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Ropes & Gray: Private Investment Fund Update: November 2012

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Private Investment Fund Update: November 2012

Ropes & Gray
November 12, 2012
9 pages

In this Issue:
Regulatory Developments

SEC Publishes Letter to Private Fund Industry Regarding Upcoming Presence Exams
Industry Groups React to Proposed Rules to Remove Prohibitions on General Solicitation and General Advertising in Certain Regulation D Offerings
New FINRA Rule 5123 on Private Placement of Securities
Investment Adviser User Fee Legislation Introduced in Congress

Examination and Enforcement Action Developments

SEC Announces First Pay-to-Play Case Involving In-Kind Political Contributions
OCIE Focusing Risk Analytics on Branch Offices
Second Circuit Makes it Easier for SEC to Prove Aiding and Abetting Claims

Tax Related Developments

IRS Releases Draft Investor FATCA Certification Form
US and UK sign FATCA Intergovernmental Agreement

Latest For Hedge Fund Sector

Sidley Austin: AIFM Directive 2013 Update: Securitisation Risk Retention Requirement

May 22, 2013 Alternative Investment Fund Managers Directive (AIFMD)

Hogan Lovells: Scope of implementation of the AIFM-directive in national law

May 18, 2013 Alternative Investment Fund Managers Directive (AIFMD)

Dechert: Irish Central Bank Opens Its Door for AIFMD Business

May 17, 2013 Alternative Investment Fund Managers Directive (AIFMD)

SEC Actions Dodd-Frank Act Provisions on Investment Adviser Registration

Milbank: Mixed Signals, but Hope, for a Private Adviser Broker-Dealer Exemption

ReedSmith: What you need to know about the changes to the U.S. Investment Advisers Act after Dodd-Frank: How to become a U.S. registered adviser or confirm an available exemption

Bingham: Guide to SEC Investment Adviser Registration for Hedge Fund and Private Equity Fund Managers

SEC Adopts Exemptions From Investment Adviser Registration

Jones Day: Exempt Reporting Advisers: Requirements for Investment Advisers that Qualify as Venture Capital Advisers or Private Fund Advisers

Skadden: The Private Fund Adviser Exemption and the Foreign Private Adviser Exemption Under the Investment Advisers Act

Skadden: Venture Capital Fund Adviser Exemption

Dodd-Frank Act & Non-U.S. Private Funds

Kelley Drye: Foreign Private Advisers Under Dodd-Frank

DLA Piper: Foreign private advisers under Dodd-Frank

Proskauer: New Registration Requirements under the Advisers Act for non-U.S. Advisers

SEC & CFTC Adopt Form PF; Private Fund Systemic Risk Reporting

Skadden: SEC Releases Additional Frequently Asked Questions Regarding Form PF

Pepper Hamilton: Form PF Filing Deadlines Loom for Midsized Hedge and PE Fund Advisers – Some Key Mechanical and Timing Issues

Latham & Watkins: Form PF Reference Guide

Foreign Account Tax Compliance Act of 2009 (FATCA)

Sutherland: FATCA NFFE Rules Subject Non-U.S. P&C Insurers and Reinsurers to Burdensome Reporting Requirements

Latham & Watkins: Preparing for FATCA Compliance: The First Step

SJBerwin: Jumping on the FATCA Bandwagon

SEC Investigates "Expert Networks" Re: Insider Trading

Covington & Burling: Expert Networks in the Crosshairs: A Prime Opportunity for Investment Advisers to Bolster Their Insider Trading Compliance Policies and Procedures

Bingham: Massachusetts Secretary of the Commonwealth Proposes New Regulations on Use of Expert Networks and Private Funds Exemption

Cravath: How To Avoid The Pitfalls Of Expert Networking

Taxation of Carried Interests

Kelley Drye: Obama Pushes Carried Interest to the Fore of U.S. Tax Policy Debate

Willkie Farr & Gallagher: Preparing for the Possible Enactment of Carried Interest Legislation

Kramer Levin: NYC DOF Discontinues Investment Fund Audit Position

Dodd-Frank & Private Funds

DLA Piper: Would registration with the SEC harm US private equity advisors' global competitiveness?

Chadbourne & Parke: Dodd-Frank Act Changes Affecting Private Fund Managers and Other Investment Advisers

Chapman and Cutler: Dodd-Frank: Impact on Asset Management

Regulation SHO: SEC Adopts Alternative Uptick Rule For Short-Sales

Willkie Farr & Gallagher: SEC Postpones Compliance Date For New Short Sale Price Test

Winston & Strawn: SEC Delays Compliance Date for Short Sale Pricing Rule to February 28, 2011

Fried Frank: SEC Adopts Amendments to Regulation SHO

Alternative Investment Fund Managers Directive (AIFMD)

Sidley Austin: AIFM Directive 2013 Update: Securitisation Risk Retention Requirement

Hogan Lovells: Scope of implementation of the AIFM-directive in national law

Dechert: Irish Central Bank Opens Its Door for AIFMD Business

EMIR & EU Regulation of OTC Derivatives

Allen & Overy: Regulation on OTC derivatives, central counterparties and trade repositories (EMIR): Entry into force of RTS

Herbert Smith Freehills: EMIR: derivatives update for corporate clients

Morgan Lewis: Implementing Measures of European Market Infrastructure Regulation Take Effect

EU's New Short Selling Regulations

Travers Smith: Short Selling: Remember, Remember the First of November

White & Case: The EU Short Selling Regulation Comes Into Force

Macfarlanes: Overview of EU Short Selling Regulation

Report of Foreign Bank and Financial Accounts (FBAR)

Willkie Farr & Gallagher: Treasury Department Extends FBAR Deadline Until June 30, 2014 For Certain Filers

Ropes & Gray: FBAR Filing Deadline Further Extended to June 30, 2014 for Certain Employees and Officers with Signature Authority Over Foreign Financial Accounts

Sullivan & Cromwell: Reporting Requirements for Foreign Financial Accounts: FinCEN Releases Notice Extending Deadline to June 30, 2014 for Certain Signature Authority Filers

IRS Section 457A: Deferred Offshore Income

Ropes & Gray: Deadline For Grandfathered Deferrals Payable After 2017

Mayer Brown: Section 457A Transition Relief Amendment Deadline

Sidley Austin: Section 457A Amendment Deadline Approaching

SEC Adopts Short Selling Rules Aimed at Reducing Fails To Deliver

Buchanan Ingersoll & Rooney: SEC Acts to Curb Naked Short Sales

Drinker Biddle: Short Selling Restrictions – Update

Willkie Farr & Gallagher: SEC Announces Settlement of Enforcement Actions Targeting “Naked” Short Sales