Proposed Additional Amendments to Form PF On August 10, 2022, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) proposed additional amendments (the “Proposed Amendments”) to Form PF, the periodic report filed by registered investment advisers that manage private funds. The Proposed Amendments significantly expand the scope of information to be reported by… Published on: 2022-09-10 Source: The Harvard Law School Forum on Corporate Governance and Financial Carve-Outs’ Popularity Soars as Businesses Pursue Growth Carve-out deals, whether conducted through a trade sale, buyout, or IPO, have become a vital tool for businesses to boost balance sheets and deliver shareholder value. This trend has gathered momentum over recent years, with 9,155 carve-outs worth US$2.3 trillion in aggregate announced globally in 2021, according to Dealogic—up 67% in… Published on: 2022-09-06 Source: The Harvard Law School Forum on Corporate Governance and Financial California State Court Applies Discovery Stay in Securities Act Claim A recent decision, if widely adopted, could spare companies from unnecessary discovery costs in claims that may not survive a threshold pleadings challenge. Key Points: State courts across the country have reached conflicting conclusions on whether the Private Securities Litigation Reform Act’s (PSLRA) automatic stay of discovery pending a ruling… Published on: 2022-08-31 Source: The Harvard Law School Forum on Corporate Governance and Financial PE Firms Poised for Diversity Drive Diversity has become a key focus for every industry in recent years, and private equity, like many other parts of the financial sector, still has significant progress to make in terms of diversity and inclusion. Private equity lags behind others in the financial services industry across a range of diversity… Published on: 2022-08-15 Source: The Harvard Law School Forum on Corporate Governance and Financial Statement by Chair Gensler on Proposed Joint Amendments to Form PF Today [Aug. 10, 2022], the Commission is considering whether to propose joint amendments with the Commodity Futures Trading Commission (CFTC) to Form PF, an important reporting tool that the Commission and the Financial Stability Oversight Council (FSOC) use, respectively, to protect investors and monitor systemic risk. I am pleased to… Published on: 2022-08-11 Source: The Harvard Law School Forum on Corporate Governance and Financial Statement by Commissioner Uyeda on Proposed Joint Amendments to Form PF Thank you, Chair Gensler. Who benefits from investments in private funds and alternative investments? In many cases, they are the pensioners in a retirement plan or a university student who benefits from an endowment. In other words, Americans of all types benefit from a robust market for private funds that… Published on: 2022-08-11 Source: The Harvard Law School Forum on Corporate Governance and Financial The Market for CEOs: Evidence from Private Equity A wide range of research examines the market for CEOs and executive mobility in public companies while largely ignoring the market for CEOs in private equity funded companies. The research on public companies typically finds low levels of mobility for CEOs, particularly recently. For example, Cziraki and Jenter (2021) study… Published on: 2022-08-10 Source: The Harvard Law School Forum on Corporate Governance and Financial Global M&A Industry Trends: 2022 Mid-Year Update What a difference six months makes. At the start of 2022, dealmakers were riding high from the best year on record for global M&A, with more than 60,000 publicly disclosed deals breaking US$5tn in value for the first time. We predicted that this year wasn’t likely to top 2021 in… Published on: 2022-07-25 Source: The Harvard Law School Forum on Corporate Governance and Financial The Most Curious Rule Proposal in Securities and Exchange Commission History I write this post in response to the release (the “Proposing Release”) regarding proposed rules (the “Proposed Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The Scope of this Post. The Proposed Rules are of three categories: Disclosure Rules, Audit Rules, and Prohibited Activity Rules. These comments… Published on: 2022-05-17 Source: The Harvard Law School Forum on Corporate Governance and Financial Proposed SEC Rule on Private Fund Advisers The SEC recently published a proposed rule (the “Proposal”) that would impose unprecedented mandatory disclosure obligations and various other forms of intervention in the private funds industry. On April 21, 2022, I filed a comment letter in response to the Proposal. My letter addresses what appears to be one of… Published on: 2022-05-16 Source: The Harvard Law School Forum on Corporate Governance and Financial The Proposed Private Fund Advisers Rule I submit this comment letter with respect to certain policy aspects of the above-referenced release (the “Proposing Release”) regarding proposed rules (the “Proposed Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”), in my personal capacity. I am aware of other comment letters that have been submitted or… Published on: 2022-04-21 Source: The Harvard Law School Forum on Corporate Governance and Financial Recent SEC Enforcement Developments In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. This has been a busy month for SEC rulemaking and enforcement alike, and we examine the following… Published on: 2022-03-27 Source: The Harvard Law School Forum on Corporate Governance and Financial 1 2 3 … Next
Ethan Smith 
