Blog
FINRA Issues Letter Guidance On Use of Performance Information with Institutional Investors
On June 9, 2017, the Financial Industry Regulatory Authority (“FINRA”) issued a letter (the “Letter”) giving guidance in response to a request by an open-ended fund to allow it to provide “Related Performance Information” in marketing material used with institutional investors. “Related Performance Information” is defined as the actual performance of separate or private accounts or funds... Read more »
Delaware Court Affirms Limited Director Duty to Preferred Shares
On April 14, 2017 (corrected April 25, 2017), the Delaware Court of Chancery partially rejected a motion to dismiss a complaint (the “Complaint”). The Complaint was brought by the trust of founder of a venture capital company who was also a common stockholder against an investor in Series A Preferred Stock (the “Preferred”) of ODN Holding... Read more »
U.K. Anti-Money Laundering Regulation Updated
The United Kingdom has published a near final regulation, the Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 (the “Regulation”) under the E.U. Fourth Money Laundering Directive, to replace the Money Laundering Regulations 2007. The Regulation is due to go into effect on June 26, 2017, although it may be delayed. Under the... Read more »
Non-EU AIFs to be Subject to EU Rules
On May 4, 2017, the EU Commission adopted proposals to amend the current European Market Infrastructure Regulation (“EMIR”). The proposals contain a number of possible changes, but among them is a proposed change to the definition “financial counterparty” to include an Alternative Investment Fund (“AIF”), whether established in the EU or outside the EU, even if its manager is... Read more »