CFIUS Reform UPDATE: Implications of FIRRMA for Fund Managers

UPDATE (October 8, 2020) We are providing updates on our original post here to reflect the issuance of a final rule by the U.S. Treasury Department which will become effective on October 15, 2020.  Between November 2018 (when the first regulations implementing FIRRMA came into effect) and October 15, 2020 […]

SEC Proposes Registration Exemption for “Finders”

The SEC has proposed new rules that would clear up the longstanding difficulty a venture capital fund manager has faced when wanting to use a “finder” for investors in the fund and such “finder” is not licensed as (or associated with a licensed) broker-dealer.  This article discusses the application of […]

Investment Funds Beware: Proposed HSR Amendments Would Increase Reporting Obligations

The US Federal Trade Commission and Department of Justice announced proposed changes to the rules governing Hart-Scott-Rodino (HSR) filings that, if implemented, would significantly increase the number of transactions that must be reported to the antitrust agencies – primarily by private equity, venture capital and other investment funds – as […]

SEC Broadens the Definition of Accredited Investor to Permit Greater Access to Fund and Other Private Offerings

On August 26, 2020, after over a year’s worth of work examining how it may better simplify, harmonize and improve the framework and rules around exempt offerings under the Securities Act of 1933, as amended (the “Securities Act”) and heighten protections for investors participating in such offerings, the Securities and […]

Primer: Handling LP Defaults

Historically, the incidence of “serious” defaults (“serious” meaning contribution failures that persist to a point in time at which consideration of enforcement action is necessary) in institutional venture capital funds is quite low.  This article is being written half a year into the 2020 pandemic, during a time at which […]