A Rare Depth Of Experience At The Highest Levels Of Business And Finance
EXECUTIVE SUMMARY The SEC adopted new rules and amendments under the Investment Advisers Act on August 23, 2023, which impose substantial new regulatory obligations and place significant restraints on traditional practices used by private funds advisors. We believe...
In the first enforcement action of its kind, the Securities and Exchange Commission (the “Commission” or the “SEC”) filed a complaint in the Northern District of New York against Pinnacle Advisors, LLC and associated individuals for violations by the NYSA Fund (the...
In January, the Chief Counsel’s Office of the IRS issued Advice Memorandum CCA 202302011,[1] explaining how and when a taxpayer may deduct crypto losses as “worthless or abandoned” property under Section 165(a) of the Internal Revenue Code. It is important to note...
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The Securities and Exchange Commission (SEC or Commission) has adopted significant new reporting requirements applicable to investment advisors to all Private Equity Fund Advisors, Large Private Equity Fund Advisors, and Large Private Hedge Fund Advisors.[1] Form PF,...
Contagion in financial markets is difficult to define. Relating to Deutsche Bank, I think it is likely that the proximate cause of Deutsche Bank's issues with its Credit Default Swap spike on March 23 and its stock decline is the controversial decision by Swiss...
We tested the chatbot along a few dimensions …. I personally only tested it on one – a recent speech I was writing on a not too esoteric legal topic. It failed in the way that juniors sometimes can write things that seem completely reasonable but are completely wrong....
The decision to stand behind uninsured deposits by the Fed, Treasury, and the FDIC announced on Sunday, March 12, I believe was necessary and correct. It has been probable since the aftermath of Lehman Brothers, however, that any reasonably large systematically...
On March 10, 2023 the California Department of Financial Protection & Innovation declared Silicon Valley Bank (“SVB”) insolvent and appointed the FDIC as receiver. Simultaneously, the FDIC created the Deposit Insurance National Bank of Santa Clara to facilitate...
On the horizon is a potentially cataclysmic shift in the rules for custody of investments managed by investment advisers. On February 15, 2023, the Securities and Exchange Commission (“the Commission”) issued Release IA-6240 (the “Issuing Release”), announcing it...