Regulation

Whatever happens to the SEC rules, the trade group hopes the industry can unite to raise the floor on transparency.

Updates to how effectively connected income is treated may lead to an easier and more standardised process for secondaries transfers, argue lawyers from Macfarlanes.

Getting a fairness or valuation opinion on a private equity GP-led secondaries transaction is a straightforward, albeit costly task. In credit secondaries, however, the rule change creates a cumbersome burden.

A footnote in the US Securities and Exchange Commission's new rules suggests continuation funds structured as cross fund trades won't be subject to third-party fairness opinion and valuation letters.

The SEC’s vote this week that makes third-party opinions in continuation fund transactions mandatory was a practice that was already becoming a market norm.

The trade group has issued guidance to address concerns over conflicts and the speed of GP-led deals.

The SEC’s aim for more standardised GP-led real estate secondaries transactions will step up a gear with the likely introduction of regulations in 2024.

The US regulator's vote this week to require greater disclosure from private fund sponsors is the tip of the upcoming regulatory iceberg.

Sponsor-initiated processes will have to be reported to the regulator within 60 days from the end of each quarter.

Some LPs have felt so frustrated at the way continuation fund processes have been run that they have decided not to re-up with their manager, representatives from the investor body told Secondaries Investor.