Hedge Fund Regulation offers a thorough examination of hedge funds and the ever-changing regulations that impact their structure, activities, and operations. Hedge fund counsel and financial industry stakeholders will find invaluable pointers on Regulations D, S, and other statutes; anti-money laundering and privacy compliance; highly-regulated investors; complex assets and transactions; and federal agency reporting requirements. The guide includes flowcharts and checklists that cover investment advisor registration, CPO annual reporting, and recordkeeping requirements.

Highlights from the updated release include:

• Rationale for Regulation: Updated analysis concerning the SEC’s regulatory shift towards more substantive regulation of investment advisers (see section 3:4).
• Marketing the Manager: Added discussion of recent SEC enforcement activity regarding the Marketing Rule (see section 6:2.1[B][4][e][iv]).
• Compliance: Extensive revisions to cover the new rules and rule amendments under the Investment Advisers Act that substantially modify existing regulatory requirements and create new compliance obligations for investment advisers to private funds (see section 13:8). Updated discussion of SEC examinations of investment advisers (see section 13:14).
• Books and Records: Revisions address new SEC books and records requirements related to recent major modifications to the Investment Advisers Act. Updated analysis of recent significant changes to Form PF (see section 14:3.2).

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Financial Product Fundamentals offers a comprehensive dive into the regulatory, pricing, marketing, and viability issues surrounding registered offerings. It also provides the legal fundamentals underlying private placements, real estate investment trusts, hedge and exchange-traded funds, and other registered offering types. The book gives pointers on completing and filing Forms F-1 and 20-F, navigating policy closings, devising IPO timelines, and more. In addition, this compendium addresses the Dodd-Frank Act, SEC actions, foreign broker-dealers, advertising in connection with prospectuses, insurance-linked securities, and life settlements.

Highlights from the updated release include:

• Alternative Capital Raising for Public Companies: Revision covers the settlement cycle for ATM offerings (see section 2A:2.2[E]).
• International Securities Offerings: New discussion covers the Holding Foreign Companies Accountable Act (see section 3:13).
• Special Purpose Acquisition Companies: New discussions cover the adoption of a U.S. federal excise tax on corporate share repurchases (see section 5A:8.4); the 2022–2023 SPACs special meetings for approval of business combinations and extensions of business combination deadlines and liquidations (see section 5A:8.5); the ratification actions in Delaware (see section 5A:8.6); and restructurings and re-SPACs (see section 5A:8.7).
• Sustainable Finance: Extensive updates to Chapter 5, with new coverage of sustainability-linked loan documentation guidance (see section 5B:4.4); the EU Corporate Sustainability Reporting Directive, which came into force in January 2023 (see section 5B:5.3); and the EU green bond standard (see section 5B:5.4).
• Exchange-Traded Funds: Revisions cover Rule 12d1-4 under the Investment Company Act, a new rule designed to streamline and enhance the regulatory framework for funds that invest in other funds (“funds of funds”) (see section 17:3.3).

To aid in your research, the Table of Authorities and Index have also been updated.

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The recent increase in federal enforcement of consumer financial services laws and regulations makes it a priority for companies to take stock of their current financial products, to identify potential risks, and to enhance consumer satisfaction efforts.  Fortunately, the treatise Financial Product Fundamentals: Law, Business, Compliance (Second Edition) aids in that process by providing attorneys, compliance personnel, and business professionals with legal, regulatory, and procedural guidance regarding the various financial products, accompanied by many helpful charts, tables, and other graphics.

Highlights from the updated release include:

• Chapter 20, An Introduction to Variable Insurance Products. Reviews the summary prospectus rulemaking adopted by the SEC in March 2020 (see section 20:5.1).
• Chapter 21, Organization of Private Investment Funds: Basic Structural and Legal Issues. Covers changes to Rule 506 (see section 21:5.1); and reviews the Citizen VC, Inc. no-action letter (see section 21:8).
• Chapter 22, Real Estate Mortgage Investment Conduits (REMICs). Discusses REMIC tax administration, which includes filing income tax returns, filing information returns, providing information statements, and representing the REMIC before the IRS and courts (see section 22:7.5). New Appendix 22C traces important developments in the REMICs space.
• Chapter 24, Exchange-Traded Notes and Similar Structured Notes. Extensively updated chapter provides an overview of ETNs; describes the threshold legal issues; summarizes the registration, disclosure, and listing requirements; highlights the issues that arise when creating, selling, and investing in these products; and discusses additional issues with respect to other types of structured notes that are similar to ETNs but not listed or traded on a securities exchange.

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PLI PLUS subscribers can access this title through their subscription. Subscribers may also be interested in reading the PLI Current article, Consumer Debt Collection:  A Year in Review and What to Expect Next.