Private Investment Fund Update: November 2013

HIGHLIGHTS

• NY Fed Revises TIC Form B Reporting Requirements. The NY Fed recently amended the TIC Form B, and under the new requirements, private funds may have Form B reporting obligations with respect to certain liabilities to, and claims on, non-U.S. residents.
• SEC, FINRA and CFTC Recommend Firms Review Business Continuity Plans. In light of the business disruptions and devastation caused by Hurricane Sandy, the SEC, FINRA and the CFTC are encouraging investment adviser firms to review their business continuity and disaster recovery plans and policies to ensure they address all potential impacts caused by a natural disaster or similar disruption.
• Red Flags Rules Program Implementation. All SEC- and CFTC-regulated entities that determine they fall within the scope of the Red Flags Rules must adopt and implement a "Red Flags Rules Program," intended to help detect identity fraud by November 20, 2013.