IM specialties, and other developments of the Investment Management Practice over the course of 2018. L Gates also works closely with public agencies in a variety of capacities and, as a result, we have a heightened sensitivity to the issues that concern government-related clients and others with significant fiduciary obligations that may be specified by state or local statutes. Our Securities Enforcement lawyers have extensive experience with SEC examinations of investment advisers, broker-dealers, and investment vehicles of all kinds, as well as administrative proceedings and litigation involving funds and other managed investment products and their principal who Can Invest In Hedge Funds In Us providers. SEC or other regulators, trade groups, or in-house positions, and our lawyers have good working relationships with senior regulatory officials and key industry leaders. We regularly serve as outside counsel to industry associations on a variety of projects, including legislative and policy matters, and are actively involved in industry developments.
Broker-dealer clients constitute a significant component of our investment management practice. Our clients come from every segment of the broker-dealer industry, including full-service broker-dealers and brokerage affiliates of investment advisers, banks and insurance companies. Registration under federal and state securities laws and, in the U. Financial promotion issues in the U. Obtaining ERISA exemptive relief from the U. We regularly help our clients organize and register with the SEC and FSA, apply for SRO membership, prepare for pre-membership examinations, draft supervisory procedures, create compliance manuals, establish insider trading and related policies and procedures, review and modify broker-dealer training programs and materials, conduct compliance audits, and handle enforcement investigations and proceedings as well as arbitration and civil and criminal litigation. We advise transfer agent companies, including newly organized transfer agents. United States on how to avoid registration as a broker-dealer or clearing agency. We advise investment management clients regarding their relationships with independent transfer agents, custodians, and other service providers.
This includes negotiating service agreements, negotiating and documenting changes in service providers, and resolving regulatory and other issues. Our attorneys have extensive experience with the regulatory and legal issues affecting institutional and private advisory accounts, including pension plan accounts, hedge funds, other private investment funds, and offshore funds. Ongoing compliance with ERISA, the U. We additionally assist clients in their dealings with regulators, including applying for exemptions and no-action relief as well as preparing for and responding to regulatory examinations and enforcement investigations and proceedings. L Gates’ alternative investment management practice represents institutional clients, including government agencies, pension funds, universities, and endowments, as well as high net-worth individuals, in evaluating, negotiating, and structuring alternative investments. In our alternative investment management practice, we have unique experience in unusual private equity transactions, including formation of proprietary funds and funds-of-funds, strategic investments in management entities, and the start-up of fund managers. We assist bank, trust company, and other financial institution clients on the full range of investment management and related fiduciary issues. Several of our lawyers have extensive experience regarding permissible securities and fiduciary activities of banks and bank and financial holding company affiliates. L Gates represents a full range of U.
Approximately 20 of our partners and of counsel, and a substantial number of associates, devote a significant portion of their time to hedge fund, venture fund, and other private fund matters. Our work involves virtually all aspects of the fund business. We advise on organization, structuring, fund-raising, compensation, distribution, trading, e-commerce, and other issues, and counsel fund managers on the regulatory aspects of their businesses and operations. We represent all segments of this industry and evaluate fund documents for institutional investors seeking alternative investments. We have one of the leading registered funds practices in the United States and globally. We represent clients in connection with the full range of investment company industry products and activities, including all types of open-end and closed-end investment companies, funds of funds, funds of hedge funds, ETFs, variable insurance products, private and offshore investment funds, and unit investment trusts. We handle transactions including structured derivative products and synthetic investments, as well as swaps, caps, floors, collars, forward rate transactions, and forward purchases and sales.
Our dealer clients’ counterparties regularly include hedge funds, mutual funds, commercial banks, pension funds, foreign and domestic corporations, special purpose entities, REITs, and other derivatives dealers. We represent banking concerns and institutional investors in connection with the financing of industrial, commercial, and residential developments. In addition to our experience in traditional real estate finance, we have also been involved in developing creative financing techniques such as shared appreciation mortgages, complex participation arrangements, synthetic lease transactions, credit tenant leasing matters, leveraged leasing, and tax-exempt debt financing. We also assist small businesses that receive investment capital from SBICs. We provide assistance to SBICs in structuring and licensing and maintaining regulatory compliance. SBICs with self-liquidation and receivership issues and documentation of investments made by SBICs.
We recently responded to a U. L Gates counsels state, municipal, and other institutional investors in the structuring and formation of investments in domestic and international alternative investments, including hedge funds, fund of hedge funds, private equity funds, venture capital funds, real estate funds, and other private investment funds. Anti-money laundering compliance is an increasingly important issue for business. In the United States, the USA Patriot Act, which became law on October 26, 2001, expands the obligations of financial institutions to implement programs and procedures to detect and prevent money laundering. In many respects, compliance with the act’s provisions poses new challenges to the investment management industry. Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003 have extended the scope of U.
