Worldwide: Finance and Banking

Partner Marc Elovitz discusses the SEC's ongoing enforcement priorities for private fund managers, examining heightened scrutiny of fees, expenses, and valuation processes. The conversation explores emerging compliance challenges across side letters, co-investments, continuation vehicles, and the expanding retail access to private markets.

The Federal Deposit Insurance Corporation has proposed its first major update to Confidential Supervisory Information rules in nearly three decades, potentially expanding FDIC-supervised institutions' ability to disclose CSI to professional service providers and merger partners without prior agency approval. The Notice of Proposed Rulemaking seeks to reorganize Part 309 regulations into four subparts while introducing streamlined procedures for sharing sensitive information under specific circumstances.

Each year, under the Bipartisan Budget Act of 2015 (“BBA”), US partnerships are required to appoint a US-based partnership representative, in order to act as a liaison with the Internal Revenue Service (“IRS”) and deal with any arising tax matters. The requirement to appoint a partnership representative applies to both US and non-US investment vehicles that elected to be treated as partnerships for US tax purposes.