The US Securities and Exchange Commission (SEC) has settled an administrative proceeding against a hedge fund manager, its 95 percent owner and chief executive officer, and its general counsel (who also served as chief operating officer), arising out of allegations that the fund manager improperly used fund assets to pay for adviser-related operating expenses
By Letter No. 14-57 dated April 11, 2014 (Letter), the US Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) staff granted no-action relief to a manager (Manager) ..
On February 6, 2014, the Staff of the Division of
Investment Management of the Securities and
Exchange Commission ("SEC") issued the
Managed Funds Association (the "MFA) a
no-action letter (the "MFA Letter") clarifying
and expanding the SEC’s interpretation of
the defined term "Knowledgeable Employee" in
Rule 3c-5 under the Investment Company Act
of 1940 (as amended, the "Investment
On October 3, 2012, Mayer Brown issued a legal update advising about potential issues that could affect family investment funds as a result of recent regulatory changes caused by amendments to the Commodity Exchange Act of 1936 (CEA) by the Dodd-Frank Wall Street Accountability and Consumer Protection Act (Dodd-Frank Act).