Funds Talk: June 2019

Topics covered in this issue include: 

• ​EMIR REFIT – Implications for Fund Managers
  On April 18, 2019, the final text amending the European Market Infrastructure Regulation (EMIR) was adopted by the European Parliament. The update to EMIR is widely referred to as EMIR REFIT and will come into effect on June 17, 2019. The new regulations could therefore start applying in June or early July.
  
  

• ILPA Releases Guidance on General Partner-Led Secondary Fund Restructurings
  In response to the increasing prevalence of general partner-led secondary fund restructurings, the Institutional Limited Partners Association has issued guidance setting forth recommendations for an efficient and transparent process. The recommendations seek to promote better decision-making by limited partners when faced with a general partner-led process.
  
  

• Federal Reserve Proposes To Clarify Bank Control Rules
  The Federal Reserve has proposed amendments to its rules for determining when investors exercise controlling influence over a bank. The current rules were both clarified and eased, in a move that could make it easier for investors to own larger stakes in a bank without triggering regulatory oversight.
  
  
• Climate Mobilization Act Creates Opportunity for NY Real Estate
  

  The City of New York recently passed historic legislation to combat climate change, requiring certain building owners to make energy-efficient upgrades. Compliance with some measures is required by 2024, and financing is available through a new Property Assessed Clean Energy (PACE) program to facilitate and promote compliance.
  
  

• Pitfalls To Avoid As Cannabis M&A Takes Off
  Corporate partner John Bessonette authored an article titled “Pitfalls to Avoid as Cannabis M&A Takes Off,” which was published in Law360 on May 8, 2019. The article examines the particular challenges buyers and sellers must be aware of in bringing cannabis M&A deals to successful completion.
  
  
• DOJ Criminal Division Releases Updated Guidance for Evaluation of Corporate Compliance Programs
  On April 30, 2019, Brian A. Benczkowski, the assistant attorney general for the Criminal Division of the United States Department of Justice, announced the release of an updated version of the Criminal Division’s guidance for the Evaluation of Corporate Compliance Programs.