Funds Talk: August 2017

Topics covered in this issue include:

• CFTC Announces Review of Swap Data Reporting Regulations
  Following President Donald Trump’s order that all federal agencies review and streamline their regulations, the CFTC’s Division of Market Oversight plans to review swap data reporting regulations — the latest step in its efforts to “right-size” its regulatory efforts.
• D.C. Circuit Decision Creates Split on SEC’s Use of Administrative Law Judges
  The D.C. Circuit’s en banc decision in Lucia v. SEC sets the stage for the Supreme Court to decide whether the SEC’s procedure for appointing its in-house judges violates the U.S. Constitution’s Appointments Clause.
• Retail Restructuring Outlook
  As technology and other forces push the retail industry into a period of upheaval, trends are emerging that could create opportunities for companies and investors in restructuring transactions.
• ILPA Offers LPs and GPs Guidance on the Use of Subscription Lines of Credit and Alignment of Interests
  As the use of credit lines by private equity funds has become more common and the duration of the lines has lengthened, ILPA issued guidance to the industry to highlight potential issues with their use and recommends certain measures be taken to avoid taking on excessive risk.
• SEC Settles With Investment Adviser in Connection With a Conflict of Interest in a Client Transaction
  An investment adviser’s failure to comply with specific client instructions, combined with a conflict of interest to which the investment adviser was subject in connection with a transaction between two advisory clients, was a violation of the anti-fraud provisions of the Investment Advisers Act.