Exploring the legal and regulatory issues affecting the worldwide asset management community.
By: Gayle Bowen and Hazel Doyle
Following a review of the Irish funds industry and wide engagement with industry participants, discussed in our earlier blog here, the Department of Finance has issued its Final Report on the Funds Sector 2030. The report sets out the Irish government’s framework and recommendations to enhance growth in the funds sector and maintain Ireland’s prominent position.
Read MoreBy: Jennifer Klass, Lance Dial, and Pablo Man
In order to discourage investment advisers, broker-dealers and investment companies from engaging in any “tricks,” the SEC’s Division of Examinations has published a treat, in the form of its 2025 Examination Priorities (the Priorities). This publication, an annual event since 2013, provides market participants with insight into what the Division of Examinations will focus on in the coming fiscal year.
Read MoreBy: Cheryl L. Isaac, Clifford C. Histed, and Benjamin C. Skillin
On 2 October 2024, the Commodity Futures Trading Commission (CFTC) announced multiple actions related to fraud in the voluntary carbon credit (VCC) market, just over one year after establishing the Environmental Fraud Task Force. Specifically, the CFTC filed a complaint in federal court against the former CEO of a carbon credit project developer and, on the same day, settled charges against CQC Impact Investors LLC (CQC) and its former COO, all related to a deceptive scheme purportedly intended to reduce carbon emissions.
Read MoreBy: C. Todd Gibson, Robert H. McCarthy Jr., and Jamie M. Robinson
The time has come to finalize those end-of-year checklists and for anyone with US entities, foreign entities doing business in the United States, or for those who are planning to form or register entities to do business in the United States, the United States Corporate Transparency Act (CTA) should be at the top of the list. This includes investment advisers and funds that they manage.
Read MoreBy: Pablo Man and Benjamin Skillin
On 2 October 2024, the Securities and Exchange Commission (SEC) announced settled charges against one of the largest carbon credit project developers (the Developer), for fraudulently altering data concerning its business and making material misrepresentations in the offering of equity to institutional investors in the United States. The SEC’s order found that the Developer violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Read MoreBy: Áine Ní Riain and Gayle Bowen
The Central Bank of Ireland (CBI) has announced a streamlined filing process for Irish UCITS and AIFs seeking to change their name to comply with the European Securities and Markets Authority’s guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
Read MoreBy: Pablo J. Man, C. Todd Gibson, and Lisa N. Ju
On 25 September 2024, the SEC announced settled charges against 23 entities and individuals for failing to make timely filings about their holdings and transactions on Schedules 13D and 13G and on Forms 3, 4 and 5, pursuant to Sections 13 and 16 of the 1934 Act, respectively. The individuals charged were officers, directors and/or beneficial owners of publicly traded companies that failed to make “insider” filings. Two firms were charged for contributing to their officers’ and directors’ failures to file insider reports and for failing to comply with their own disclosure obligations to report such delinquencies. The penalties ranged from US$10,000 to US$750,000, and in the aggregate exceeded US$3.8 million.
Read MoreBy Cheryl L. Isaac, Matthew J. Rogers, and Benjamin C. Skillin
On 20 September 2024, the Commodity Futures Trading Commission (CFTC) released final guidance regarding the listing of voluntary carbon credit (VCC) derivative contracts on CFTC-registered exchanges known as designated contract markets (DCMs). VCCs are tradable, intangible instruments issued by a carbon crediting program and generally represent the equivalent of one metric ton of carbon dioxide avoided or removed from the atmosphere. As with other commodities, the CFTC does not have regulatory authority over VCCs, but can promulgate guidance and regulations related to derivatives on VCCs.
Read MoreBy: Ed Dartley and Jamie M. Robinson
On 18 September 2024, the Federal Open Market Committee lowered the benchmark federal funds rate by 50 basis points to a target range of 4.75-5%. While this is welcome news on many levels, we expect that in the coming months it will have a real and positive impact on private equity sponsors, and particularly mid-sized and smaller sponsors.
Read MoreBy: Jim Bulling and Anthony Shorten
On 11 September 2024, the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) to the Federal Parliament, following two periods of consultation undertaken by the Department of the Attorney-General, and AUSTRAC over 2023 and 2024.
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