Proposed Amendments to Net Worth Standard Under New Definition of Accredited Investor
Section 413(a) of the Dodd-Frank Act requires the definition of “accredited investor” under various SEC rules promulgated under the Securities Act of 1933 to exclude the value of a person’s primary residence for purposes of determining whether the person qualifies … Read More
EBSA Announces Public Hearing on Proposed Amendment to Definition of “Fiduciary” Under ERISA
As discussed in a prior Core Compliance blog posting, the U.S. Department of Labor (“DOL”) recently proposed significant amendments to the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”). Due to the considerable attention and … Read More
DOL Proposes Expansive New Definition of “Fiduciary” Under ERISA
The Department of Labor has published a proposed rule that would amend the definition of “fiduciary” and would significantly expand the categories of persons who would be deemed to be fiduciaries subject to the Employee Retirement Income Security Act of … Read More
SEC Provides Relief from PCAOB Inspection Requirements for Auditors to Private Funds
Under Rule 206(4)-2 of the Advisers Act (the “Custody Rule”), investment advisers to one or more private funds are deemed to have custody of the assets in the fund and accordingly must implement certain procedures designed to protect those assets … Read More
Department of Labor Issues New Disclosure Requirements for 401(k) Plans
On October 20, 2010, long-awaited Department of Labor (DOL) rules were released in their final form. The new rules require plan fiduciaries, specifically the companies sponsoring 401(k) plans, to make detailed disclosures to plan participants. The rule officially takes effect … Read More
Delaware Supreme Court Holds that Hedge Funds Formed in Delaware May be Required to Disclose Names and Addresses of all Limited Partners Upon Request
The Delaware Revised Uniform Limited Partnership Act (“DRULPA”), under which many U.S. hedge funds are organized, entitles limited partners to access partnership information and records for purposes reasonably related to their interest as a limited partner, but DRULPA also provides … Read More
New CFTC Forex Rules to Take Effect Later This Month
The Commodity Futures Trading Commission (“CFTC”) has released final rules to drastically revise the regulatory structure pertaining to off-exchange retail foreign exchange (Forex) transactions, which are set to take effect on October 18, 2010. The adoption of the new rules … Read More