The Hedge Fund Law Report

The definitive source of actionable intelligence on hedge fund law and regulation

Articles By Topic

By Topic: Rulemaking

  • From Vol. 9 No.34 (Sep. 1, 2016)

    Former SEC Senior Counsel Offers Insight on SEC Enforcement Focus and Priorities

    Jamie Lynn Walter recently joined Kirkland & Ellis in Washington, D.C., to help build the office’s investment funds group. Walter last served as a Senior Counsel in the Private Funds Branch of the Division of Investment Management at the SEC, where she provided legal advice and guidance on a wide range of matters involving the regulation of investment advisers and investment funds, including private funds, mutual funds and exchange-traded funds. She made significant contributions to several agency rules and was integral in developing the SEC’s December 2015 proposed rule entitled “Use of Derivatives by Registered Investment Companies and Business Development Companies.” In connection with her joining Kirkland & Ellis, The Hedge Fund Law Report recently interviewed Walter about several topics important to hedge fund managers. This article sets forth Walter’s thoughts on the current regulatory landscape, including current areas of SEC focus; the interaction between the Commission and fund advisers; patterns in SEC enforcement; and regulatory priorities. For additional insight from Kirkland & Ellis attorneys, see “Portability and Protection of Hedge Fund Investment Track Records” (Nov. 10, 2011); and our two-part series on remote SEC examinations: “What Hedge Fund Managers Can Expect” (May 12, 2016); and “How Hedge Fund Managers Can Prepare” (May 19, 2016).

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  • From Vol. 9 No.10 (Mar. 10, 2016)

    Current and Former Directors of SEC Division of Investment Management Discuss Hot Topics Under the Investment Company Act

    The Practising Law Institute’s 2016 Investment Management Institute began with a keynote address by David Grim, the current Director of the SEC Division of Investment Management, followed by a panel discussion with two former Directors of that Division: Barry P. Barbash, now a partner at Willkie, and Paul F. Roye, currently a director of Capital Research and Management Company. Grim’s address focused on four important topics that had been discussed at the SEC program commemorating the 75th anniversary of the Investment Company Act and the Investment Advisers Act: exchange-traded funds; private fund advisers; disclosure and reporting; and the role of a fund’s board in oversight. The panel then focused on recent SEC rulemaking initiatives that affect mutual funds. This article encapsulates the key takeaways from their discussions. For more on exchange-traded funds, see “SEC Commissioner Calls for Increased Transparency and Accountability in Capital Markets” (Mar. 3, 2016).

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  • From Vol. 1 No.16 (Jul. 22, 2008)

    Article Evaluates New Hedge Fund Antifraud Rule

    A recent article describes the elements and potential applications and interpretations of the SEC’s recently-promulgated Rule 206(4)-8, the antifraud rule specifically targeted at hedge fund managers.  The release accompanying the rule contained a controversial suggestion that negligence by an adviser might suffice to prove a violation of the antifraud rule, which many securities lawyers viewed as a downward departure from the usual scienter standard for fraud.  The article contains a productive discussion on how the “negligent fraudulent conduct” standard may be reconciled with traditional antifraud jurisprudence, including caselaw under Rule 10b-5.

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