Investment Funds — Regulatory Strategy

The Latham Investment Funds — Regulatory Strategy team advises the full spectrum of sponsors across the asset management industry, from global investment firms to prominent middle-market managers to new and emerging sponsors, as well as family offices and other financial institutions. We serve as trusted advisers across all matters relating to the Investment Advisers Act of 1940, private fund formation and management, SEC examinations and enforcement, GP stakes and other liquidity transactions, as well as asset management M&A. We also advise on various matters arising under the Investment Company Act of 1940 and other related US securities regulations.

Our team includes former senior officials in the SEC’s Division of Investment Management, bringing an inside perspective and deep hands-on experience. We have helped hundreds of clients successfully navigate SEC registrations and examinations, with an excellent track record of avoiding enforcement referrals. Whether guiding clients through routine regulatory and compliance matters or high-stakes SEC interactions, we provide pragmatic advice to help clients achieve their goals while minimizing risk.

Latham offers comprehensive advice on the legal, regulatory, and compliance matters asset managers face, including:

• Investment adviser regulatory and compliance: As an integral part of our close relationship with asset managers, we routinely advise on the full range of regulatory and compliance matters, with a particular focus on the Advisers Act and related areas of law. We also advise on exemptions from registration under the Advisers Act, including family office clients, venture capital managers, and exempt reporting advisers.


• SEC examinations and enforcement: We bring extensive experience to managing complicated and high-stakes SEC examinations, with an established track record of successfully navigating difficult SEC examinations without referral to enforcement. We also regularly serve as subject matters experts on SEC enforcement matters involving asset managers, working alongside Latham’s White Collar Defense & Investigations Practice.


• Investment company regulatory: We help clients navigate the Investment Company Act of 1940 and the rules thereunder, including matters related to compliance, reliance on exemptions, and investment company status analyses.


• Private fund formation and operation: We advise private fund managers on the full range of regulatory, legal, and compliance matters affecting sponsors and their fund operations. We routinely provide regulatory guidance on the formation and marketing of private funds and other vehicles, including marketing and offering materials, managing conflicts of interest, and other regulatory issues throughout the fund lifecycle. We also routinely provide regulatory guidance on secondary transactions and continuation vehicles.


• Asset management mergers and acquisitions (M&A): We regularly advise on the regulatory issues that can arise with respect to M&A transactions in the asset management industry, including with respect to the acquisition and sale of investment advisers.


• Global reach: We leverage Latham’s global platform to help private fund sponsors navigate the global securities, regulatory, and tax aspects of a diverse array of private investment vehicles.