New FinCEN Beneficial Ownership Reporting Requirements for Private Fund Managers and Other Companies (January 2024)
Securities, Hedge Fund, Investment Management Blog
by Nuri Shin
5M ago
The United States Corporate Transparency Act (the “CTA”) was passed by the United States Congress in early 2023 to improve financial transparency and increase the effectiveness of anti-money laundering efforts. However, the CTA will also impose several obligations on millions of entities (each, a “Reporting Company”), including private fund advisers and the private funds they advise (subject to certain exceptions as outlined below) to continuously report certain “beneficial ownership information” (such information, “BOI”, and the reports containing the BOI, the “Reports”) with the United State ..read more
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Riveles Wahab Featured in Preqin’s Service Providers in Alternatives 2023 Report
Securities, Hedge Fund, Investment Management Blog
by Nuri Shin
8M ago
Riveles Wahab, a leading New York-based boutique law firm for investment management and  private funds has been recognised in several categories in alternative investment industry data and analytics provider Preqin’s Service Providers in Alternatives 2023 Report. The report is a comprehensive review of the alternative investment fund industry’s service provider community, covering fund administrators, placement agents, auditors, custodians and law firms. Riveles Wahab features in the top five law firms in the following categories: Prominent law firms in fund formation servicin ..read more
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New SEC Rules for Private Fund Managers (including Key Takeaways and Summary Chart) (August 2023)
Securities, Hedge Fund, Investment Management Blog
by Simon Riveles
10M ago
On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC”) implemented heavily anticipated private fund reforms (the “Private Funds Rules” or the “Rules”) promulgated under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Although the Rules are far less “mandate-driven” than those originally proposed in February 2022, the Rules nevertheless impose significant disclosure (and in some cases, operational) requirements that all private fund advisers (“Fund Managers” or “Managers”) should consider when forming new funds or similar pools of assets (each, a “Fund” an ..read more
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The “WTH is an NFT?” Series – Part 1
Securities, Hedge Fund, Investment Management Blog
by Simon Riveles
2y ago
Introduction In the past 18 months the NFT phenomenon has fully entered the public consciousness.  And like any new blockchain phenomenon, the immediate questions range from is this “legal” to how do we raise money with it?  As a securities firm, our focus is often on the use of blockchain for fundraising activities and when, why, and how those activities may be governed by extant legal frameworks such as the Securities Act of 1933.  As a reminder, a security has significant regulatory and other compliance requirements that can affect fundraising activities across the abord and ..read more
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AI Changes Notice to Clients
Securities, Hedge Fund, Investment Management Blog
by Ben Levkov
4y ago
On August 26, 2020, the Securities and Exchange Commission (the SEC) adopted amendments to the definition of an “accredited investor” under Rule 501(a) of Regulation D under the Securities Act of 1933 (the “Amendments”). The Amendments become effective 60 days after they are published in the Federal Register and expand the pool of individuals and entities that qualify as accredited investors to include the following: Qualifying Security Industry Credentials Individuals with certain professional certifications, designations or other credentials that are in good standing will now also qualify as ac ..read more
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