Thomas Duffell
Legal advisors are warning their private fund clients about the heightened reporting and capital adequacy requirements that come with acquiring insurance firms.
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In a developing trend, LPs are backing out of fund commitments late in the day, often leaving GPs with an expensive legal bill.
.jpg "FCA requests early AIFMD applications (again)")
The regulator warned that applications submitted before July is not enough to gain a marketing passport.
The commission reportedly formed a unit to examine private equity and hedge funds around the same time it said half of registered GPs are not sufficiently disclosing fund expenses to LPs.
GPs now have an extra ten days to register with the IRS.
US Treasury will treat 20 uncompleted intergovernmental agreements as completed and signed for purposes of FATCA.
.jpg "GPs see logic in staggering compliance testing")
Reviewing the compliance program is most effective when spreading the workload throughout the year, say CCOs and advisors.
The private debt firm appointed Scott Wood as their in-house lawyer.
Reporting concerns may be compounded by fund administrators refusal to accept liability for the quality of GPs’ submissions.
Delaware’s top court upheld an earlier ruling that the ‘business judgment rule’ should be applied to certain going private transactions.