2025 Proskauer Annual Review For Private Investment Funds – Corporate Governance
PR
Proskauer Rose LLP
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The following Annual Review is a summary of some of the significant changes and developments that occurred in the past year and certain recommended practices that investment advisers/investment managers to private funds should consider in 2025.
United States
Corporate/Commercial Law
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The following Annual Review is a summary of some of the
significant changes and developments that occurred in the past year
and certain recommended practices that investment
advisers/investment managers to private funds should consider in
2025.
Highlights from this year’s Annual Review include:
- An in-depth review of SEC regulatory
changes, including detailed explanations
of new SPAC-related rules, the expanded scope of market
participants under the Exchange Act, amendments made to Form PR and
Regulation S-P, recently adopted rules regarding the Investment
Company Act, and judicial invalidation and other challenges to SEC
rulemaking.
- A summary of SEC examination priorities impacting
investment advisers, including
off-channel communications, fees and expenses, conflicts of
interest and exempt reporting adviser exams.
- A review of recent SEC guidance, compliance challenges,
and enforcement actions related to the Marketing
Rule, highlighting issues such as IRR
calculations, deficiencies in marketing materials, recordkeeping
violations and evolving examination priorities for investment
advisers.
- Tax updates, including an
overview of the tax implications of new regulations and decisions
regarding REITS, market-based sourcing for sales, “corporate
jets,” partnerships, Section 83(b) elections and a summary of
the UK’s recent tax proposal on carried interest. - A comprehensive overview of required regulatory
filingsacross the many agencies overseeing the private
funds industry, including a quick-reference table for monthly
filings in 2025.
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The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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