The Hedge Fund Law Report has published an article by Friedman Kaplan litigation partner Anne Beaumont discussing the recent Risk Alert issued by the SEC Office of Compliance Inspections and Examinations (OCIE).  More

What’s happening right now in the world of LIBOR transition?  Friedman Kaplan’s LIBOR Transition Task Force sees four major themes More

Since Congress passed the landmark Coronavirus Aid, Relief, and Economic Security Act (CARES Act) last week, which is designed to provide financial relief to U.S. individuals and businesses in response to the economic fallout from the coronavirus (COVID-19) pandemic, business owners have rightfully been focused on the “Paycheck Protection Program” included under the CARES Act and how they might benefit from the provision of aid thereunder in the form of $349 billion in loan financing. This article, which is one of a series our firm is authoring in our effort to help individuals and businesses navigate our now rapidly shifting economic and legal landscape, distills the most important aspects of the program. More

On March 23, 2020, the Co-Directors of the Securities and Exchange Commission’s (“SEC”) Division of Enforcement issued a warning highlighting the need for heightened vigilance against insider trading amidst the market volatility caused by the novel coronavirus (COVID-19) pandemic. More

The global pandemic caused by the novel coronavirus (COVID-19) has upended our lives and businesses in ways, and to a degree, that few would have anticipated even a month ago. Most tragically, estimates now project that hundreds of thousands, and perhaps millions, of people will be infected, and the death rate will continue its terrible climb. But even while we mourn the human toll of this global health emergency, we recognize that businesses must reckon with the coronavirus’s devastating blow to “business as usual.”  More

The coronavirus crisis presents a “perfect storm” for hedge funds in terms of timing, ramping up as it has just before a quarter-end, when NAVs are due and subscriptions and redemptions are processed, not to mention in the middle of audit season. As March 2020 month-end approaches, investment managers face the challenge of determining their funds’ NAVs in the most daunting market and operational conditions imaginable.  More

With little fanfare, New York has recently enacted a complete overhaul of its fraudulent conveyance law.  More

What’s happening right now in the world of LIBOR transition? Friedman Kaplan’s LIBOR Transition Task Force sees five major themes. More

While the loan markets have yet to adopt SOFR as a replacement benchmark to LIBOR, lenders and borrowers have started using the ARRC’s fallback provisions or variations thereof in credit agreements. However, in almost all cases credit agreements continue to contain other standard provisions that arguably are inconsistent with the ARRC provisions and should be removed. More

The Hedge Fund Law Report has published an article by Friedman Kaplan litigation partner Anne Beaumont discussing the implications for hedge fund managers of the SEC's July 12, 2019 Staff Statement on LIBOR Transition.  More