paramount for managers.  The following article, contributed by Karl Cole-Frieman of Cole-Frieman & Beugelmans, provides some background on a [...]

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Series 79 Training Materials | Series 79 Study Guide

November 7, 2009

Information on Study Materials and Classes for Series 79 Exam One of the inquires I receive most often about the Series 79 exam involves study materials.  As of right now I have not heard of any groups who have produced a study guide or other materials for this exam.  I know that both Kaplan and [...]

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Public Comments on SEC Proposed “Pay to Play” Rules

November 4, 2009

SEC Proposed Pay to Play Rules Draw Many Comments Earlier this year the SEC proposed so-called “pay to play” rules which would restrict SEC registered investment advisers from managing money from state and local governments under certain circumstances.  According to the SEC press release, “the measures are designed to prevent an adviser from making political [...]

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Series 79 Opt In Period Begins

November 2, 2009

Investment Banking Representative Exam Goes Live Today marks the first day that current Series 7 licensed representatives of BDs who engage in “investment banking activities” can opt in to the Series 79 license.  Current Series 7′s will need to talk with their compliance department who will be able to complete a Form U4 update for [...]

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