Asset Management ADVocate
Financial Services & Investments

Asset Management ADVocate

The Asset Management ADVocate provides unique analysis and insight into legal developments affecting asset managers in the United States.
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March 15, 2021

Identifying Unfunded Commitment Agreements

 This is the tenth installment of our review of the compliance requirements of new Rule 18f‑4 as it applies to business development companies, closed-end funds and open-end funds other than a money market fund ("Funds"). View blog post
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March 8, 2021

A Big Week for ESG at the SEC

 Our last blog post in this ESG series discussed the February 24, 2021 Statement on the Review of Climate-Related Disclosure from Commissioner Allison Herren Lee, the SEC's Acting Chair, and the ESG Funds Investor Bulletin published by the SEC Office of Inves View blog post
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March 4, 2021

Unfunded Commitment Agreements under Rule 18f-4: The Last Vestige of Release 10666

 This is the ninth installment of our review of the compliance requirements of new Rule 18f‑4. Our last post explained why unfunded commitment agreements present asset sufficiency risk but did not create leverage risk. View blog post
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March 2, 2021

ESG at the SEC: Hints of More to Come

 The SEC's Acting Chair, Commissioner Allison Herren Lee, was a vocal critic of the SEC's approach to environmental, social and governance ("ESG") matters under former Chair Jay Clayton. View blog post
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February 23, 2021

Institutional Investment in Crypto Derivatives: Bitcoin Futures and Similar Products – Episode 4

 In Episode 4 of our Podcast Series, Todd Zerega and Andrew Cross discuss the use of derivatives on cryptocurrencies by institutional investors. View blog post
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February 23, 2021

Why Are Unfunded Commitment Agreements “Senior Securities?”

 Subject to Steve's caveat regarding the definition of an "unfunded commitment agreement," we continue our exploration of Rule 18f-4 with a focus on the treatment of such commitments under View blog post
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February 22, 2021

Rule 18f-4 Still Has Commitment Issues

 This is the seventh installment of Andrew Cross and my review of the compliance requirements of new Rule 18f‑4 and the first to deal with "unfunded commitment agreements." Before plunging into the substance of paragraph (e) of Rule 18f-4, which regulates unfunded commitment agreements, I want to revisit a problem I have with the definition. View blog post
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February 10, 2021

Checklist for Including Reverse Repos and Similar Financing Transactions in Asset Coverage Procedures

 This is the sixth installment of our discussion of the compliance requirements of new Rule 18f‑4 and wraps up our discussion of paragraph (d) of the new rule and its application to business development companies ("BDCs"), closed-end funds and o View blog post
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February 8, 2021

Transactions Not Similar to Reverse Repos under Rule 18f-4(d)

 This is the fifth installment of our discussion of the compliance requirements of new Rule 18f‑4 and completes our consideration of paragraph (d) of the new rule and its application to business development companies, closed-end funds and open-end funds other th View blog post
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February 5, 2021

Financial Transactions Similar to Reverse Repos (and Why they Matter)

 This is the fourth installment of our discussion of the compliance requirements of new Rule 18f‑4. View blog post
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February 4, 2021

Reverse Repos and Rule 18f-4—The Easy and the Hard Ways

This post is the third installment of our discussion of the compliance requirements of new Rule 18f‑4. From this point forward, we will be dealing with exemptions that apply only to business development companies ("BDCs"), closed-end funds and open-end funds other than money market funds (collectively, "Funds").

 View blog post
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January 28, 2021

Exclusion of Non-Standard Settlements—Something for Every Fund in Rule 18f-4

 This post is the second installment of our discussion of the compliance requirements of new Rule 18f-4. The comments on proposed Rule 18f-4 revealed a significant lacuna in the rule resulting from two unrelated changes to current regulations. View blog post
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January 27, 2021

Dealing with the New Derivatives Rule—Definition of Derivatives Transactions and Classifications of Funds

 Following onto our recent podcast discussing new Rule 18f-4 at a very high level, we thought it would help to post a series of blogs that go into more detail and point out some open questions. View blog post
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September 2, 2020

Updated SEC Definition Opens Private Markets to (a Handful of) New Investors

 Last week the SEC adopted rule amendments to the definition of "accredited investor" under Regulation D ("Reg D") of the Securities Act of 1933. View blog post
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September 1, 2020

FINRA Repeats Warnings of Imposter Websites

 The Financial Industry Regulatory Authority ("FINRA") issued two regulatory notices in August 2020 with warnings of imposter websites (Regulatory Notice 20-30 and View blog post
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