Funds Talk: June 2018

Topics covered in this issue include: 

• A New Legislative Framework for ICOs in France
  The focus on virtual currency offerings continues as French market regulators develop a framework that seeks to balance the risks and the rewards of ICOs.
  
  
• The EU Commission’s Proposal for a Directive on the Protection of Whistleblowers
  A proposed directive would represent a broad expansion of whistleblower regulations across EU member states, offering protections for those reporting violations in areas including anti-money laundering rules, financial services legislation and corporate tax rules.
  
  
• Three Asset-Based Financing Options for Private Funds: Total Return Swaps, Structured Repos and SPV Financing
  Private funds are increasingly seeking bespoke financing arrangements. But these highly specialized products often offer different features and certain structures are better suited to specific asset classes or objectives, making choosing the right option a complex but important decision.
  
  
• Open Market CLO Managers Are Not ‘Securitizers’
  After a recent D.C. Circuit ruling settled a long-standing debate related to the Dodd-Frank Act’s Credit Risk Retention Rule, what’s next for CLO managers who are no longer covered by the regulation?
  
  
• Fabien Carruzzo Unravels Hovnanian Kerfuffle
  Corporate partner Fabien Carruzzo recently joined Debtwire's Richard Goldman for a podcast discussion about Hovnanian Enterprises’ “failure to pay” credit event and ensuing litigation.