Private Equity

By Heath Tarbert and Dimia Fogam

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) released for public comment their proposed joint guidance on leveraged lending activities.

The proposed guidance is a revision to the interagency leveraged finance guidance issued in 2001 and would apply to all OCC-, FRB- and FDIC-supervised financial institutions that are substantively engaged in leveraged lending activities—such as those common to the private equity and hedge fund lending market. 

Given the immense growth in the volume of leveraged credit as well as the increased participation of non-regulated investors over the last decade, the Agencies have expressed concerns that [click to continue…]

The October 25, 2011 webinar titled “The Volcker Rule’s Impact on Private Funds: Recent Rulemakings and Market Trends” is now available on demand.

The program featured Weil’s Harvey Eisenberg, Derrick Cephas, and Heath Tarbert and addressed recent and forthcoming rules pursuant to the Dodd-Frank Act’s Volcker Rule (Section 619) whereby large, systemically important banks will have to divest certain fund operations.

by David E. Wohl and Kira F. Stanfield

The Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC”) have announced the adoption of new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 (the “Advisers Act”) requiring SEC-registered investment advisers to private funds (including private equity funds, hedge funds and liquidity funds) to periodically file Form PF with the SEC.  The stated purpose of the new rules is to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) designed to assist the Financial Stability Oversight Counsel (the “FSOC”) in monitoring potential systemic risks to the United States financial system.  As discussed below, the timing and types of information that an adviser is required to disclose on Form PF depends on whether such adviser manages private equity funds, hedge funds or liquidity funds and the size of those funds. [click to continue…]

by Doug Warner, Michael Weisser, Richard Ellenbogen and Carlos Larkin

The Department of the Treasury, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System have announced the adoption of Form SLT. The stated purpose of the Form SLT report is to gather timely and reliable information on foreign-resident  holdings of long-term US securities and on US-resident holdings of long-term foreign securities in order for the Department of the Treasury to prepare its US Balance of Payments accounts and international investment positions, and to better formulate international financial and monetary policies. Form SLT requires reporting with the Federal Reserve Bank by any US-resident entity holding consolidated “reportable long-term securities” equaling or exceeding $1 billion in total fair market value, effective as of September 30, 2011, with an initial required filing date of  October 24, 2011.

Who Must Report

All US persons who are US-resident custodians, US-resident issuers or US-resident end investors whose holdings of long-term reportable securities meet or exceed the $1 billion reporting threshold are required to file Form SLT. Subject to the exclusions … 

Click here to access a full-text PDF of this alert.  

RESCHEDULED for Tuesday, October 25, 2011

12:45 – 2:00 PM ET

Speakers: Harvey Eisenberg, Derrick Cephas, and Heath Tarbert

Since its passage in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act — and more specifically, Section 619 and its implementing rules — has worried financial industry executives and their legal advisers because of the potential impact on proprietary trading operations, merchant banking arms, and fund management teams embedded inside of large banks.

An interdisciplinary panel covering private equity fund formation, M&A, and financial institutions regulatory will address [click to continue…]