Asset Management ADVocate
Financial Services & Investments

Asset Management ADVocate

The Asset Management ADVocate provides unique analysis and insight into legal developments affecting asset managers in the United States.
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June 3, 2021

Perkins Coie Shepherds the First Registered Investment Company Structured as a Maryland Benefit Corporation

 The U.S. Securities and Exchange Commission granted effectiveness to the registration statement of a client of Perkins Coie, which is the first known registered investment company structured as a Maryland Benefit Corporation. View blog post
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June 1, 2021

Derivatives Exposure under Rule 18f-4: Notional Apples and Oranges

 Having provided two "big pictures" of the calculation of a fund's "derivatives exposure," we resume with an in-depth examination. We begin by considering how to determine the "gross notional amount" of a derivatives transaction. View blog post
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April 26, 2021

The SEC’s ESG Risk Alert and the CFTC’s New Climate Risk Unit

 On April 9, 2021, the SEC's Division of Examinations (the "Division") published its first risk alert detailing deficient and effective practices among investment advisers and registered and private funds ("Firms") offering ESG strategies. View blog post
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April 21, 2021

The Derivatives Exposure Equation

 Our last post provided a big picture summary of the steps required to calculate a Fund's "derivatives exposure" for purposes of new Rule 18f-4. View blog post
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April 15, 2021

Derivatives Exposure: Why It Matters And How To Calculate It

 Our last post outlined the essential differences between VaR Funds and Limited Derivatives Users: primarily that the former must adopt a derivatives risk management program (a "DRM Program") while the latter need only have policies and procedur View blog post
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April 7, 2021

VaR Funds vs. Limited Derivatives Users—Programs vs. Procedures

 Our last post explained the two basic alternatives for managing derivatives risks under new Ru View blog post
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April 6, 2021

What Kind of Derivatives User Is Your Fund?

Rule 18f-4 is somewhat unusual in that it gives management investment companies (including business development companies but excluding money market funds, "Funds") alternative means of complying with its exemption from Sections

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April 1, 2021

The SEC Is All in on ESG, Including (Potentially) D&I Issues

 Acting SEC Chair Allison Herren Lee continues to aggressively promote the SEC's ESG agenda by launching a dedicated ESG webpage on the SEC's website and speaking in support of ESG initiatives. View blog post
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March 31, 2021

What Risks May Be Associated with Derivatives Transactions

 Having completed our review of derivatives transactions, we now consider the risks such transactions may pose. View blog post
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March 29, 2021

Rule 18f-4 Derivatives Transactions Recap

 This post completes our exploration of the definition of "derivatives transactions" in Rule 18f-4, which is relevant to business development companies, closed-end funds and open-end funds other than a money market fund ("Funds"). View blog post
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March 26, 2021

Transactions that Are “Derivatives Transactions” under Rule 18f-4

In this post, we continue our exploration of the definition of "derivatives transaction" in new Rule 18f-4, which is relevant to business development companies, closed-end funds and open-end funds other than a money market fund ("Funds").

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March 23, 2021

Details on the SEC’s ESG Priorities, an Invitation to Comment, and Words of Caution

The pace of statements on ESG issues from SEC Commissioners on both sides of the political aisle shows no signs of abating.

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March 22, 2021

Derivatives that Are Not “Derivatives Transactions” under Rule 18f-4

 In this, the twelfth installment of our review of the compliance requirements of new Rule 18f‑4, we leave the peripheral transactions addressed in the rule (i.e., delayed-delivery transactions, reverse repurchase agreements, and unfunded commitment agreements) and plunge into the core of the rule: "derivatives transactions" regulated by paragraph (c). View blog post
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March 18, 2021

The DOL and the EU on ESG

 The Securities and Exchange Commission ("SEC") isn't the only regulator actively facilitating environmental, social and governance ("ESG") investment strategies. Last week saw major developments at the U.S. Department of Labor ("DOL") and the European Union ("EU"). View blog post
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March 17, 2021

Compliance Checklist for Unfunded Commitment Agreements

 This eleventh installment of our review of the compliance requirements of new Rule 18f‑4 as it applies to business development companies, closed-end funds and open-end funds other than money market funds ("Funds") completes our discussion of unfunded commitment agreements. View blog post
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