Dodd-Frank Act of 2010 eliminated a Regulation Fair Disclosure rule, which allowed U.S. public companies to make selective disclosures to credit rating agencies (CRAs). However, CRAs and legal experts argue that given the other provisions in Regulation Fair Disclosure, which allow companies to...

Title IV of the Dodd-Frank Act introduced the most significant regulatory change in the history of the private fund industry. To analyze the effect of Title IV on the private fund industry, we use five years of private fund performance data with over 7,000 reporting private funds. Our findings...

Title IV of the Dodd-Frank Act of 2010 introduced the most significant regulatory change in the history of the private fund industry. Attempts to rescind Title IV via the Investment Advisers Modernization Act of 2016 illustrate the highly politically sensitive nature of Dodd-Frank Act...

The Securities and Exchange Commission advertises itself as a disclosure-based agency that eschews merit regulation. It logically and historically provides greater investor protection to less sophisticated investors. The Commission’s proposed Private Equity Rules, however, reject both...

This study assesses the effects of Dodd-Frank Act compliance costs on the private fund industry. Using hand-selected compliance cost estimates from private fund advisers (N=94) the study shows with two independent datasets that the number of funds managed by private fund advisers is associated...

Title IV of the Dodd-Frank Act introduced the most significant regulatory change in the history of the hedge fund industry in the United States, boosting the permissible regulatory oversight of the hedge fund industry to an unprecedented level. Title IV and SEC implementation rules introduced a...

The importance of private fund investor due diligence in the investment allocation process, in capital formation, and in private fund litigation has reached unprecedented levels and is further increasing. To provide the industry with data, data trend analyses, and guidance on applicable legal...

This study is aiming to present (and to a certain extent analyse) the provisions of Articles 24-30 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 “on markets in financial instruments (…)” (‘MiFID II') – including the relevant provisions of the...

In Jones v. Harris Associates, the Supreme Court interpreted investment advisers' fiduciary duty regarding compensation for services under Section 36(b) of the Investment Company Act of 1940. The Court endorsed an open-ended Second Circuit standard over a more determinate Seventh Circuit test...