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Our clients place substantial confidence in our firm regarding the sensitive and often critical area of regulatory compliance and enforcement. Because the mere allegation by a securities regulator or private plaintiff of wrongdoing can cause great damage to the target of the allegation, we appreciate the value of preventing the institution of public enforcement actions or significant legal actions. We help clients develop compliance systems and procedures, and we conduct regulatory compliance audits that cover the full panoply of compliance issues. In the United States, this includes issues arising under the Investment Company Act, the Investment Advisers Act, and the broker-dealer regulatory provisions of the Securities Exchange Act, as well as state securities laws, FINRA regulations, and the GIPS Performance Presentation standards. Globally, we have extensive tax law experience to supplement the firm’s investment management practice. L Gates’ lawyers have worked on various international tax-planning strategies and transactions.
In the United States, we advise clients on tax requirements applicable to separate classes or series of shares, Subchapter M qualification issues, tax consequences of options and futures trading, foreign currency transactions and investments in other financial products, and required distributions under the pass-through tax treatment of the Internal Revenue Code. Particular areas of specialization include real estate taxation, Stamp Duty, and Stamp Duty Land Tax. Our lawyers regularly advise investment advisers, registered investment companies, and hedge funds on regulatory issues relating to their use of futures contracts, options, swaps, and other derivative instruments. This includes CFTC registration, reporting and record-keeping requirements, and supervisory and internal liability control policies and procedures regarding futures and options advice and trading.
Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Please forward this error screen to msa. 4 5 1 4 1 2 1 . A walk-in cryptocurrency exchange in Seoul, South Korea. While such exchanges cater to a growing interest among small investors, many hedge funds, too, are looking to capitalize on surging prices in virtual currencies like Bitcoin.
SAN FRANCISCO — The chief executive of JPMorgan Chase, Jamie Dimon, has called Bitcoin a fraud and made it clear that he will not allow his bank to begin trading the virtual currency any time soon. But that has not stopped a growing wave of big Wall Street investors — many of them hedge funds — from pouring their money into Bitcoin, helping extend an eight-month spike in its price. 7,400 on Monday, more than it moved in the virtual currency’s first seven years in existence. 120 billion, or more than many of the largest banks in the world.
The rise has been fueled by several factors, including the sudden interest in virtual currencies from small investors in Japan and South Korea. Now market watchers say a significant amount of the new money is coming from large institutional investors, many of them hedge funds looking to capitalize on the skyrocketing price. Many of the hedge funds were set up over the last year to invest exclusively in virtual currencies. The research firm Autonomous Next has said the number of such hedge funds has risen from around 30 to nearly 130 this year alone. More general-purpose hedge funds have also been buying up Bitcoin, like one run by Bill Miller, a well known mutual fund manager who spent most of his career with Legg Mason. Even more big investors are looking at the space after the Chicago Mercantile Exchange announced last week that it would launch a Bitcoin futures contract in the next few months. Bobby Cho, the head trader at one of the largest Bitcoin trading businesses, Cumberland, said that after years of hesitancy, institutional investors now accounted for most of his business.
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The education and research have turned into real-life activity. The entrance of these big investors creates new risks for Bitcoin. Kevin Zhou, a longtime trader in the space, said that hedge funds were more likely than small investors to pull out a lot of money at once, and that Bitcoin was still small enough that a single fund’s cashing out could cause the price to drop sharply. Zhou, a co-founder of the trading firm Galois Capital. That could cause a cascade of withdrawals. The rising importance of Wall Street is an unexpected turn for a virtual currency that was invented in 2008 by an anonymous creator known as Satoshi Nakamoto and designed to operate outside the traditional financial system. Bitcoins, even those held by hedge funds, are recorded and stored on a decentralized database known as the blockchain, kept on a network of computers around the world.
The whole system is governed by so-called open source software that is maintained by a community of volunteer programmers. The lack of backing from any government or established institution has concerned many large banks. The debate about Bitcoin has been part of a broader explosion of interest this year in the various technological concepts introduced by the virtual currency. Many banks, including JPMorgan, have been trying to find ways to create their own decentralized databases, like the Bitcoin blockchain, that could provide a more reliable and secure way to track information. In the technology industry, there has been a rush this year of so-called initial coin offerings, a way for entrepreneurs to raise money by creating and selling their own custom virtual currencies.
3 billion from investors this year after attracting almost no interest before. These coin offerings have created their own demand for Bitcoin because the new coins generally have to be bought with an existing virtual currency like Bitcoin. The interest in Bitcoin could be dampened in the coming weeks, however, by a debate among Bitcoin followers. Bitcoin start-ups and programmers have been fighting for nearly three years about the best way to update the software that governs the currency and the network on which it lives. The battle is expected to come to a head this month when new Bitcoin software, backed by many of the biggest virtual currency start-ups, is released. The new software aims to double the number of transactions flowing through the network.
Currently, the computers processing Bitcoin transactions are limited to about five transactions per second. Most of the programmers who maintain the Bitcoin software have opposed the changes because they say it would make it harder for individuals to track their own Bitcoins. Some of the computers on the network are likely to update to the new software while others stay with the existing rules, creating a split, or fork, in the network that would result in two separate Bitcoins. A Bitcoin fork could prove disruptive and drive away investors.