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AML & Financial Services Regulatory

International: Private Fund Spotlight

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In brief

In this update, we take high-level review of major issues faced by private fund managers investing across the globe. In August and September, private fund managers with U.S. investors faced the broadest expansion of SEC regulation since Dodd-Frank, while European managers worked through the details of ESG reporting. Enforcement continued to be laser-focused on digital assets (but courts didn’t always agree with them), Finfluencers, custody and marketing, while new employment and privacy requirements raised unique issues for asset managers. 

Click here to read the full alert.

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Karl Paulson Egbert is the co-chair of the Global Investment Funds steering committee and a member of the firm’s Global Derivatives steering committee. Karl oversees a team of lawyers on a wide range of US regulatory, corporate and derivatives matters. Karl has practiced in New York, London, Hong Kong and Washington, DC, working on fund formation, derivatives matters and capital markets transactions. He is also an adjunct professor of Law at the Georgetown University Law Center.

Author

Gavin Meyers is a senior associate in Baker McKenzie's Financial Regulation and Enforcement Practice Group in North America. Gavin is an experienced regulatory lawyer advising broker-dealers, investment advisers, FinTech and cryptocurrency firms on regulatory, enforcement and compliance matters involving federal and state securities laws, FINRA rules and money transmission regulations. Prior to joining the Firm, Gavin was Senior Legal Counsel at a start-up FinTech broker-dealer and crypto-trading platform where he managed the firm's US money transmitter licensing (MTL) applications and advised the firm’s various entities on broker-dealer and crypto-related regulatory obligations and strategic business decisions. Gavin also previously was Assistant General Counsel at a global financial services firm where he provided practical guidance to business, supervision, and compliance groups regarding securities regulations and FINRA rules, including implementation of the Securities and Exchange Commission (SEC)'s Regulation Best Interest. Gavin also served as Senior Counsel in the Office of General Counsel at the Financial Industry Regulatory Authority (FINRA) where he was responsible for providing guidance on complex regulatory initiatives and FINRA rules and developing and drafting regulatory guidance and rule filings for submission to SEC. He also served in FINRA's Office of Fraud Detection and Market Intelligence (OFDMI) where he conducted regulatory investigations involving insider trading.

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Matthew Smith is Counsel in Baker McKenzie's Transactional Practice Group based in New York and is a member of the Global Derivatives Team. Prior to joining the Baker McKenzie, Matt worked at another international law firm. He previously served on secondment at a leading global investment bank.

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Shusmita Chowdhury is a partner in Baker McKenzie's Transactional Practice Group, based in Chicago. Shusmita regularly advises sponsors on all matters related to the formation and ongoing operations of a range of fund products and also regularly advises sovereign wealth funds, pension funds and other institutional investors on all matters related to their investments in private funds; including traditional private equity buyout funds, real estate funds, infrastructure and hedge funds, secondary transactions and customized investment vehicles such as funds-of-one, co-investments and other special purpose vehicles.

Author

Zlatomira Simeonova is an associate in our Corporate and Securities Practice Group in Washington, DC. Zlatomira advises clients in connection with international and domestic transactional matters, including global corporate reorganizations, securities regulation, cross-border transactions, and corporate governance. Prior to working at Baker McKenzie, Zlatomira represented multinational enterprises in large-scale FCPA investigations related to operations in Russia, Ukraine and Central Asia. She also represented clients in a variety of civil matters, including class action, landlord/tenant, probate, government contract, and consumer protection cases.

Author

Kameron Hillstrom is an associate with the Transactional Practice Group in the Washington, DC office. He has significant experience in US Regulatory issues related to fund structure/formation, derivatives, marketing, registration, and compliance requirements for US-based and non-US-based advisers.

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