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Regulatory Investment Funds Matters

Shearman & Sterling’s Investment Funds team is well-known for its broad-reaching capabilities in advising fund managers on US, European and Asian regulatory questions relevant to their businesses. We have worked with a significant number of fund managers on SEC, CFTC, FCA and SFC registrations and exemptions, ongoing compliance issues (including reporting and disclosure), prime brokerage and custody arrangements, and investigations and examinations. We also regularly advise on conflicts of interest and market abuse matters.

In the United States, we have advised on compliance with the applicable regulatory and marketing regimes for investment advisers under the US Investment Advisers Act and the US Investment Company Act, and commodity pool operators under the US Commodity Exchange Act. We have also represented fund managers in the SEC examination process and in relation to broker-dealer matters. Topics we address with our investment funds clients include the Dodd-Frank Act, the Volcker Rule, Form ADV, Form PF, pay-to-play rules, JOBS Act developments, privacy policy issues and FCPA and Anti-Money Laundering (AML) compliance.

We are actively advising clients on the EU Alternative Investment Fund Managers Directive (AIFMD) and other European regulations, such as the European Market Infrastructure Regulation (EMIR) and short-selling regulations. We have published numerous articles on these regulations, and our lawyers are taking leading roles in related initiatives sponsored by various industry groups and have been prominent speakers in the area. In conjunction with our Tax team, we have also worked with our clients to review existing investor information and update legal documentation (including offering documents and operating agreements) to comply with the US Foreign Account Tax Compliance Act (FATCA) regime as well as European and Asian regulations.

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