Two recent regulatory changes — Private Funds Law 2020 and Mutual Funds (Amendment) Law 2020 — will require previously exempt Cayman Islands funds to now register with the Cayman Islands Monetary Authority (CIMA). While the changes will require affected funds to expend more time, cost...
Read MoreRecently, certain large businesses that applied for and received proceeds under the Paycheck Protection Program (PPP) came under public scrutiny. As the program is being expanded through additional funding from the Interim Stimulus Plan, the SBA has released updated guidance aimed at eliminating...
Read MoreOn August 19, 2019, the American Institute of Certified Public Accountants (AICPA) issued valuation guidance for investment companies on how to value their portfolio company investments. The guide, titled “Valuation of Portfolio Company Investments of Venture Capital and Private Equity...
Read MoreThe window for non-U.S., or foreign, investors to claim they are not subject to U.S. tax on gains stemming from the disposition of an interest in a U.S. partnership remains open. On June 11, 2019, the D.C. Court of Appeals ruled in favor of the taxpayer in Grecian Magnesite Mining Industrial &...
Read MoreLiquidation basis of accounting is generally applicable to both private and public companies when liquidation is “imminent.” Investment companies regulated under the Investment Company Act of 1940 are specifically exempt, as they cannot legally change the way they measure their net...
Read MoreGlobal reporting regimes continue to be a focal point of today’s regulatory environment. However, with the Department of Treasury’s current focus on reviewing existing regulations to reduce unnecessary burdens on taxpayers, pursuant to recent Executive Orders, the IRS and Treasury...
Read MoreThe Office of Compliance Inspections and Examinations (OCIE) has provided a risk alert to SEC-registered investment advisers (RIAs) outlining the five compliance topics most frequently identified in deficiency letters issued to RIAs in the last two years. RIAs should take note of the deficiencies...
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